Simulation Software Market size expected to grow from $12.7 billion in 2020 to $26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2%.
Northbrook, IL 60062 -- (SBWIRE) -- 05/11/2022 -- According to a new market research report "Simulation Software Market by Component (Software (FEA, CFD), Services), Deployment (Cloud, On-premises), Application (Product Engineering, R&D, and Gamification), Vertical (Automobile, Healthcare and Pharmaceuticals), and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Simulation Software market size expected to grow from USD 12.7 billion in 2020 to USD 26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period.
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The major factors fueling the simulation software market include increasing demand for effective solution to reduce production expenses and training costs and increasing capabilities of simulation with regards to advanced technologies such as digital twins, AR/VR, and 3D printing. Further, increasing investment in industry such as aerospace and defense, and requirement of simulation in healthcare to develop and produce effective vaccines for diseases like COVID-19 is expected to be fuel the market growth in coming years.
By application, product engineering segment to have the highest market share during the forecast period
Product engineering refers to the process of designing, developing, testing, and producing or deploying a software product. Here, simulation plays a crucial role in every phase of engineering and has been used by product teams for a decade. The product team uses the simulation software to analyze, predict, and validate models in the real-time environment, just before final physical prototyping. Product engineering is the major application area of simulation and thus the majority of the vendor's offerings are focused on the engineering application.
By Vertical, Automotive segment to have the highest market share during the forecast period
The utilization of simulation and analysis technology in the automobile industry is increased to test and analyze the designs of products in the virtual environment. The ongoing development of connected vehicles and Advanced Driver Assistance Systems (ADAS) has increased the demand for advanced hardware and software solutions. Companies such as Ford, Tesla, and Volkswagen are investing hugely in developing smart technologies for electric vehicles and ADAS. Every industrial product, before moving to the final production stage, must go for simulation testing, where the design and prototypes have been checked in the real-time environment.
Asia Pacific to grow with the fastest growing CAGR during the forecast period
APAC is expected to witness extensive growth opportunities in the manufacturing and IT sectors during the forecast period. The increase in the use of simulation solutions in airport authorities in recent years is having a major impact on the simulation software market. Training schools are ordering new and advanced full-flight simulators to increase their training capacities which is also leading to the growth of the simulation software market. The growing concern on the use of digital twin simulations and the use of simulation technology for IoT support devices is leading to the growth of the market.
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Major vendors in the global Simulation Software market include MathWorks (US), Autodesk (US), Ansys (US), Siemens AG (Germany), PTC (US), Dassault Systemes (France), Altair Engineering (US), MSC Software (US), Honeywell (US), Keysight Technologies (US), Aveva (UK), Spirent Communications (UK), Bentley Systems (US), Synopsys (Canada), AVL List GmbH (Austria), COMSOL (England), Certara (US), CAE (Presagis (Canada)), aPriori (US), PTV Group (Germany), AnyLogic (US), SimScale (Germany), Scalable Networks (US), Simul8 Corporation (UK), FlexSim (US), MOSIMTEC (US), Simio (US), ProSim (US), Cybernet (US), and Cesim (Finland).
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