Simulation Software Market is expected to reach US$16,721.5 mn in 2025
Additionally, it helps in reducing the time to market, which is crucial for many industries including automotive and aerospace. The simulation software market is expected to reach US$16,721.5 mn in 2025 and is projected to expand at a CAGR of 9.33% during the period from 2017 to 2025.
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Cloud-based Software Segment Emerges as Clear Winner as End Users see its Many Benefits
The simulation software market is segmented on the basis of component and end-use industry. On the basis of component, the simulation software market is segmented into software and services. The software segment is further bifurcated into on-premise based and cloud based deployed software. Cloud-based deployed software segment expected to grow at a faster pace in the simulation software market, as it provides low cost and ease of deployment option.
Furthermore, services segment is further sub-segmented into consultancy, training, and others. Others segment includes deployment services and technical support services. Software segment contributes major share in terms of revenue in the simulation software market owing to their growing demand and adoption across various industries to predict, validate and optimize the product with the help of a precise analyses. However, services segment is expected to grow at a faster rate during the forecast period.
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On the basis of end-use industry, the simulation software market is segmented into automotive, aerospace & defense, healthcare, semiconductor, AEC, and others. Others segment includes industries such as energy & power and retail. Automotive end-user segment is expected to hold major share due to early adoption of simulation software platform. The adoption rate for the automotive industry is higher, as it helps in attaining the proficient mass production, improve quality and reduce costs.
Furthermore, simulation software helps automotive manufacturers to design, launch, and expand production programs at a faster pace. Moreover, the semiconductor segment is projected to be the fastest growing segment during the forecast period.
Strong Presence of Leading Players in North America to Keep Region at the Forefront
North America is the major contributor in the overall simulation software market. The presence of major industry players and growing adoption of simulation software by industries including automotive and aerospace & defense is expected to drive the market in this region. The higher revenue share in North America is accountable from the countries namely the U.S. and Canada.
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Furthermore, North America is pioneer in many novel technologies such as smart cars and autonomous vehicles that results in the proliferation of well-established companies providing simulation software. These well-established players include Autodesk Inc., Siemens Product Lifecycle Management Software Inc., and The Mathworks, Inc. among others.
Europe is second largest region in terms of market share owing to growing adoption of simulation software by industries including automotive and healthcare. Furthermore, highly advanced digital twins technology is evolving across the European region, which could have a positive impact on the simulation software market.
Asia Pacific region is expected to grow at a significant rate during the forecast period. The growth in Asia Pacific region is accountable from the countries such as India and China. Additionally, this growth is attributed to the growing use of simulation software by the construction industry due to the increased government investment in various smart city projects across the region.
The key players profiled in this report include – Altair Engineering, Inc., The AnyLogic Company, SimScale GmbH, ESI Group, Autodesk Inc., Dassault Systemes, ANSYS, Inc., The MathWorks, Inc., Siemens Product Lifecycle Management Software Inc., and Synopsys Inc. among others.
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