Global Simulation Software Market - Segmented by Deployment Type (On - Premise, Cloud), End User Industry (Automotive, IT and Telecommunication, Aerospace and Defense, Energy and Mining, Education and Research, Electrical and Electronics), and Region - Growth, Trends and Forecasts (2018 - 2023)
Simulation Software Market has been valued at USD 6.18 billion in 2017 and is expected to grow at a CAGR of 15.1% during the forecast period (2018 - 2023) to reach USD billion 14.53 billion by 2023. The scope of the report is limited to deployment type including on-premise and cloud; end user industry including automotive, IT & telecommunication, aerospace & defense, energy & mining, education & research, electrical & electronics, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of simulation software in accordance with diverse application and future prospect of the same.
The simulation software is primarily based on the modeling of real-life scenario incorporating with a specific set of mathematical formulas. It enables a user to observe the operation by running a possible simulation without actually implementing the program. This process is widely used during the equipment design to obtain the exact specification without any modification. In addition, the simulation software along with real-time response is frequently utilized in gaming, however, it contributes an essential aspect to the industrial applications. For instance, when the cost of improper training or operation is high such as for nuclear power plant operators, airplane pilots, and chemical plant operators, the mock operation is connected to the simulation to obtain real-time similar control panel.
Rising Focus on R&D
Research and development plays a vital role towards the innovation in any given industry which require desired equipment and software to execute. Additionally, performing research and development offers a competitive advantage over the competitors owing to regular introduction of products and prototypes to attract consumers. This is expected to have a positive impact on the simulation software market growth over the forecast period.
Cloud to Exhibit the Fastest Growth
The simulation of diverse operations requires high processing horsepower which arises the demand for cloud-based computers which helps in accessing more powerful resources. The requirement for high processing power is further aided by the multiple or simultaneous simulations which are expected to boost the adoption of cloud-based software thereby propelling the market growth over the forecast period. Notably, the simulation software is quite expensive and small-scale, or midscale companies lack the enormous investment.
Asia Pacific to Exhibit the Fastest Growth
The rapid growth of economies in Asia Pacific region such as India is attracting investment in diverse industries which will ascend the demand for simulation software, especially in automotive and manufacturing industry. Furthermore, the government regulations associated with investment is expected to bring increase the R&D spending thereby propelling the market growth in the region over the forecast period.
Key Developments in the Market
June 2018: MathWorks launched a predictive maintenance toolbox under MATLAB product which helps the engineers test and design predictive maintenance and condition monitoring algorithm.
Major Players: ALTAIR ENGINEERING INC., THE MATHWORKS, INC., AUTODESK, INC., CYBERNET SYSTEMS CORP., BENTLEY SYSTEMS, INCORPORATED, PTC, DESIGN SIMULATION TECHNOLOGIES, INC., SIEMENS AG, and THE 3DEXPERIENCE COMPANY, amongst others.
Reasons to Purchase this Report
The future prospect of the simulation software market and opportunities
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in Excel)
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.