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Simulation Software Market to Rise at 9.33% CAGR between 2017 and 2025
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According to the research study, the global market for simulation software is anticipated to reach US$16.7 bn by 2025 end. The opportunity in this market is expected to rise at a CAGR of 9.33% during the period from 2017 to 2025. Simulation software has found a widespread application in the automotive industry and the sector is projected to remain the leading end user of this software in the years to come. Among components, software, especially, cloud-based software are witnessing a considerably high demand. The segment is anticipated to acquire dominant position in the market over the next few years, contributing US$11.54 bn by 2025 end in terms of revenue, notes the market study.
Increasing Uptake of Simulation Software in Various Industries to Boost Growth
“The widening application base of simulation software is the key factor behind the significant growth of the global market for simulation software,” says a TMR analyst. A number of industries have begun to utilize simulation software to gain a real-time understanding of several processes. Owing to its significant role in various decision-making processes in organizations, this software is expected to witness a high rate of uptake in the near future, leading to a substantial rise of this market.
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On the flipside, the complex nature of real-time control may limit the adoption of this software in the years to come. However, the augmenting usage of simulation in the healthcare and the automotive sectors is anticipated to normalize the impact of the restraining factor over the next few years, states the research report.
Presence of Established Players to Strengthen North America’s Position
In terms of the geography, North America, South America, the Middle East and Africa, Asia Pacific, and Europe have surfaced as the key segments of the worldwide market for simulation software. North America, among these, is estimated to dominate this market in the near future, thanks to the presence of a number of established players. Asia Pacific, on the other hand, is projected to emerge as the most promising regional market in the years to come. The growth in the Asia Pacific market can be attributed to the increasing usage of simulation software in the construction industry, owing to the rise in the government investment in several smart city projects, especially in India, reports the research study.
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The review is based on a report by Transparency Market Research (TMR), titled “Simulation Software Market (Components - Software (On-premise based and Cloud based), Services (Consultancy, Training, and others); End-use Industry - Automotive, Aerospace & Defense, Healthcare, Semiconductor, and AEC (Architecture, Engineering, Construction)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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