Market Highlights: —
According to Market Research Future analysis, the global Simulation software market is estimated to generate revenue of approximately USD 16 billion by 2023 growing at a CAGR of 16% during the forecast period 2019-2023.
Simulation Software Market is estimated to exhibit high growth potential during the forecast period owing to increasing demand for simulation software solutions and services across various industry verticals. Increasing use of simulation software solutions in the automobile and healthcare industry verticals is driving the market growth. Additionally, innovation and advancements in technology, and increasing market for simulation software solutions owing to the growth of e-commerce industry is adding fuel to the growth of the simulation software market. Also, growing information among the small and medium enterprises, about the benefits and features of simulation software, is driving the market growth.
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The company focusses on eloping simulation-driven solutions to foster innovation and improve business performance and retain the fast pace of the technological advancements. Increased emphasis on the use of simulation software solutions across different industry verticals is one major factor driving the growth of simulation software market. Due to the convenience associated with the adoption of simulation software solutions, the global simulation software solutions are becoming popular among the small and medium enterprises, ensuring market growth.
The global simulation software market is segmented by component, deployment, application and vertical. The application segment is classified into eLearning and research and development. However, the eLearning application sub-segment is expected to grow at the highest rate during the forecast period. This is owing to the increasing dependency of business operations in IT and telecommunication sector on web. However, the lack of information about the benefits and features of simulation software solutions and complexities involved in deploying these solutions in real-time control are the major factors that could cause hindrance to the growth of global simulation software market. Also, increasing demand for quick deployment solutions, and low budget constraints of small and medium enterprises are other major factors that may hamper the market growth.
Simulation Software Market Key Players:
Some of the key players in the market are Altair Engineering (U.S.), Bentley Systems (U.S.), Ansys, Inc. (U.S.), PTC (U.S.), Siemens PLM Software (U.S.), Autodesk, Inc. (U.S.), and CPFD Software (U.S.). Cybernet Systems Co. Ltd. (U.S.), Dassault Systemes (France), Design Simulation Technologies, Inc. (U.S.), Synopsys, Inc. (U.S.), and MathWorks, Inc. (U.S.) are among others.
Simulation Software Market Regional Analysis:
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.
Simulation Software Market Segments:
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.
• Technology Investors
• Research/Consultancy Firms
• Government Bodies
• Consulting Service Providers
• Technology Providers
• System Integrators
• Software Vendors
• Simulation and Analysis Vendors
• Application Developers
• System Integrators
• Application End Users
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