Simulation Software Market by Component (Software and Services), Application, Vertical (Automobile, Aerospace & Defense, Electrical & Electronics, Healthcare, and Education & Research), Deployment Mode, and Region - Global Forecast to 2022
The simulation software market is projected to grow at a CAGR of 16.5%
MarketsandMarkets expects the global simulation software market to grow from USD 6.26 billion in 2017 to USD 13.45 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.5% during forecast period. The increased need for eco-friendly environments and the growing number of Small and Medium-Sized Enterprises are expected to be driving the growth of the simulation software market. The lack of standards and benchmarks in the simulation and analysis technology and the integration complexities in the simulation and analysis tools are expected to act as restraints for the growth of the market.
Cloud-based deployment mode is expected to have the largest market share during the forecast period
In the simulation software market, the cloud deployment mode offers multiple benefits, such as reduced operational and maintenance costs, fewer complexities, and more scalability. The simulation and analysis solution providers are focusing on the development of robust cloud-based solutions for their users, as many organizations have started adopting the cloud-based deployment mode. Additionally, the cloud deployment mode is user-friendly and easy to access.
Aerospace and defense vertical is expected to have the largest market size during the forecast period
Simulation and analysis software and services are predominantly applied in the aerospace and defense verticals for various purposes. For instance, in the aerospace vertical, simulation and analysis technology is used for designing aircrafts and its parts. On the other hand, in the defense vertical, this technology is used for designing the defense equipment and training the soldiers.
North America is expected to have the largest market in the simulation software market during the forecast period
Among the regions, North America is expected to have the largest market size in the simulation software market during the forecast period. The North American region has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. A considerable growth is expected in the region during the forecast period. The major initiatives taken for the growth of the simulation and analysis technology have their origin in this region. In this region, the enterprises and governments have positively adopted the simulation and analysis technology to enhance the products and the process of manufacturing in the industrial manufacturing and automobile industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the simulation software market.
By Company Type: Tier I: 18%, Tier II: 40%, and Tier III: 42%
By Designation: C-Level: 28%, Director Level: 34%, and Others: 38%
By Region: North America: 42%, EMEA: 28%, and APAC: 30%
The report includes the study of the key players offering simulation and analysis solutions, hardware, and services. Altair Engineering (US), Bentley Systems (US), ANSYS (US), PTC (US), Siemens PLM Software (US), Autodesk (US), CPFD Software (US), Cybernet Systems (US), and Dassault Systemes (France) are a few companies that have been profiled in the report. The report includes an in-depth competitive analysis of these key simulation software market players, along with their company profiles, which include business overviews, product offerings, recent developments, and market strategies.
The simulation software market has been segmented on the basis of components (software and services), applications, deployment modes, verticals, and regions. The simulation and analysis software segment includes Computational Fluid Dynamics (CFD), Electromagnetic Waves (EMW), and Finite Element Analysis (FEA). The services segment includes design and consulting, and support and maintenance. The application segment includes eLearning and training, and R&D. On the basis of deployment modes, the simulation software market has been divided into the cloud and on-premises deployments. On the basis of verticals, the market has been segmented into automobile, aerospace and defense, electrical and electronics, industrial manufacturing, healthcare, education and research, and others. The other verticals include retail, mining, telecommunication, consulting, entertainment, and energy and power. Finally, on the basis of regions, the simulation software market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The report will help the market leaders and new entrants in the simulation software market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across various verticals and regions.
2. The report helps in understanding the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps in understanding the competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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