(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The 'Global Simulation Software Market Report and Forecast 2021-2026' report has been added to ResearchAndMarkets.com's offering.
The global simulation software market reached a value of nearly USD 6,697.2 million in 2020. Looking forward, the market is expected to grow at a CAGR of 13.2% during the forecast period of 2021-2026 to reach a value of about USD 14,104.2 million by 2026.
Simulation software allows companies to create a mock process and observe an operation without having to conduct it. It allows you to track and analyse reactions while testing the same or updated system with multiple inputs. Simulation software is used to develop equipment so that the end output can be as near to the design specifications as possible without requiring costly in-process changes.
With the development of modern aircraft, autonomous, and electric vehicles, the adoption of simulation software in the aerospace, defence, and automobile industries is boosting the simulation software market growth. High adoption of simulation software for modelling and simulation in the development of industrial products is set to drive industry 4.0.
Simulation software allows for the virtual creation of a real-time environment, which decreases the danger of physical prototype failure and aids in the development of error-free output, propelling the market forward.
The market is also growing because of the strong growth of the automotive industry, which is fuelled by the rising demand for personal mobility.
Due to increased investments in developing advanced vehicle technology such as autonomous driving, smart electronics, and safety control environments, and the rising demand for light-weighted, electrified, and energy-efficient vehicles, major companies are adopting virtual prototypes and testing.
Such developments are accelerating market expansion. Companies that make simulation software are bolstering their positions through mergers and acquisitions and investing heavily in research and development to produce solutions that meet evolving client needs.
The utilisation of technology developments like artificial intelligence (AI) and machine learning in simulation software to boost productivity and optimise goods is fuelling market expansion even further.
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry.
Some of the major players in the market explored in the report are:
- Autodesk Inc.
- Rockwell Automation Inc.
- Ansys, Inc
- Dassault Systemes SE
- Bentley Systems, Incorporated
- Siemens Aktiengesellschaft
The market report analyses the market based on segmentations such as deployment type, end users, and major regions.
Market Breakup by Deployment Type
Market Breakup by End Users
- IT and Telecommunication
- Aerospace and Defence
- Energy and Mining
- Education and Research
- Electrical and Electronics
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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