Press release
Simulation Software Market Growing at 13.4% CAGR Reach USD 57.5 Billion by 2032
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.
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Driving Factors in the Simulation Software Market:
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.
Market Segmentation in the Simulation Software Market:
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).
Key Players in the Simulation Software Market:
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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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.
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.
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.
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Key Developments in the Simulation Software Market:
● In January 2023, Altair, a global leader in computational science and artificial intelligence (AI), announced the latest updates to its simulation portfolio. These updated portfolio will improve Altair's cloud elasticity and scalability, electrification, and product development capabilities.
● In October 2022, Ansys Inc. launched the availability of Ansys Gateway powered, which allows customers to use popular Ansys products in one unique workspace on AWS, that will help simplify access to faster, more flexible, and highly scalable engineering solutions. Ansys Gateway makes it possible for customers to easily access, subscribe, and configure Ansys applications from a single location. Customers will also benefit from the accelerated performance of Ansys applications enhanced on AWS.
● In June 2022, Keysight Technologies, Inc., a leading technology company that delivers advanced design and validation solutions to help accelerate innovation to connect and secure the world, launched the new PathWave Advanced Design System (ADS) 2023, an integrated design and simulation software that rapidly addresses increasing design complexity and higher frequencies in the radio frequency (RF) and microwave industry.
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