Simulation Software Market Size to Reach USD 16280 Million by 2027 at CAGR 13.2% - Valuates Reports

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Aug 17, 2021, 10:00 ET

BANGALORE, India, Aug. 17, 2021 /PRNewswire/ -- The Simulation Software Market is Segmented by Type (Cloud, On-premises), by Application (Automobile, Aerospace and Defense, Electrical and Electronics, Industrial Manufacturing, Healthcare, Education and Research, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Software & Services Category.

The global Simulation Software market size is projected to reach USD 16280 Million by 2027, from USD 6630.2 Million in 2020, at a CAGR of 13.2% during the forecast period 2021-2027.

Major factors driving the growth of the simulation software market are:

Rising demand for cost-effective solutions to cut production and training costs is expected to drive the market. Simulation software aids in the realization of error-free output in a manufacturing process, by preventing the manufacture of defective items

Increasing adoption of Simulation software in various end-user industries such as aerospace, automotive, defense, and healthcare is expected to fuel the simulation software market.

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TRENDS INFLUENCING THE GROWTH OF THE SIMULATION SOFTWARE MARKET

Simulation software is frequently used by a variety of businesses since it aids in the reduction of manufacturing costs. The software aids in the development and simulated testing of multiple prototypes. Furthermore, simulation software aids in the realization of error-free output in a manufacturing process, preventing the manufacture of defective items and the associated expenses. It also helps to reduce the amount of time spent on research and development. All of the benefits of simulation software outlined above are projected to drive the simulation market expansion.

Furthermore, the increasing use of simulation for learning and training purposes is expected to further propel the simulation software market growth. Companies all across the world are beginning to utilize simulation training as part of their workforce development programs. Employees receive simulation training in an environment that is comparable to their work and provides them with the information they need to execute their tasks as they would otherwise. A corporation can supply its employees with the best form of training that satisfies all of their criteria by facilitating a pleasant environment that is close to the actual thing.

The emerging scope of simulations in digital twins is expected to further increase the simulation software market. Companies can use the simulation-based digital twin to study smart machines in a real-world operating environment and make informed decisions to optimize performance. Engineering simulation, when included in a digital twin, assists companies in analyzing and optimizing product performance in real-world operating conditions and making confident predictions about future performance in order to improve product operation and productivity while lowering the cost and risk of unplanned downtime. As a result, raising awareness and the use of digital twins are expected to propel the worldwide simulation software industry forward.

Increasing adoption of simulation software by various end-user industries such as automobile, healthcare, and pharmaceuticals, and construction is expected to drive the simulation software market. For example, Automobile manufacturers use simulation software to test a variety of vehicle models in a virtual environment before deciding on and completing the final vehicle.

Furthermore, the recent COVID-19 outbreak is expected to further the growth of the simulation software market. Following the pandemic, vendors have seen an upsurge in demand for simulation systems. This is because the propagation of the virus and the effectiveness of social distance are studied using simulation software.

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SIMULATION SOFTWARE MARKET SHARE ANALYSIS

In the simulation software market, North America is predicted to have the greatest market size, while Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The government's smart city plans in the North American region have had a favorable impact on the adoption trend of simulation and analytic technology to improve monitoring and surveillance.

Based on type, the cloud segment is expected to be the most lucrative. This rapid growth is attributed to its easy implementation and cost-effectiveness, as compared to the traditional on-premise software.

Based on application, the automotive segment is expected to be the most lucrative due to the early adoption of virtual tools for product development. With the use of simulation, multiphysics modeling, and virtual testing, engineers can safely test and validate the digital prototypes of products to streamline design decisions, chassis dynamics decisions, powertrain, and gearbox efficiencies alongside other sub-systems development.

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Major Players in the Simulation Software Market

Altair Engineering
Bentley
Ansys
PTC
Siemens PLM Software
Autodesk
CPFD Software
Cybernet
Dassault Systemes
Design Simulation Technologies
Synopsys
Mathworks

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SIMILAR REPORTS

- The global Simulators market size was valued at USD 15720 in 2020 and will reach USD 18440 Million by the end of 2027, growing at a CAGR of 2.7% during 2022-2027.

- The global Motion Simulation Software market size is projected to reach USD 44490 Million by 2027, from USD 32640 Million in 2020, at a CAGR of 4.1% during 2021-2027.

- The global Electrical Digital Twin market size is projected to reach USD 11160 Million by 2027, from USD 3235.3 Million in 2020, at a CAGR of 19.4% during 2021-2027.

- The global Digital Twin Technology market size is projected to reach USD 32580 Million by 2027, from USD 4568.9 Million in 2020, at a CAGR of 32.4% during 2021-2027.

- The global Rendering and Simulation Software market size is projected to reach USD 37430 Million by 2027, from USD 19700 Million in 2020, at a CAGR of 9.6% during 2021-2027.

- The global Process Simulation Software in Oil and Gas market size is projected to reach USD 971.8 Million by 2027, from USD 796.7 Million in 2020, at a CAGR of 2.4% during 2021-2027.

- The Automated Breach and Attack Simulation market size is projected to grow from USD 134 Million in 2019 to USD 724 Million by 2024, at a Compound Annual Growth Rate (CAGR) of 40.2% from 2019 to 2024.

- The global Cloud Based Simulation Application market size is projected to reach USD 3658.7 Million by 2027, from USD 2314.9 Million in 2020, at a CAGR of 6.3% during 2021-2027.

- The global GNSS Simulators market size is projected to reach USD 126.9 Million by 2027, from USD 85 Million in 2020, at a CAGR of 5.3% during 2021-2027.

- The global Destroy and Attack Simulation Software market size is projected to reach USD 4555 Million by 2027, from USD 353.2 Million in 2020, at a CAGR of 44.1% during 2021-2027.

- Global Building Energy Simulation Software Market Size, Status and Forecast 2021-2027

- Global Educational Simulation Software Market Size, Status and Forecast 2021-2027

To see the full list of related reports on the Simulation Software

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