The Global Software Simulation Market Growth, COVID-19 impact and Forecast (2021-2025)
Global digital payment market is segmented based on deployment type as on premise and cloud; based on applications as automotive, aerospace & defence, electrical & electronics, industrial manufacturing, healthcare and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Simulation software is a program that allows companies to create a dummy process and observe an operation without actually performing it. It enables testing the same or modified system with different inputs, tracking, and analyzing responses.
Simulation software is used widely to design equipment so that the final product could be close to the design specifications without being expensive in process modification. Numerous companies in aerospace & defense and automobile sectors have invested heavily in research to develop image recognition and related applications.
Simulation technology is generally used to design equipment in order to ensure that the final product is similar to design specifications without making expensive changes to procedures.
Table of Contents
Market Overview
The global software simulation market is expected to grow to $23.61 billion by 2025 at a CAGR of 13.2%
The overall simulation software market today is comprised of a broad and diverse set of technologies and applications.
The traditional core of the simulation software market is computer-aided engineering (CAE) which was developed primarily for product design testing.
CAE is the use of computer software to simulate the performance of a product in order to improve the design or facilitate solving engineering problems for various industries.
Key Trends
The upcoming trend of designing tool set with machine learning capabilities is significantly contributing to the growth of the software simulation market
Creating real-time simulation scenarios saves a lot of money, and it poses less time to execute, which encourages and enhances the core business competencies. Therefore, this is expected to have a positive impact on market growth.
Key Market Players
The competitive rivalry in the market is high, as a good number of players prevail. The market is dominated by global vendors like Altair Engineering, Bentley Systems, Siemens PLM Software, Mathworks, Ansys and Autodesk.
Growth Drivers and Challenges
The major factors that drive the growth of the global simulation software market include significant adoption of simulation among aerospace & defense, rise in demand for eco-friendly work environment, and increase in use of simulation software in automotive and healthcare industry.
Benefits such as reduction in production expenditure and reduced costs of training has driven the market growth.
One of the major challenges in Simulation Software is data security. Investment in data security to avoid simulation attacks is one of the major challenges faced by the simulation software companies. Simulated attacks might send fake phishing attacks to employees or attempt cyber-attack on a company’s web application firewall. High investment into data security is the major challenge companies which is hampering the growth of the market.
However, the introduction of many cybersecurity tools in affordable prices is set to invest in simulation software, thereby driving the market growth.
The demand for simulation software is likely to surge during Covid-19 pandemic to generate simulated based insights to limit the spread of coronavirus. The simulations will be designed to imitate physical behaviors of people under specific conditions.
In addition, its demand is also likely to surge from ventilator manufacturers to optimize the design of the ventilators required to treat Covid-19 patients.