Transparency Market Research states that the competition amongst the players operating in the global simulation software market is likely to intensify. The key companies, Altair Engineering, Inc., SimScale GmbH, The AnyLogic Company, ESI Group, Autodesk Inc., Dassault Systemes, are looking at mergers and acquisitions to create talent pools and benefit from one another’s brand value.
For instance, in April 2017, Etteplan, an engineering company from Europe partnered with Mevea, a real-time simulation technology provider for the development of the digital twin solutions. Additionally, it is a home to some of the well-known players from the simulation software domain such as Dessault Systems and ESI Group.
According to Transparency Market Research, the global simulation software market is expected to be worth US$16,721.5 mn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to surge at a CAGR of 9.33%. On the basis of software, the global market is segmented into on-premise and cloud-based.
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The report highlights that the cloud-based software segment is expected to lead the global market as it is estimated to reach a valuation of US$11,544.4 mn by the end of 2025. Geographically, North America is estimated to lead the global market with a dominating presence of well-established players. This regional market is expected to be worth US$4,616.5 mn by the end of 2025.
Simulation software are being used by various industry verticals to gain a clearer and real-time understanding various processes. This software is witnessing a high adoption rate due to its important role in several decision-making processes. Evolving concept of autonomous or smart cars, rise of the digital twins in industry 4.0, and industry IoT is expected to drive the simulation software market.
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. Thus, the ability of the simulation software to reduce cost, improve efficiency, and reduce time are expected to drive its demand in the near future.
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The market is also being positively influenced by the growing number of initiatives that governments across the world are taking to build smart cities. Owing to this reason, cities are expected to adopt simulation software for gathering valuable analysis of technologies used and to enhance surveillance. Furthermore, growing number of real-time training schools and methods have also upped the game for the global market in recent years. Increasing investment in research and development of better software programs in the near future has also been identified as a key growth driver for the overall market.
On the downside, the global simulation software market is likely to face a few challenges. The present restraint for the global market is the complex nature of real-time control. However, the report states that the increasing usage of simulation in the automotive and healthcare sector are expected to propel market growth. Furthermore, the increasing need to manage and understand the gathered data through simulation will provide the players in the global market lucrative opportunities.
This review is based on Transparency Market Research’s report, titled “Simulation Software Market (Components – Software (On-premise based and Cloud based), Services (Consultancy, Training, and others); End-use Industry – Automotive, Aerospace & Defense, Healthcare, Semiconductor, and AEC (Architecture, Engineering, Construction)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”.
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