The Simulation Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Simulation Software Global Market Report 2024, 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.
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.
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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
Major companies operating in the simulation software market are focused on introducing advanced solutions, such autonomous vehicle simulation solution, to gain a competitive edge in the market. Autonomous vehicle simulation solutions are specialized software platforms designed to support the development, testing, and validation of safe automated driving technologies. For instance, in June 2022, Claytex Services Limited, a UK-based developer of simulation solutions, launched AVSandbox. AVSandbox is an autonomous vehicle simulation solution designed to test, develop, and validate autonomous vehicle safety. AVSandbox provides a sensor-realistic simulation environment in the virtual world for autonomous vehicles. It is designed solely for automotive original equipment manufacturers (OEMs) and end-user organizations to develop and deploy autonomous vehicles or advanced driver assistance systems.
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 analysis
5. Simulation Software Market Size And Growth
6.Simulation Software Segmentation
7. Simulation Software Regional And Country Analysis
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27.Simulation Software Competitive Landscape And Company Profiles
28.Simulation Software Key Mergers And Acquisitions
29.Simulation Software Future Outlook and Potential Analysis
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