Simulation Software Market: Current Analysis and Forecast (2021-2027)
Emphasis on Component (Software and Service); Deployment (Cloud and On-premises); Application (Training and Research & Development); Industry (Automotive, Information and Communication Technology, Aerospace and Defence, Electrical and Electronics, Healthcare, and Others); and Region/Country
The global simulation software market is expected to register a CAGR of around 13% over the period of 2021-2027. The global simulation software market is uplifting on account of the increasing demand for an effective solution for reducing production expenses and training costs along with the significant adoption of simulation in the aerospace & defense industry. Moreover, an increase in the use of simulation software in the automotive and healthcare industry followed by rising demand for an eco-friendly work environment will positively stimulate the industry landscape. Simulation software is a program that allows a company to create a dummy process and observe the operation without executing it. This allows to test the same or modified system with different inputs and track and analyze the response. Simulation software is often used in plant design to ensure that the final product approaches design specifications without expensive process changes. Many companies in the aerospace, defense and automotive sectors have invested heavily in research to develop image recognition and related applications. Therefore, the simulation software market is likely to grow at an influential rate during the forecast period. The need for simulation software will be boosted due to its ability to evaluate, compare, and optimize alternative designs, plans and policies. In addition, the market will rise due to the increasing capabilities of simulation regarding advanced technologies such as digital twins, augmented reality/virtual reality, and 3D printing.
MathWorks Inc., Autodesk Inc., ANSYS Inc., Siemens AG, Dassault Systèmes SE, Altair Engineering Inc., Hexagon AB, Honeywell International Inc., AVEVA Group PLC, Bentley Systems International Limited are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst deployment, on-premises category held a prominent share in the market in 2020”
Based on deployment, the simulation software market is segmented into cloud and on-premises. The on-premises segment held a significant share of the simulation software market in 2020 and is expected to witness robust CAGR during the forecast period. One of the major factors driving the growth of the on-premises segment is the data protection feature of on-premises deployment. The enterprise’s data is stored locally on-premises, and the company has full control over data and its security. Moreover, if network problems occur and the connection to the internet is interrupted, the employees can still access the data with on-premises solutions.
“Amongst application, the training and research & development segment held a prominent share in the market in 2020”
Based on application, the simulation software market is classified into training and research & development. Among the two categories, the research & development segment accounted for a significant share of the global simulation software market in 2020 and is anticipated to show substantial growth during the forecast period. The growth of this segment can be attributed to the adoption of simulation software by some of the major companies in automotive, aerospace and defense, healthcare, and other industries for product engineering, modeling, research & development purposes.
“North America to witness significant growth during the forecast period”
North America is expected to witness a prominent CAGR during the forecast period. The growth of this market can be attributed to the increasing investments in research & development activities for the introduction of technologically advanced products in the region. In addition, North American governments are constantly focusing on innovation and investment for a more environmentally friendly work environment. In this region, regulations related to the eco-friendly work environment have become harder, and as a result, companies are using simulators to test the feasibility of their products before they are manufactured. Moreover, Government-led smart city initiatives in the region have also had a positive impact on the acceptance of simulation and analytical techniques to improve and enhance surveillance capabilities. The increasing capabilities of simulation regarding advanced technologies such as digital twins, augmented reality/virtual reality, and 3D printing is rising the growth of the simulation software market across the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Simulation Software Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global simulation software market were the three major steps undertaken to create and analyze the adoption of simulation software in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global simulation software market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the simulation software market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the simulation software market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as component, deployment, application, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the simulation software market. Further, we conducted factor analysis using dependent and independent variables such as various component, deployment, application, and industry of simulation software. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the simulation software market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global simulation software market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of simulation software market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global simulation software market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global simulation software market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, deployment, application, and industry in the global simulation software market.
The main objective of the Global Simulation Software Market Study
The current & future market trends of the global simulation software market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the simulation software market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component, deployment, application, and industry
- Define and analysis of the regulatory framework for the simulation software market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the simulation software market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the World.
- Company profiles of the simulation software market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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