The Simulation Software Market is expected to reach USD 29,327 million by 2027, growing at a CAGR of 12.7%, over the forecast period (2020-2027).

The factors driving growth of the Simulation Software Market includes growing popularity of autonomous cars and electric vehicles, rising focus of companies on reducing production and training expenses, increasing demand for environment friendly work environment and improvements in the living standards. Moreover, simulation software supports and enhances core-business skills, helps in achieving error-free output in a production process, enables designing and optimization of products and solutions and are cost-effective, are some of the features supplementing the Simulation Software Market share. In addition, the increasing investments by major companies on research and development, strategic partnerships between enterprises, growing adoption of technologies such as Augmented Reality, Virtual Reality and 3D printing, are further contributing towards the market growth. 

However, growth of the Simulation Software Market is hindered attributed to growing concerns related to data security.

The prominent players operating in the market are Cybernet Systems Corp., CPFD Software, Design Simulation Technologies, Bentley Systems, PTC Inc., Altair Engineering Inc., Dassault Systems, Ansys, Inc., Autodesk, Inc., and Siemens PLM Software, among others.

Based on Component, the Services segment is projected to grow at a fastest rate

Rising awareness about virtually enabled processes used for product development, is pushing segment’s growth. 

Based on Vertical, the Aerospace & Defense segment is projected to expand at a remarkable CAGR over the forecast period

Simulation software is increasingly used in the aerospace and defense industry to train soldiers, and analyzing alternative force structures, are propelling growth of the segment.  

Based on Region, the North America region is estimated to hold highest market share during the forecast period

Rise in the number of smart cities, Government policies promoting the manufacturing of electric vehicles, growing adoption of advanced technologies by major companies, rapid urbanization, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the Simulation Software Market size in North America.

Key Developments

• In 2020, PTC, Inc. introduced a 3D computer-aided design software named as Creo 7.0. This software has the new abilities to put the power of artificial intelligence at the fingertips of the designers, hence making the simulation a unified part of the daily wok.
• In 2018, Bentley Systems completed the acquisition of LEGION, a pedestrian simulation software provider. Through this acquisition, the company planned to increase the comprehensive modeling environment of Bentley by the collaborative digital workflows to discover and confirm the comparative simulations of pedestrian traffic scenarios.

Market Segmentation

Segmentation by Component

• Software
  • Computational Fluid Dynamics
  • Finite Element Analysis
  • Electromagnetic Waves
• Services
  • Support & Maintenance
  • Design & Consulting

Segmentation by Application

• Research & Development
• E-Learning & Training

Segmentation by Deployment Mode

• On-Premises
• Cloud

Segmentation by Vertical

• Aerospace & Defense
• Automobile
• Industrial Manufacturing
• Electrical & Electronics
• Education & Research
• Healthcare
• Others

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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