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Simulation Software Market worth $26.9 billion by 2026, growing at a CAGR of 13.2%: Report by MarketsandMarkets™

As per the report by MarketsandMarkets™, the Simulation Software Market size is projected to reach $26.9 billion by 2026, at a CAGR of 13.2% during the forecast period, 2021-2026.

/EIN News/ -- Chicago, June 01, 2023 (GLOBE NEWSWIRE) -- The global Simulation Software Market size is expected to grow from $12.7 billion in 2020 to $26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period, according to a new report by MarketsandMarkets™. Reduction in production expenses and training costs, use of advanced technologies for simulation, and avoiding production of faulty products to boost the growth of simulation software market across the globe during the forecast period. Lack of standard benchmarks to measure outputs is one of the major challenges of the simulation software market.

Browse in-depth TOC on "Simulation Software Market”
300 - Tables
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Scope of the Report:

Report Metrics Details
Revenue Forecast Size in 2026 $26.9 billion
Market Size Value in 2020 $12.7 billion
Growth Rate CAGR of 13.2%
Key Market Opportunities High spending on simulation in aerospace, healthcare, and defense
Key Market Growth Drivers Increasing instances of cloud breaches due to its misconfiguration
Market Segmentation Component, deployment, Application, Vertical, and Region
Geographies covered North America, Europe, APAC, MEA, and Latin America
Leading Players IBM (US), Microsoft (US), SAP (Germany), AWS (US), Oracle (US), Huawei (China), R3 (US), HPE (US), Accenture (Dublin), Wipro (India), Infosys (India), Bitfury (The Netherlands), Factom (US), LeewayHertz (US), Altoros (US), VeChain (China), Salesforce (US), OpenXcell (US), Oodles Technologies (India), and Blocko (South Korea).

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The report segments the simulation software market by component, by deployment, by application, by vertical and by region. The component segment is categorized into software and professional services. Further, the deployment type segment is bifurcated into cloud and on premise. The application segment is bifurcated into product engineering, research and development and gamification. The vertical segment consists of automobile, aerospace and defense, electrical and electronics, healthcare and pharmaceuticals, oil and gas and mining, construction, ship buildings and marine, chemicals and other verticals. Based on region, simulation software market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. 

Based on components, the simulation software market is segmented into software and professional services. Simulation software and services are the essential components of a product lifecycle management as it helps organizations in solving real-time problems safely and efficiently. Across all industries and disciplines, simulation provided a dynamic environment to analyze 2D or 3D computer models.

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Simulation software is an essential component of a Computer-Aided Engineering (CAE) process. It helps engineers and product designers to evaluate, optimize, and compare their product designs and prototypes by modelling events in real world computer-generated environment. Simulation software creates a model governed by equations and mathematical data and place it in a pre-defined system. By analyzing these models, engineers can observe the system interaction with the real-time scenarios, and predict its performance, defects, stresses, and product lifespan. Some of the examples of simulation models includes mechanics, electrical system, chemical reactions, heat, and weather. 

The simulation software in the R&D segment is expected to gain high demand.  R&D is the crucial and an important application area of simulation software. Analyzing and predicting the interaction and behavior of a product in real environment at the initial stage or at the concept developing stage has come up as the efficient and cost-saving phase of the product lifecycle. Using the simulation technology, the R&D strategy can be well-developed, thereby enabling the understanding of upcoming technologies and complex situations.

Frequently Asked Questions (FAQ)

What is the Simulation Software Market Growth?

The global Simulation Software Market size was worth approximately $12.7 billion in 2020 and is poised to rise over $26.9 billion by 2026, projecting a CAGR of 13.2%.

What are the Driving factors for the Simulation Software Market?

The increasing demand for effective solutions to reduce production expenses and training costs and increasing capabilities of simulation with regards to advanced technologies such as digital twins, AR/VR, and 3D printing. Further, increasing investment in industry such as aerospace and defense, and requirement of simulation in healthcare to develop and produce effective vaccines for diseases like COVID-19.

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About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.


About MarketsandMarkets™
                    
                    MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
                    
                    The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
                    
                    Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
                    
                    To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
                    
                    Contact:
                    Mr. Aashish Mehra
                    MarketsandMarkets™ INC.
                    630 Dundee Road
                    Suite 430
                    Northbrook, IL 60062
                    USA: +1-888-600-6441
                    Email: sales@marketsandmarkets.com

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