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According to the latest report by IMARC Group, titled, "Simulation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global simulation software market reached a value of US$ 11.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 13.2% during 2022-2027.
Simulation software allows companies to create a real-time environment for observing an operation or testing the efficiency of several processes. It allows examining the modified or original system with several inputs and tracking responses. It also helps manufacturers make rational decisions about the design as they can make virtual models face the complex forces from the real world. In addition, they offer numerous benefits such as minimizing the costs incurred on training and the overall expenditure.
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Market Trends
The market is primarily driven by the growing popularity of autonomous and electric vehicles (EVs). Simulation software is extensively utilized by manufacturers of these vehicles to evaluate their efficiency and effectiveness using real-world situations. Besides this, the software is widely adopted to develop prototypes and test them virtually to avoid the production of faulty products.In addition, it saves the time spent on research and development (R&D) activities, thereby creating a positive outlook for the market. Furthermore, key market players are investing in emerging technologies based on artificial intelligence (AI), which is anticipated to escalate the demand for simulation software in the upcoming years.
Breakup by Component:
Software
Service
Breakup by Deployment:
On-premises
Cloud-based
Breakup by End Use:
Automotive
Aerospace and Defense
Electrical and Electronics
Industrial Manufacturing
Healthcare
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Altair Engineering Inc.
Ansys Inc.
Autodesk Inc.
Bentley Systems Incorporated
Dassault Systèmes
PTC Inc.
Rockwell Automation Inc.
Siemens AG
Simul8 Corporation
The AnyLogic Company
The MathWorks Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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