MarketsandMarkets forecasts the simulation software market size to grow from USD 12.7 billion in 2020 to USD 26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2% from 2020 to 2026. Reduction in production expenses and training costs, use of advanced technologies for simulation, and avoiding production of faulty products to boost the growth of simulation software market across the globe during the forecast period.
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The major factors fueling the simulation software market include increasing demand for effective solution to reduce production expenses and training costs and increasing capabilities of simulation with regards to advanced technologies such as digital twins, AR/VR, and 3D printing. Further, increasing investment in industry such as aerospace and defense, and requirement of simulation in healthcare to develop and produce effective vaccines for diseases like COVID-19 is expected to be fuel the market growth in coming years.
By application, product engineering segment to have the highest market share during the forecast period
Product engineering refers to the process of designing, developing, testing, and producing or deploying a software product. Here, simulation plays a crucial role in every phase of engineering and has been used by product teams for a decade. The product team uses the simulation software to analyze, predict, and validate models in the real-time environment, just before final physical prototyping. Product engineering is the major application area of simulation and thus the majority of the vendor’s offerings are focused on the engineering application.
The simulation software market includes major vendors, such as MathWorks (US), Autodesk (US), Ansys (US), Siemens AG (Germany), PTC (US), Dassault Systemes (France), Altair Engineering (US), MSC Software (US), Honeywell (US), Keysight Technologies (US), Aveva (UK), Spirent Communications (UK), Bentley Systems (US), Synopsys (Canada), AVL List GmbH (Austria), COMSOL (England), Certara (US), CAE (Presagis (Canada)), aPriori (US), PTV Group (Germany), AnyLogic (US), SimScale (Germany), Scalable Networks (US), Simul8 Corporation (UK), Flexsim (US), MOSIMTEC (US), Simio (US), Prosim (US), Cybernet (US), and Cesim (Finland). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the simulation software market.
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MathWorks offers a mathematical computing software for algorithm development, data analysis, and visualization and numeric computation. The company offers a wide range of design and development products for automotive, aerospace, telecommunications, electronics, industrial manufacturing, and healthcare verticals. MathWorks’ products have been installed across the globe in 80,000+ universities and governments for designing and developing their systems. MathWorks has a team of engineers and scientists to develop and enhance its product offerings. MathWorks provides Simulink, which is effective and easy to handle. The output is mostly close to the actual theoretical result for which clients rated the software as efficient.
Autodesk is one of the most prominent companies, which provides 3D design software and services in various industries, such as media and entertainment, architecture, engineering and construction, and manufacturing. Autodesk offers an extensive 3D design portfolio incorporated with high quality visual effects. It provided its customers with a huge line up of software products, such as AutoCAD and its successive version, Autodesk 3ds Max, Autodesk Maya, and Autodesk Inventor with periodically renewable licenses. The company has a global presence and is said to earn majority of its revenue from the Americas, EMEA, and APAC.
Ansys is an expert in simulation, design optimization, analysis, consulting, and virtual prototyping. It offers a software suite, which enables virtual access to any field of engineering simulation that needs a design process. The company has a global presence through its offices and third-party channel partners. It has more than 60 global sales offices, globally. The company caters to industries, such as aerospace, defense, automotive, electronics, healthcare, energy and materials, and chemical processing.
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