Simulation Software Market worth $33.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 13, 2023 /PRNewswire/ -- The market for simulation software will be distinguished in the future by its capacity to adapt to new technologies, its contribution to improving decision-making, and its influence on innovation across numerous industries. For tackling complicated problems, enhancing procedures, and developing lifelike virtual experiences, simulation will continue to be an invaluable tool.

The global Simulation Software Market size is projected to grow from USD 18.1 billion in 2023 to USD 33.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 13.1% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of the Simulation Software Market is propelled by a rising demand for cloud-based software that reduces production and training expenses, improving performance, and reducing risks. Additionally, computing power and cloud technology developments have made simulations more accessible, realistic, and scalable, further contributing to market growth.

Browse in-depth TOC on "Simulation Software Market"

363 - Tables
46 - Figures
343 - Pages

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Scope of the Report

Based on the Software type, the Gaming, AR, VR, and Training Simulation Software will grow at the highest CAGR during the forecasted period.

The exponential growth of Gaming, Augmented Reality (AR), Virtual Reality (VR), and Training Simulation Software in the Simulation Software Market can be attributed to its versatility and transformative impact. Gaming simulations offer immersive, engaging experiences, making them highly popular among consumers and continually pushing the industry to innovate. AR and VR, however, provide realistic, interactive environments for various applications beyond gaming. From medical training to architectural design and military exercises, these technologies offer cost-effective, risk-free, and efficient education and skill development methods. The convergence of these trends taps into the innate human desire for experiential learning and entertainment, fueling its rapid expansion within the simulation software landscape.

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By application, Engineering, Research, Modeling, and Simulated Testing account for the highest market size during the forecast period.

Engineering, research, modeling, and simulated testing collectively dominate the Simulation Software Market due to its critical role in accelerating innovation while reducing costs and risks. Engineering relies heavily on simulation software to design and optimize complex systems in aerospace, automotive, or civil engineering. Research leverages simulations to explore hypotheses, conduct experiments, and analyze data without real-world constraints. Modeling benefits from simulation software for scenario planning and decision-making, especially in fields like finance or climate science. Simulated testing enhances product development by identifying issues early, leading to more robust designs and shorter time-to-market. Together, these sectors drive the demand for simulation software, making them the market leaders.

By region, Asia Pacific will grow at the highest CAGR during the forecast period.

The Asia Pacific (APAC) region is growing at the highest rate due to being home to some of the world's largest manufacturing hubs, including China, India, and Japan. It drives the demand for simulation software, which is pivotal in enhancing the design, testing, and optimization of products and manufacturing processes. Moreover, the escalating adoption of Industry 4.0, characterized by cutting-edge technologies like artificial intelligence, big data, and the Internet of Things, is fueling the need for simulation software to model and evaluate these innovations. As governments in the APAC region increasingly support simulation software adoption through funding, tax incentives, and research encouragement, businesses are becoming more aware of the software's advantages, encompassing cost reduction, safety improvement, and heightened efficiency.

Top Key Companies in Simulation Software Market:

Siemens (Germany), Ansys (US), Dassault Systemes (France), MathWorks (US), Autodesk (US), Keysight (US), Hexagon (US), Honeywell (US), Altair (US), PTC (US), AVL (Austria), AVEVA (UK), Spirent (UK), Bentley (US), Synopsys (Canada), Certara (US), aPriori (US), AnyLogic (US), SimScale (Germany), Simul8 (UK), Simio (US), FlexSim (US), MOSIMTEC (US), ProSim (US), Cybernet (US), and Cesim (Finland) are the players in the Simulation Software Market.

Recent Developments

• In July 2023, Ansys (US) partnered with EikoSim to strengthen simulation validation. The partnership integrates EikoSim's image analysis with Ansys Mechanical and LS-DYNA software, enhancing engineering simulation with EikoTwin's validation capabilities.
• In June 2023, Dassault Systemes (France) joined forces with Dassault Aviation to deploy the 3DEXPERIENCE platform on a sovereign cloud infrastructure, enhancing European defense initiatives' security and collaborative capabilities. This strategic endeavor seeks to cultivate self-sufficiency and extend its impact to various sectors, including healthcare and public services.
• In March 2023, MathWorks (US) and Green Hills Software partnered to integrate Simulink with Infineon AURIX TC4x microcontrollers for the streamlined design of safety-related applications. The collaboration facilitates automated code compilation through Embedded Coder and enables processor-in-loop (PIL) simulations for testing.
• In September 2022, Autodesk (US) and Epic Games joined forces, offering free access to Twinmotion for Autodesk Revit users. This collaboration enhances project visualization, including lifelike renders, animations, and VR, by integrating Twinmotion with Revit's BIM software.
• In July 2022, Siemens (Germany) and Esri joined forces to enhance power grid planning, operations, and maintenance. This collaboration leverages Esri's geospatial software and Siemens' specialized knowledge to develop an all-encompassing digital representation of the grid. This advancement enhances the integration of Distributed Energy Resources and expedites the transition to a more sustainable energy ecosystem.

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Simulation Software Market Advantages:

• Organisations may conduct virtual trials and tests thanks to simulation software, which eliminates the need for actual prototypes and lowers material and operating expenses.
• The development and testing phases can be completed more quickly thanks to simulation, which also improves time-to-market and speeds up product introductions.
• By using simulation, engineers and designers can improve product designs and manufacturing procedures, resulting in better-performing goods and more productive operations.
• It enables the creation of extremely complicated and realistic situations, assisting organisations in making wise decisions and enhancing outcomes.
• Huge volumes of data are produced by it, which may be analysed to reveal insights and guide decision-making for process improvement.
• In order to maximise utilisation and minimise waste, simulation assists organisations in effectively allocating resources, such as staff, equipment, and materials.
• Simulation is used for safety testing and training in sectors like aviation and healthcare to reduce hazards and guarantee adherence to safety rules.
• Businesses can utilise simulation to determine how the market will react to new goods or services, allowing them to make wise decisions about entering the market and making investments.

Report Objectives

• To describe and forecast the global Simulation Software Market by offering, software type, deployment mode, application, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information on significant factors (drivers, restraints, opportunities, and challenges) influencing the market's growth
• To analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major players
• To profile the key players of the Simulation Software Market and comprehensively analyze their market shares and core competencies
• Track and analyze competitive developments, such as mergers and acquisitions (M&A), new product developments, and partnerships and collaborations in the market.

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