Simulation Software Market Expected to Reach $10,029 Million by 2025: Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systmes, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc., Siemens PLM Software, and T

Rise in demand for eco-friendly work environment, need for creating and simulating models that are less expensive than producing and testing hardware prototypes, and increase in the use of simulation software in automotive industry drive the growth of the global simulation software market. In addition, increase in focus on R&D activities and significant adoption of simulation among aerospace & defense are expected to provide lucrative opportunities for the growth of the market. However, risks associated with data security of simulation software are anticipated to hamper the market growth during the forecast period. Emerging trends such as digital twins in the industry 4.0 and use of simulation software to develop IoT supporting devices are expected to provide lucrative opportunities for the global simulation software market during the forecast period.

Based on deployment mode, the on-premise segment led the simulation software market in 2017. However, the cloud segment is expected to witness the highest growth, as product complexity, need for agility and collaboration drive the cloud-based simulation software market adoption.

According to a recent report published by Allied Market Research, titled,"Simulation Software Market by Component, Deployment Mode, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global simulation software market was valued at $5,135 million in 2017 and is projected to reach $10,029 million by 2025, growing at a CAGR of 8.90% from 2018 to 2025.

The global simulation software market was led by the electronics and electrical sector in 2017 and is projected to maintain its dominance during the forecast period. However, the aerospace & defense sector is anticipated to witness the fastest growth, registering a CAGR of 13.30% during the forecast period.

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Some of the key players operating in the simulation software market include Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systmes, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc., Siemens PLM Software, and The AnyLogic Company.

Top impacting factors

The major factors that drive the growth of the global simulation software market include significant adoption of simulation among aerospace & defense, rise in demand for eco-friendly work environment, and increase in use of simulation software in automotive and healthcare industry. However, risks associated with data security is anticipated to hamper the simulation software market size during the forecast period.

Significant adoption of simulation among aerospace & defense

The aerospace & defense industry has been one of the major end users of simulation as they use modeling and simulation for numerous purposes including, training of individual soldiers, conducting joint training operations, formulating operational plans, develop doctrine and tactics, and analyzing alternative force structures. The technology fulfills critical defense needs of command, control, and communications; manpower, personnel, and training; computing and software; electronics; and manufacturing technology. These defense models and simulations vary in a broad range from components of large weapons systems through system-level to simulations of missions and battles, and so forth. Such significant applications are the major factors driving the growth of the global market in these industries.

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Emerging scope of simulations to digital twins

As product development becomes increasingly complex and sophisticated, and the risks and consequences of failure keep on rising, it is anticipated that the use of simulation will continue to grow. Companies will require the ability to use multiple physics and perform complete system simulations even more. In addition, the ability to create a “digital twin” and use real-world operational data from sensors to run simulations based on live environments will expand the uses of simulation beyond engineers. Therefore, the amount of simulation use currently point out the potential for future opportunities worldwide among different industries.

The simulation-based digital twin assists companies to analyze smart machines in real-life operating environment and make informed decisions to improve performance. When incorporated in a digital twin, engineering simulation helps companies analyze and optimize the performance of products in real-world operating conditions and make assured predictions about future performance to enhance product operation and productivity, and decrease the cost and risk of unplanned downtime. Thus, increasing awareness and growing adoption of digital twins are anticipated to drive the growth of the global simulation software market.

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