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. The simulation software market’s growth is fueled by a rising need for cost-effective solutions to reduce production expenses and training outlays. Simulation software is gaining prominence due to its ability to mitigate risks and enhance performance, making it an attractive option. The continuous evolution of computing power and cloud technology has dramatically facilitated the widespread adoption of simulation software. This technological progress has made simulations more accessible, realistic, and scalable, increasing their value across multiple industries.
Furthermore, the integration of cutting-edge technologies such as Digital Twins, AR/VR, and 3D printing is further enhancing the impact of simulation software, transforming processes, and bolstering competitiveness across various sectors. These factors collectively indicate a promising growth trajectory for the simulation software market as businesses seek innovative ways to optimize their operations and gain a competitive edge. Consequently, there is an anticipated substantial surge in demand for simulation software shortly.
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What is simulation software?
Simulation software is a computer program that allows users to create a virtual representation of a real-world system or process. This can be used to study the behavior of the system under different conditions, test new designs, or optimize existing processes.
The simulation software market is led by some of the globally established players, such as Siemens (Germany), Ansys (US), Dassault Systemes (France), MathWorks (US), Autodesk (US), Keysight (US), Hexagon (US), Honeywell (US), Altair (US), PTC (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
MathWorks (US) is a leading player in mathematical computing software that empowers engineers and scientists worldwide with its flagship products, MATLAB and Simulink. MATLAB is the preferred platform for algorithm development, data analysis, visualization, and numerical computation. Simulink offers a versatile block diagram platform for simulation and Model-Based Design of complex multidomain and embedded systems. With nearly 100 specialized products for tasks like data analysis and image processing, MathWorks impacts industries including automotive, aerospace, communications, and industrial automation. Its tools enable the creation of advanced products, from automotive systems to medical devices, and reach academia, with over 6500 institutions globally using them for education and research. MathWorks aims to accelerate progress in engineering and science, driving transformative change across diverse applications worldwide, including deep learning, robotics, wireless communications, and control systems.
PTC (US) is a prominent provider of software and services, spearheading digital transformation across various industries like aerospace & defense, automotive, life sciences, oil & gas, and retail & consumer products. Operating across the Americas, Europe, and Asia Pacific, PTC comprises two key segments: Software Products and Professional Services. The company’s portfolio includes cutting-edge solutions such as the Creo suite for comprehensive product design, Windchill for end-to-end product lifecycle management, and the ThingWorx platform for IoT application development and industrial data analysis. PTC’s augmented reality capabilities are embodied in Vuforia, facilitating AR experiences for industrial enterprises. With its software expertise and professional services, PTC drives profound digital evolution across businesses, establishing itself as a pivotal industry player.
Apart from prominent vendors, some other key players, such as 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 also evolving in the simulation software market.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities are abruptly affected by factors such as government regulations. On the other hand, organizations are anticipated to embrace organic growth strategies to provide end consumers with simulation software and professional services, which would assist businesses in boosting market revenue.
Simulation Software Market by Offering (Software & Professional Services), Software Type (Computer-Aided Design, Finite Element Analysis), Deployment Mode (On-Premises and Cloud), Application, Vertical and Region - Global Forecast to 2028
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