Overview and Scope
Simulation software refers to software that can predict a system’s behavior using simulation tools. It enables the user to watch an operation through simulation rather than carrying out the process themselves.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the simulation software market in 2023. The regions covered in the simulation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry 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
The simulation software market report table of contents includes:
1. Executive Summary
2. Simulation Software Market Characteristics
3. Simulation Software Market Trends And Strategies
4. Simulation Software Market – Macro Economic Scenario
5. Global Simulation Software Market Size and Growth
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32. Global Simulation Software Market Competitive Benchmarking
33. Global Simulation Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Simulation Software Market
35. Simulation Software Market Future Outlook and Potential Analysis
36. Appendix
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