The global simulation software market size is expected to reach USD 21.33 billion by 2025, registering a CAGR of 16.98% over the forecast period, according to a new study by Grand View Research, Inc. Simulation software is being used for training personnel. It is replacing the traditional real-time training techniques, which incurred huge investments annually for companies. The use of simulation for training purposes helps reduce training costs as companies need to make a one-time investment for software implementation.
The software also helps enterprises minimize the production cost by enhancing the product development process. The need for developing prototypes and the chances of product failure are considerably reduced through the use of simulators, as the product is virtually tested for all possible glitches before the commencement of production. Furthermore, simulation-based tools help product developers reduce the time spent on research & development processes as it enables them to obtain a realistic view of a product or process under study or review.
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Organizations across the globe are increasingly implementing simulation software & analyzing tools to enhance the entire product development cycle, reduce time to production, ensure delivery of high-quality products in minimal time, and reduce the overall cost to the company with respect to research & development. Simulation software requires skilled workforce or personnel with the required knowledge and understanding. This is leading to several manufacturers being reluctant to adopt this technology as the need for a skilled workforce incurs additional cost to a company.
Simulation Software Market Report Highlights
• The simulation software market growth is being driven by reduced training costs for personnel in various industries & sectors such as automotive, defense, healthcare, and electrical.
• The service segment is expected to register a CAGR of more than 17% owing to the growing demand for customized simulation solutions such as design & consulting
• The cloud segment is expected to register the highest CAGR of approximately 18% over the forecast period owing to benefits such as reduced cost of implementation and ease of implementation
• The automotive segment dominated the market in 2018 and is expected to hold a major share by 2025 owing to the early adoption of virtual testing tools in the automotive industry
• North America is expected to account for the highest share, followed by Asia Pacific, by 2025 owing to the growing investments in R&D and defense in countries such as the U.S.
• The key players in the market include Altair Engineering, Inc.; Autodesk Inc.; ANSYS, Inc.; and Dassault Systèmes.
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Simulation Software Market Segmentation
Grand View Research has segmented the simulation software market on the basis of component, deployment, end use, and region:
Simulation Software Component Outlook (Revenue, USD Million, 2014 - 2025)
• Software
• Service
Simulation Software Deployment Outlook (Revenue, USD Million, 2014 - 2025)
• On-premise
• Cloud
Simulation Software End Use Outlook (Revenue, USD Million, 2014 - 2025)
• Automotive
• Aerospace & Defense
• Electrical & Electronics
• Industrial Manufacturing
• Healthcare
• Others
Simulation Software Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.