(MENAFN- EIN Presswire) Simulation Software Market
Surge in demand for eco-friendly workplace and usage of simulation software for automotive and healthcare sectors propel the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, October 14, 2022 / / -- Allied Market Research published a new report, titled, ' is estimated to reach USD 10,029 Million by 2025, registering a CAGR of 8.90% .' The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Rise in adoption of simulation in aerospace & defense sector, surge in demand for eco-friendly workplace, and surge in usage of simulation software for automotive and healthcare sectors propel the market growth. However, security concerns related to the simulation software restrain the market growth. On the other hand, innovative applications of simulations for digital twins and usage of simulation software for building IoT supporting devices are estimated offer new opportunities in the industry in coming years.
Based on deployment modes, the on-premise segment accounted for the highest market share of more than five-sixths of the total market and is estimated to maintain its dominance throughout the forecast period. This is due to preference for on-premise deployment in industries including healthcare, aerospace & defense, and others for enhanced data security. However, the cloud segment is estimated to register the highest CAGR of 13.5% from 2018 to 2025, owing to the requirement for real-time data scalability, utilization, and flexibility.
Among components, the software segment held the largest share in 2017, contributing to nearly three-fourths of the total market share, and will maintain its lion's share by 2025. However, the services segment is expected to grow at the fastest CAGR of 10.8% from 2018 to 2025, owing to the rise in need for regular updates, training, maintenance, and support.
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North America accounted for the highest market share in 2017, contributing for more than two-fifths of the total market share and would maintain its lead position during the forecast period. This is due to large-scale implementation of simulation technology and solutions by enterprises for addressing the need for novel designs and simplify product development process. However, Asia-Pacific region is expected to register the highest CAGR of 12.0% during the forecast period.
The key players analyzed in the report include Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systems, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc., Siemens PLM Software, and The AnyLogic Company.
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Key Findings of the Simulation Software Market:
• The software segment is expected to exhibit significant increase in terms of revenue during the forecast period.
• In 2017, the on-premise segment accounted for the highest revenue according to organization size segment.
• The electronics and electrical industry vertical generated the highest revenue in 2017.
• Asia-Pacific is projected to exhibit substantial growth during the forecast period.
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