Simulation software market size to surpass USD 40.5 Bn by 2030

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priority research

The global simulation software market size was estimated to be USD 14.8 billion in 2021 and is expected to cross approximately USD 40.5 billion by 2030, registering a growth of 11.83% from 2022 to 2030.

LOS ANGELES, September 23, 2022 (Globe Newswire) — Preference Research, Recently Published Report ยปsimulation software market (by component; by deployment; by application; by end use) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030″.

With the use of simulation software, a real-world setting can be replicated to evaluate the feasibility and effectiveness of various objects and processes. Benefits such as reduced manufacturing cost and training expenses are expected to propel the market. Additionally, an important part of detecting the effects of military weapons is played by simulation technologies. They assist automakers in choosing the best car prototypes to reduce CO2 emissions.

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Many businesses use simulation software because it reduces manufacturing costs. The program assists in the creation and mock testing of multiple prototypes. Additionally, it helps in achieving error free production during a production process, preventing the manufacturing of defective goods and related expenses. Additionally, it facilitates reducing the R&D activity time. All these elements are expected to fuel the expansion of the market. In the past, manufacturers had to spend a lot of money to invent complex machinery for their goods. Prototypes were readily available, but failure rates were significant, requiring further R&D costs to reduce such product failures.

Spending on prototyping and fixing flaws in existing items resulted in increased pre- and post-production expenses. In such cases, the use of simulation software helps reduce the need for manually testing multiple prototypes, therefore reducing the chances of product failure. This encourages businesses to invest in simulation software. To adapt to the volatile, complex, uncertain and ambiguous (VUCA) environment, manufacturers around the world are investing in the development of AI-related technology. These AI-enabled gadgets are tested using virtual testing methods that seek to see how they behave in real settings.

regional snapshot

North America dominates the global simulation software market in terms of revenue, due to early adoption of simulation technology. The main drivers of market expansion are the expanded applications of simulation and analysis across all verticals. Most of the important vendors have established North America as their organizational home.

In North America’s simulation software industry, the sector has emerged as a leader in technological breakthroughs, R&D, and inventions. The US and Canada are the top two contributors to the regional market for simulation software.

market insight

  • By component, software hit revenue of about 72% in 2021.

  • By deployment, the on-premises segment achieved 73% revenue share in 2021.

  • From end-use, the automotive segment generated 28% revenue share in 2021.

  • The North America region had a 35% market share in 2021.

report highlights

  • Low training costs are driving the market for workers in various industries and sectors including automotive, defence, healthcare and electrical.

  • The growing need for specialized simulation solutions, such as design and consultancy, is projected to drive the CAGR of the services segment by 15% from 2022 to 2030.

  • The cloud-based category is anticipated to experience the fastest CAGR over the entire launch period owing to the benefits of such simple and cost-effective deployment.

  • Market dominance in the automotive sector, which triggered early adoption of virtual test devices in that sector, is anticipated to continue during the launch period.

  • By 2030, North America is projected to have the largest market share, followed by Asia Pacific, as a result of rising R&D and defense spending in countries such as the US.

  • To get the largest market share, top firms are focusing on creating innovative simulation software solutions.

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scope of report

report properties

description

Market size in 2021

USD 14.8 billion

Revenue Forecast to 2030

USD 40.5 billion

CAGR

11.83% from 2022 to 2030

base year

2021

forecast year

2022 to 2030

Key Players

MathWorks (US), Autodesk (US), Ansys (US), Siemens AG (Germany), PTC (US), Dassault Systems (France), Altair Engineering (US), MSc Software (US), Honeywell (US), Keysight Technologies (US), Avava (UK), Spirant Communications (UK), Bentley Systems (US), Synopsis (Canada), and others.

market Ddynamics

drivers

Market need for simulation software is increasing as a result of increase in cloud breaches due to misconfigured clouds. Simulation software enhances operational effectiveness while reducing manufacturing and training costs. To implement simulation solutions, some large corporations have partnered with or purchased simulation businesses. For example, Deloitte Consulting teamed up with Simio to develop a simulation method for an HVAC company and to save on operating expenses. To develop its analytics and mobile simulation software, Bentley Systems purchased CityLabs and Orbit Geospatial Technologies. Prior to building a prototype, simulation procedures help troubleshoot problems. Ansys entered into a contract with Lumerical, one of the top creators of photonic design and simulation tools. The deal will enable Ansys to provide customers with a comprehensive suite of solutions and a greater range of photonics equipment.

Many industries, including automotive, aerospace and military, electrical and electronics, industrial production and healthcare, have used simulation solutions and services to not only save costs but also save lives. The US Bureau of Labor Statistics reports that many deaths and accidents at construction sites are caused by faulty equipment and vehicles. Any on-the-job training with inexperienced operators of machinery can be dangerous. As a result, computer-based simulation has become a successful teaching method. The sophistication of simulation software has surpassed that of a real machine. Consider the simulation technology known as flight simulators, which now require training for pilots to obtain and hold their license.

Helplessness

The market for simulation software is struggling to expand due to difficulties in integrating the software and rising data security concerns. The problem where the simulation model works well during testing but fails in real-world situations is one that developers and testers constantly go through. These differences are called data leaking. Sharing data across test and training sets can result in an issue known as data leakage. The training set contains data that has already been put through the system, while the test set should represent data that has not been previously observed in a real-world scenario.

Data leaks are usually caused by human error because developers have access to both train and test data sets. Data leaks result from the simulation process being unusually high, misleading businesses or organizations to implement them in real-world situations. This has an impact on both the total spend and the simulation process.

opportunity

Globally high spending on aerospace and military has created an opportunity for innovation and use of simulation software. War games, which involve military simulation software technology, are often used by the military to educate their soldiers. The US military has adopted virtual reality simulation technology for such training. Military simulation software can benefit from adding cutting edge technology such as AI and ML to become more effective. To take advantage of this opportunity, businesses such as Entrust Solutions have developed creative simulation solutions.

There is a significant potential for the market of simulation software to expand as a result of COVID-19, especially in the healthcare industry. Organizations can benefit from simulation modeling strategies to respond rapidly, safely and successfully. For example, Ansys claims that the simulation can be used to create UV light treatment systems for a variety of conditions and guarantee that enough UV light is given to destroy the virus.

challenges

By adopting standardized benchmarking methods, researchers can make the most of current technological advances. Despite being a powerful MBS simulation tool, there is no general criteria for evaluating these software programs. Designing virtual prototypes of equipment, vehicles for road and rail, robotics, and even spacecraft control is supported by MBS simulation tools. Since there is no benchmarking technique, it is difficult for businesses to assess the effectiveness of the many simulation techniques that are now available.

related report

recent developments

  • MathWorks and Aimotive, providers of automotive vehicle technologies, will be partners in February 2021. Through the collaboration, MathWorks will be able to integrate AImotive’s RoadRunner tool into its aiSim, an automotive-grade simulation platform for end-to-end testing of autonomous driving software.

  • Simulink 2020b, an update to MathWorks’ software, was released in September 2020. Improved Simulink 2020b emphasizes increased accessibility and performance, and it offers Simulink Online for use in web browsers. In January 2019, MathWorks launched a new flight analysis and visualization capabilities for aerospace design. Aerospace Toolbox enabled users to customize interfaces featuring cockpit flight instruments and to visualize and analyze the motion and behavior of aerospace vehicles.

market segmentation

by component

by deployment

by application

  • Engineering, research, modeling and mock testing

  • Gaming and immersive experiences

  • High Fidelity Experiential 3D Training

  • AI training and autonomous systems

  • Manufacturing Process Optimization

  • Planning & Logistics Management & Transportation

  • cyber simulation

by end use

according to geography

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