Press release
Simulation Software Market Reach USD 57.5 Billion by 2032, Factors behind Market's Growth
Increase in demand for ecofriendly work environment, rise in use of simulation software in automotive and healthcare industries, significant adoption of simulation in the aerospace & defense industry act as the key driving forces of the global simulation software market. surge in number of small and medium enterprises is anticipated to drive the growth of global simulation software market. Emerging trends such as digital twins in the industry 4.0 and use of simulation software to develop IoT supporting devices are expected to create lucrative opportunities for global simulation software market during the forecast period.
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The global simulation software market was valued at USD 16.9 billion in 2022, and is projected to reach USD 57.5 billion by 2032, growing at a CAGR of 13.4% from 2023 to 2032.
The simulation software market is segmented into component, deployment mode, industry vertical, and region. On the basis of component, the market is bifurcated into software and service. Depending on deployment mode, it is divided into on-premise and cloud. By end use, it is segregated into automotive, aerospace & defense, semiconductor & electronics, healthcare, AEC (architecture, engineering, & construction), and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA).
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On the basis of end use, the automotive segment was the major shareholder in 2022, accounting for more than one-third of the simulation software market revenue, and is estimated to maintain its leadership status throughout the forecast period. Factors such as continuous development in concepts of smart or autonomous cars and advent of digital twins technology in the industry are expected to drive the growth of the simulation software market in the upcoming years. However, the healthcare sector is projected to register the highest CAGR of 18.2% from 2023 to 2032.
Depending on deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the simulation software market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to advantages offered by the on-premises deployment such as a high level of data security and safety drive the growth of the segment. However, the PC segment is projected to manifest the highest CAGR of 15.1% from 2023 to 2032 owing to rise in adoption of cloud-based DLP solution due to low cost and easier maintenance.
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Region wise, North America held the highest market share in terms of revenue in 2022, accounting for less than one-third of the simulation software market revenue. The region's well-established digital infrastructure, high penetration of remote work culture, and a large user base have fueled the growth of market. However, Asia-Pacific is expected to witness the fastest CAGR of 17% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to rapid digitalization and advanced technologies in the region.
The key players that operate in the simulation software market analysis are Altair Engineering, Inc., Autodesk Inc., Ansys, Inc., Bentley Systems, Incorporated, Dassault System, The MathWorks, Inc., Rockwell Automation, Inc., Simulations Plus, ESI Group, and GSE Systems. These players have adopted various strategies to increase their market penetration and strengthen their position in the simulation software industry.
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Key Findings of the Study
● Depending on component, the software segment accounted for the largest simulation software market share in 2022.
● By deployment mode, the on-premise segment accounted for the largest simulation software market size in 2022.
● On the basis of end-use, the automotive segment accounted for the largest market share in 2022.
● Region wise, North America generated the highest revenue in 2022.
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