The global Simulation Software market size is expected to be worth around US$ 43.9 billion by 2030, according to a new report by Vision Research Reports.
The global Simulation Software market size was valued at US$ 10.6 billion in 2020 and is anticipated to grow at a CAGR of 17.6% during forecast period 2021 to 2030.
Simulation software is being used for training personnel. It is replacing the traditional real-time training techniques, which incurred huge investments annually for companies. The use of simulation for training purposes helps reduce training costs as companies need to make a one-time investment for software implementation.
The software also helps enterprises minimize the production cost by enhancing the product development process. The need for developing prototypes and the chances of product failure are considerably reduced through the use of simulators, as the product is virtually tested for all possible glitches before the commencement of production. Furthermore, simulation-based tools help product developers reduce the time spent on research and development processes as it enables them to obtain a realistic view of a product or process under study or review.
Organizations across the globe are increasingly implementing the program and analyzing tools to enhance the entire product development cycle, reduce time to production, ensure delivery of high-quality products in minimal time, and reduce the overall cost to the company with respect to research and development. It requires a skilled workforce or personnel with the required knowledge and understanding. This is leading to several manufacturers being reluctant to adopt this technology as the need for a skilled workforce incurs additional cost to a company.
The software segment dominated the market for simulation software and accounted for the largest revenue share of more than 52.0% in 2020. The segment is expected to remain dominant over the forecast period. The segment growth can be attributed to benefits such as data safety, reliability, and uninterrupted testing. Furthermore, under the software segment, finite element analysis is expected to largely contribute to the growth of the segment. FEA is widely used in industries such as automotive, aerospace, defense, and electronics to test product quality, performance, and design.
The service segment is expected to register the highest CAGR over the forecast period. The growth of the segment can be attributed to the growing awareness of virtually enabled processes used for product development among companies and governments. Services such as design and consulting, implementation, and maintenance are gaining popularity among various enterprises. ANSYS, Inc., one of the key players in the market, provides consultation and professional services for simulation workflow improvement and process compression.
The on-premise segment dominated the market for simulation software and accounted for the largest revenue share of over 52.0% in 2020, owing to the early adoption of the software. On-premise deployment is a traditional deployment method that involves the installation of the software on-site. This method is beneficial for companies who wish to maintain the confidentiality of their data and secure the data from hackers. These benefits related to data confidentiality and security are the primary factors driving the growth of the segment. The segment is expected to account for the highest market share by 2028.
The cloud segment is expected to register the highest CAGR over the next seven years. The growth of this segment can be attributed to the benefits offered, including easy implementation and cost-effectiveness, as compared to the traditional on-premise software. Since the software is deployed over the cloud, it is easier to maintain and upgrade based on a client’s requirements. Moreover, cloud-based software can be used in applications such as R&D and training & education.
The automotive segment dominated the market for simulation software and accounted for the largest revenue share of more than 25.0% in 2020 owing to the early adoption of virtual tools for product development. Furthermore, the automotive industry is witnessing a shift toward the use of electric and autonomous vehicles. The use of simulation to enhance production processes in this industry is primarily driving the growth of this segment. Further, based on end-use, the market for simulation software is also segmented into aerospace and defense, electrical and electronics, industrial manufacturing, healthcare, and others. The others segment includes industries and sectors such as construction, retail, and telecommunications.
The aerospace and defense segment is expected to grow at a considerable rate over the forecast period. This growth is attributed to the use of simulators for designing aircraft as well as defense equipment. Also, simulators are used in the defense industry for the purpose of training soldiers. Growing concerns of governments of developed as well as developing nations for terrorism and national security has resulted in increased investment for new and improved defense equipment that require the use of simulation software which in turn has contributed to the growth of this segment.
North America dominated the simulation software market and accounted for the largest revenue share of 34.7% in 2020. The region is expected to continue its dominance over the forecast period. The growth of the region can be attributed to the presence of major players operating in the U.S. and Canada. The companies in these countries have been observed to be investing in research and development activities in order to introduce technologically advanced products in the market for simulation software. Moreover, the region is well-known as an early adopter of advanced technologies.
In Asia Pacific, the market is anticipated to witness significant growth over the forecast period owing to the increased manufacturing activities in industries and sectors such as automotive and healthcare. The growth of the construction and healthcare verticals in countries such as Japan and India are subsequently driving the growth of the market in the region. Europe accounted for a relatively significant share in the market for simulation software in 2020. Countries such as Germany and the U.K. are primarily contributing to the growth of the regional market. Rapid penetration of AI technology and increasing defense expenditure in the region are some of the factors that are positively contributing to the growth of the market in the region.
Altair Engineering, Inc.
Bentley Systems, Incorporated
Rockwell Automation, Inc.
Aerospace & Defense
Electrical & Electronics
Middle East & Africa (MEA)
The Simulation Software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Simulation Software market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Simulation Software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Simulation Software market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Simulation Software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Simulation Software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Simulation Software by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Simulation Software market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Simulation Software market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Simulation Software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Simulation Software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Simulation Software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Simulation Software market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Simulation Software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Simulation Software market. These factors have benefited the growth of the global market for Simulation Software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Simulation Software. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Simulation Software are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
Data Center Substation Market (By Component: Transformers, Switchgears, Relays, Capacitors, Busbars, Surge Arrestors; By Voltage Type: 33 kV - 110 kV, 110 kV - 220 kV, 220 kV - 500 kV, Above 500 kV) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Intellectual Property Management Software Market (By Component: Service, Software; By Deployment Type: On-premise, Cloud; By End-user: Individual, Commercial; By Commercial: BFSI, IT & Telecom, Automotive, Technology, Others; By Application: Patent Management, Trade Management, Licensing) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Artificial Intelligence For IT Operations Platform Market (By Offering: Platform, Service; By Application: Infrastructure Management, Application Performance Analysis, Real-Time Analytics, Network & Security Management; By Deployment Mode: Cloud, On-Premises; By Organization Size: SMEs, Large Enterprises; By Vertical: BFSI, Healthcare & Life Sciences, Retail & E-Commerce, IT & Telecom, Energy & Utilities, Government & Public Sector, Media & Entertainment) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Broadband Services Market (By Broadband Connection: Fiber Optic, Wireless, Satellite, Cable, Digital Subscriber Line (DSL); By End-user: Business, Household) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Construction And Design Software Market (By Function: Safety & Reporting, Project Management & Scheduling, Project Design, Field Service Management, Cost Accounting, Construction Estimation, On across Bid Management, Others; By Deployment: Cloud, On-premise; By End-use: Architects & Builders, Remodelers, Designers, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...