Press release
Simulation Software Market Size, Trends, Growth Analysis, Top Players And Forecast To 2033
Simulation Software Market Overview
The Business Research Company presents an extensive market research report on the Simulation Software Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The simulation software market size has grown rapidly in recent years. It will grow from $16.21 billion in 2023 to $18.36 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to training and skill development, risk management, product design and prototyping, medical research and training, efficiency and cost savings.
The simulation software market size is expected to see rapid growth in the next few years. It will grow to $31.06 billion in 2028 at a compound annual growth rate (CAGR) of 14.0%. The growth in the forecast period can be attributed to digital twin technology, rise of virtual reality (VR) and augmented reality (AR), cross-industry applications, remote work and collaboration, healthcare simulation advances. Major trends in the forecast period include cross-disciplinary simulation platforms, real-time simulation for rapid prototyping, simulation for cybersecurity training, human-in-the-loop simulation, focus on sustainability and environmental simulation.
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Key Market Players:
Major companies operating in the simulation software market report are Amazon.com Inc., Microsoft Corporation, Siemens AG, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Rockwell Automation Inc., Dassault Systèmes SE, Keysight Technologies Inc., Autodesk Inc., DNV GL AS, Ansys Inc., PTC Inc., Unity Technologies Inc., AVEVA Group plc, MathWorks Inc., The MathWorks Inc., Bentley Systems Incorporated, Altair Engineering Inc., Lanner Group Ltd., MSC Software Corporation, ESI Group SA, COMSOL Inc., Simulations Plus Inc., GSE Systems Inc., AnyLogic North America LLC, Cybernet Systems Corporation, Tecplot Inc., Simul8 Corporation, OpenFOAM Foundation
Market Drivers:
The development of autonomous vehicles is driving the growth of the simulation software market. An autonomous vehicle is a vehicle that can sense its surroundings and function without human intervention. Simulation software helps in the development of autonomous vehicles through the validation, designing, and optimization of products and solutions. For instance, in 2023, the General Office of Shanghai Municipal People's Government issued a plan to increase its investments in and advancements in autonomous driving. They want to increase their investments in self-driving cars, believing that they will grow to be a $72 billion business by 2025. Hence, the development of autonomous vehicles is expected to propel the growth of the simulation software market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/simulation-software-global-market-report
The simulation software market covered in this report is segmented -
1) By Component: Software, Services
2) By Application: Product Engineering, Research And Development, Gamification
3) By Deployment: On-Premises, Cloud
4) By End-user Industry: Automotive, IT And Telecommunication, Aerospace And Defense, Energy And Mining, Education And Research, Electrical And Electronics, Other End-User Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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