FOR IMMEDIATE RELEASE
October 9, 2018
— Market Synopsis:
Market Research Future (MRFR) has unfolded in its latest report that the global simulation software market will thrive throughout the forecast period to reach a valuation of USD 16 Bn by 2023. The market is poised to grow radiantly at 16% CAGR from 2017 to 2023. With the incorporation of simulation software into industrial applications, decision making has become economical, both in terms of money and time, with optimum efficiency being a bonus.
The soaring success of digital twins in industry 4.0 can be attributed to the adoption of Simulation Software Market which helps in reaping fruits from digital twin technology. The ability of simulation software to change the digital shadow of a physical component for analyzing and predicting the future course of actions has amplified its applications across industry verticals and it will continue to penetrate into more industry verticals across the projection period. Some of the industries that have already been witnessing growing demand for simulation software includes, healthcare, defense, automobile, manufacturing, etc.
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The increased requirement for research and development has also boosted the growth of simulation software market. The acknowledgment of the need for ‘go green’ movement is another factor contributing towards the acceleration of demand in the market.
Simulation Software Market Key Players:
The key players who account for major share in market control have been profiled by MRFR, which includes Bentley Systems (U.S.), PTC (U.S.), Autodesk, Inc. (U.S.), Cybernet Systems Co. Ltd. (U.S), Design Simulation Technologies, Inc. (U.S.), MathWorks, Inc. (U.S.), Altair Engineering (U.S.), Ansys, Inc. (U.S.), Siemens PLM Software (U.S.), CPFD Software (U.S.), Dassault Systemes (France), and, Synopsys, Inc. (U.S.). The strategies employed by top-notch players to gain competitive edge includes software integration, acquisitions & mergers, adoption of next-gen technology, agreements, etc.
Global Simulation Software Market Segmentation:
The global simulation software market is segmented by component, deployment, application and vertical. On the basis of component, the market is segmented into software and services. The services segment is further classified into design & consulting and support & maintenance. On the basis of deployment, the market is segmented into cloud and on premise. Based on the application, the market is segmented into eLearning, training and research & development and others. Whereas, based on vertical, the market is segmented into automobile, aerospace and defense, electrical and electronics, industrial manufacturing, healthcare, education & research and others
The global simulation software market is studied in Asia Pacific, North America, Europe, and Rest of the World. North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements, and increased adoption of simulation software applications across small and medium enterprises.
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Application End Users
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