According to the latest report by IMARC Group, titled, “Simulation Software Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026“, The global simulation software market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 14.1% during 2021-2026.
Simulation software allows companies to create a real-time environment for observing an operation or testing the efficiency of several processes. It allows examining the modified or original system with several inputs and tracking responses. It also helps manufacturers make rational decisions about the design as they can make virtual models face the complex forces from the real world. In addition, they offer numerous benefits such as minimizing the costs incurred on training and the overall expenditure.
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Market Trends
The market is primarily driven by the growing popularity of autonomous and electric vehicles (EVs). Simulation software is extensively utilized by manufacturers of these vehicles to evaluate their efficiency and effectiveness using real-world situations. Besides this, the software is widely adopted to develop prototypes and test them virtually to avoid the production of faulty products.In addition, it saves the time spent on research and development (R&D) activities, thereby creating a positive outlook for the market. Furthermore, key market players are investing in emerging technologies based on artificial intelligence (AI), which is anticipated to escalate the demand for simulation software in the upcoming years.
Breakup by Component:
- Software
- Service
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by End Use:
- Automotive
- Aerospace and Defense
- Electrical and Electronics
- Industrial Manufacturing
- Healthcare
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Altair Engineering Inc.
- Ansys Inc.
- Autodesk Inc.
- Bentley Systems Incorporated
- Dassault Systèmes
- PTC Inc.
- Rockwell Automation Inc.
- Siemens AG
- Simul8 Corporation
- The AnyLogic Company
- The MathWorks Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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