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Increase in the use of simulation software in automotive industry drive the growth of the global simulation software market. In addition, increase in focus on R&D activities and significant adoption of simulation among aerospace & defense are expected to provide lucrative opportunities for the growth of the market. However, risks associated with data security of simulation software are anticipated to hamper the market growth during the forecast period. Emerging trends such as digital twins in the industry 4.0 and use of simulation software to develop IoT supporting devices are expected to provide lucrative opportunities for the global simulation software market during the forecast period.Simulation software is a tool used to virtually create a real-time environment to test the applicability and efficiency of different products and processes. Benefits such as a reduction in production expenditure and reduced costs of training are expected to drive the market for simulation software.
The global simulation software market garnered $5.16 billion in 2017, and is estimated to generate $10.03 billion by 2025, growing at a CAGR of 8.9% from 2018 to 2025.
North America accounted for the highest market share in 2017, contributing for more than two-fifths of the total market share and would maintain its lead position during the forecast period. This is due to large-scale implementation of simulation technology and solutions by enterprises for addressing the need for novel designs and simplify product development process. However, Asia-Pacific region is expected to register the highest CAGR of 12.0% during the forecast period.
Based on deployment modes, the on-premise segment accounted for the highest market share of more than five-sixths of the total market and is estimated to maintain its dominance throughout the forecast period. This is due to preference for on-premise deployment in industries including healthcare, aerospace & defense, and others for enhanced data security. However, the cloud segment is estimated to register the highest CAGR of 13.5% from 2018 to 2025, owing to the requirement for real-time data scalability, utilization, and flexibility.
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Among components, the software segment held the largest share in 2017, contributing to nearly three-fourths of the total market share, and will maintain its lion's share by 2025. However, the services segment is expected to grow at the fastest CAGR of 10.8% from 2018 to 2025, owing to the rise in need for regular updates, training, maintenance, and support.
Profiling Key Players: Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systmes, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc., Siemens PLM Software, and The AnyLogic Company.
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