Simulation Software Market
GMI Research report projects that the Simulation Software Market will witness a promising CAGR of 12.7% over the forecast period, owing to the ongoing technological innovations. Simulation software refers to equipment that creates a real-time environment to test the efficiency of different products.
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Simulation software reduces the production expenditure and decreases training costs; thus, it is adopted by different companies such as automotive and healthcare which is a key factor strengthening the simulation software market. The remarkable features of simulation software make them suitable for the education and research sector. Growing demand for interpreting and managing the produced data with a huge demand for a user-friendly work environment has surged the market growth. Simulation software enhances the performance and offers improved flexibility which has increased the adoption of simulation software by small and medium organizations. However, the growing concerns about data safety might hamper the simulation software market share.
By component, the services segment is forecast to witness a faster CAGR over the coming years due to the growing awareness of the remarkable features of simulation services, such as improvement in the overall production process. Increasing use of simulation software across government agencies will bolster the simulation software market size.
By vertical, the aerospace & defense segment is predicted to expand at a higher CAGR during the forecast period due to the growing need to discover the efficiency and performance of the products designed to develop aircraft. Further, the increasing adoption of simulation software to interpret the substitute force structures.
By region, North America is expected to dominate the market during the forecast period. The strong presence of leading players and intensified investment for research and development activities to implement the technologies on sophisticated products will fuel the simulation software market growth.
Key Developments:
In 2020, PTC, Inc. innovated a 3D computer-aided design software called Creo 7.0. This software can put the power of AI at the fingertips of the designers, thus making the simulation an integrated part of the daily work.
In 2018, Bentley Systems procured LEGION, a pedestrian simulation software vendor. The company decided to enhance the comprehensive modeling environment of Bentley by the collaborative digital workflows to confirm the comparative simulations.
Simulation Software Market Segmentation:
Simulation Software Market by Component
- Software
- Computational Fluid Dynamics
- Finite Element Analysis
- Electromagnetic Waves
- Services
- Support & Maintenance
- Design & Consulting
Simulation Software Market by Application
- Research & Development
- E-Learning & Training
Simulation Software Market by Deployment Mode
Simulation Software Market by Vertical
- Aerospace & Defense
- Automobile
- Industrial Manufacturing
- Electrical & Electronics
- Education & Research
- Healthcare
- Others
Simulation Software Market 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
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
Simulation Software Market
GMI Research report projects that the Simulation Software Market will witness a promising CAGR of 12.7% over the forecast period, owing to the ongoing technological innovations. Simulation software refers to equipment that creates a real-time environment to test the efficiency of different products.
Request For a FREE Sample Report on Simulation Software Market
Simulation software reduces the production expenditure and decreases training costs; thus, it is adopted by different companies such as automotive and healthcare which is a key factor strengthening the simulation software market. The remarkable features of simulation software make them suitable for the education and research sector. Growing demand for interpreting and managing the produced data with a huge demand for a user-friendly work environment has surged the market growth. Simulation software enhances the performance and offers improved flexibility which has increased the adoption of simulation software by small and medium organizations. However, the growing concerns about data safety might hamper the simulation software market share.
By component, the services segment is forecast to witness a faster CAGR over the coming years due to the growing awareness of the remarkable features of simulation services, such as improvement in the overall production process. Increasing use of simulation software across government agencies will bolster the simulation software market size.
By vertical, the aerospace & defense segment is predicted to expand at a higher CAGR during the forecast period due to the growing need to discover the efficiency and performance of the products designed to develop aircraft. Further, the increasing adoption of simulation software to interpret the substitute force structures.
By region, North America is expected to dominate the market during the forecast period. The strong presence of leading players and intensified investment for research and development activities to implement the technologies on sophisticated products will fuel the simulation software market growth.
Key Developments:
In 2020, PTC, Inc. innovated a 3D computer-aided design software called Creo 7.0. This software can put the power of AI at the fingertips of the designers, thus making the simulation an integrated part of the daily work.
In 2018, Bentley Systems procured LEGION, a pedestrian simulation software vendor. The company decided to enhance the comprehensive modeling environment of Bentley by the collaborative digital workflows to confirm the comparative simulations.
Simulation Software Market Segmentation:
Simulation Software Market by Component
- Software
- Computational Fluid Dynamics
- Services
Simulation Software Market by Application
- Research & Development
- E-Learning & Training
Simulation Software Market by Deployment Mode
Simulation Software Market by Vertical
- Aerospace & Defense
- Automobile
- Industrial Manufacturing
- Electrical & Electronics
- Education & Research
- Healthcare
- Others
Simulation Software Market by Region:
- Asia Pacific
- North America
- Europe
- RoW
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com