The simulation software market is expected to reach US$16,721.5 mn in 2025 and is projected to expand at a CAGR of 9.33% during the period from 2017 to 2025.
In recent years, simulation software has found its way into numerous and varied application fields. This is because it is considered as a tool used to design or manage the imitation system to describe the real potential process or situation.
The ability of the simulation software to reduce cost, improve efficiency, and reduce time are expected to drive its demand in the near future. Recently, a new study titled “Simulation Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025” has been added to the broad database of Market Research Hub (MRH), which encapsulates vital details about the market, covering various factors impacting the global simulation software market growth during the forecast period together with market drivers, restraints, and opportunities.
This 248-page study provides a holistic perspective on global simulation software market growth in terms of revenue estimates (in US$ Mn) globally. Industry development and key market indicators for the global simulation software market are also mentioned.
Furthermore, the report provides market attractiveness analysis, for each segment based on their CAGR and market share. Porter's five forces analysis about the industry competition, market dynamics and the most profitable segments in the market have been discussed in the study.
Key Highlights from the study
In the present time, simulating software is witnessing a high adoption rate due to its important role in several decision-making processes. It helps in predicting any system’s behavior in real-world situations.
According to the study findings, the global simulation software market is expected to be worth US$16,721.5 mn by the end of 2025. the global market is anticipated to surge at a CAGR of 9.33% during 2017-2025.
Furthermore, increasing use of simulation software across multiple industries such as automotive, aerospace, and AEC for faster time to market and cost reduction is also expected to add to the market’s growth. The market is also being positively influenced by the growing number of initiatives that governments across the world are taking to build smart cities.
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In terms of geography, North America is the major contributor to the overall simulation software market. The presence of major industry players and growing adoption of simulation software by industries including automotive and aerospace & defense is expected to drive the market in this region.
The research also analyses market behavior on the basis of major segments, such as component, end-use and geography. On the basis of software, the global market is segmented into on-premise and cloud-based.
The report highlights that the cloud-based software segment is expected to lead the global market
At last, the vendor landscape section is also provided which throws light on the chief player’s dominant in this market. They are Altair Engineering, Inc., Autodesk Inc., Siemens Product Lifecycle Management Software Inc., SimScale GmbH, ESI Group, Dassault Systemes, The AnyLogic Company, ANSYS, Inc., The MathWorks, Inc., and Synopsys Inc.
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