| A03034 | Pages: 221 | Nov 2018 | 19654 Views | ||
| Author(s) : Vishwa Gaul | Tables: 95 | Charts: 59 |
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Simulation software is a program that allows companies to create a dummy process and observe an operation without actually performing it. It enables testing the same or modified system with different inputs, tracking, and analyzing responses. Simulation software is used widely to design equipment so that the final product could be close to the design specifications without being expensive in process modification. Numerous companies in aerospace & defense and automobile sectors have invested heavily in research to develop image recognition and related applications. The global simulation software market was valued at $5,135 million in 2017 and is projected to reach $10,029 million by 2025, growing at a CAGR of 8.90% from 2018 to 2025.
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The electronics and electrical segment led the simulation software market share in 2017. However, the aerospace & defense segment is expected to grow at a significant pace during the forecast period due to increase in expenditure on the R&D of military equipment by developed and developing countries. In addition, the demand for simulation software is driven by the need for advanced flight simulations and training, as well as for the manufacturing process of lightweight aerospace parts.
The report focuses on the growth prospects and restraints of the simulation software market analysis based on regional trends. The study provides Porter’s five forces analysis of the simulation software industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.
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Segment review
The global simulation software market is segmented based on component, deployment mode, industry vertical, and region. Based on component, it is divided into software and services. Based on deployment mode, the market is bifurcated into on-premise and cloud. Based on industry vertical, it is divided into architecture, engineering, construction (AEC), aerospace & defense, automotive, electrical & electronics, healthcare, and others. Based on region, the simulation software market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global simulation software market is dominated by key players such as Altair Engineering, Inc.; ANSYS, Inc.; Autodesk, Inc.; Bentley Systems; Dassault Systmes; Hexagon (MSC Software Corporation); The MathWorks, Inc.; PTC, Inc.; Siemens PLM Software; and The AnyLogic Company.
Top impacting factors
The major factors that drive the growth of the global simulation software market include significant adoption of simulation among aerospace & defense, rise in demand for eco-friendly work environment, and increase in use of simulation software in automotive and healthcare industry. However, risks associated with data security is anticipated to hamper the simulation software market size during the forecast period.
Significant adoption of simulation among aerospace & defense
The aerospace & defense industry has been one of the major end users of simulation as they use modeling and simulation for numerous purposes including, training of individual soldiers, conducting joint training operations, formulating operational plans, develop doctrine and tactics, and analyzing alternative force structures. The technology fulfills critical defense needs of command, control, and communications; manpower, personnel, and training; computing and software; electronics; and manufacturing technology. These defense models and simulations vary in a broad range from components of large weapons systems through system-level to simulations of missions and battles, and so forth. Such significant applications are the major factors driving the growth of the global market in these industries.
Emerging scope of simulations to digital twins
As product development becomes increasingly complex and sophisticated, and the risks and consequences of failure keep on rising, it is anticipated that the use of simulation will continue to grow. Companies will require the ability to use multiple physics and perform complete system simulations even more. In addition, the ability to create a “digital twin” and use real-world operational data from sensors to run simulations based on live environments will expand the uses of simulation beyond engineers. Therefore, the amount of simulation use currently point out the potential for future opportunities worldwide among different industries.
The simulation-based digital twin assists companies to analyze smart machines in real-life operating environment and make informed decisions to improve performance. When incorporated in a digital twin, engineering simulation helps companies analyze and optimize the performance of products in real-world operating conditions and make assured predictions about future performance to enhance product operation and productivity, and decrease the cost and risk of unplanned downtime. Thus, increasing awareness and growing adoption of digital twins are anticipated to drive the growth of the global simulation software market.
Covid-19 Impact on the Simulation Software Market-
Key Benefits for Simulation Software Market:
This study provides the analytical depiction of the global simulation software market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the market.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the global simulation software market.
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Key Market Segments
Key Market Players
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Simulation software assists in predicting the behavior of a system under conditions that are difficult to replicate. It facilitates the evaluation of new designs, diagnoses the problems associated with it, and tests the system under various complex conditions.
There is an increase in demand for simulation software due to rise in expenditure on R&D in various industries such as aerospace & defense, automobiles, healthcare, among others. Further, rise in demand for reduced timeline of product development and reduced cost are the key factors driving the growth of this market. Simulation software market is anticipated to impact positively due to emerging trends such as additive manufacturing, digital twin, real-time simulation support, and effective use of IoT and data analytics in simulation.
Furthermore, simulation software market has witnessed the trend of strategic partnerships and collaborations between peer as well as major players from end-user industries to cater the challenging requirements in the related sector. This is anticipated to boost the growth of the market during the forecast period.
The key players profiled in the report include Altair Engineering Inc.; ANSYS, Inc.; Autodesk, Inc.; Bentley Systems; Dassault Systѐmes; Hexagon (MSC Software Corporation); The MathWorks, Inc.; PTC Inc.; Siemens PLM Software; and The AnyLogic Company. These players have adopted various growth strategies to enhance their product portfolio and increase market penetration. For instance, on September 2017, Siemens PLM Software acquired Infolytica to add advanced capabilities in electronics simulation and testing, autonomous driving, and electromagnetics to their portfolio.
A. The simulation software market is expected to grow at CAGR of 8.90% from 2018 to 2025.
A. Rise in demand for ecofriendly work environment, Upsurge in use of simulation software in Automotive and Healthcare industry & Significant adoption of simulation among aerospace and defense
A. To get updated version of simulation software market report
A. The simulation software market is estimated to reach $10,029 million by 2025.
A. Majority of the company operating in the market are investing on R&D practices.
A. On the basis of top growing big corporation we select top 10 players.
A. The software segment is expected to exhibit significant increase in terms of revenue during the forecast period.
A. Asia-Pacific is projected to exhibit substantial growth during the forecast period.
A. The simulation software market in 2017 was $5,135 million
A. Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systmes, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc. some of the key players operating in the global market.
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