Press release
Simulation Software Market Size to Grow at 12.8% CAGR, Set to Reach US$ 27.4 Billion By 2028
Simulation software is a decision analysis and support tool that allows companies to observe the real-time operation and examination of the system with various inputs and tracking responses. It aids in reducing overall expenditure and minimizing costs incurred on training. As a result, simulation software is widely employed in the aerospace and defense, electronics, manufacturing, healthcare, and automotive sectors across the globe.
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Simulation Software Market Trends and Drivers:
The growing global population and rising environmental concerns are catalyzing the demand for autonomous electric vehicles (EVs). This, coupled with increasing usage of simulation software for testing vehicles in real-world scenarios and developing prototypes without the risk of producing faulty products, represents one of the key factors positively influencing the market around the world. Apart from this, the software helps in research and development (R&D) activities by reducing the need for physically testing multiple prototypes and minimizing the risk of failure, which is bolstering the growth of the market. Besides this, leading market players are introducing advanced technology, such as artificial intelligence (AI) and machine learning (ML), in simulation software for providing tools that assist humans in modeling and simulation (M&S) enterprise. These innovations are anticipated to fuel the growth of the market in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
Software
Service
Breakup by Deployment:
On-premises
Cloud-based
Breakup by End Use:
Automotive
Aerospace and Defense
Electrical and Electronics
Industrial Manufacturing
Healthcare
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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Competitive Landscape with Key Player:
Altair Engineering Inc.
Ansys Inc.
Autodesk Inc.
Bentley Systems Incorporated
Dassault Systèmes
PTC Inc.
Rockwell Automation Inc.
Siemens AG
Simul8 Corporation
The AnyLogic Company
The MathWorks Inc.
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