Simulation Software Market To Expand With CAGR Of 13.5% By 2030 On The Basic Of Reduction In Production Expenditure And Reduced Costs Of Training | Grand View Research, Inc.

May 17 06:34 2022
Simulation Software Market To Expand With CAGR Of 13.5% By 2030 On The Basic Of Reduction In Production Expenditure And Reduced Costs Of Training | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the simulation software market is being driven by reduced training costs for personnel in various industries and sectors, such as automotive, defense, healthcare, and electrical.

Simulation Software Industry Overview

The global simulation software market size was valued at USD 13.25 billion in 2021 and is estimated to reach USD 39.74 billion by 2030, registering a CAGR of 13.5% from 2022 to 2030

Simulation software is a tool used to virtually create a real-time environment to test the applicability and efficiency of different products and processes. Benefits, such as a reduction in production expenditure and reduced costs of training, are expected to drive the market. Furthermore, simulation tools play a major role in determining the effects of military weapons. They also help automotive companies determine the ideal vehicle prototypes for reducing CO2 emissions.

Gather more insights about the market drivers, restrains and growth of the Global Simulation Software Market

Simulation software is widely adopted by different companies as it helps reduce production costs. The software helps develop several prototypes and test them virtually. Moreover, it helps realize error-free output in a production process, thereby avoiding the production of faulty products and the respective costs involved. It also helps save time spent on R&D activities. All these factors are expected to fuel the market growth. Conventionally, manufacturers incurred huge costs while prototyping products, which involved complex mechanisms. Despite the availability of prototypes, the chances of failure were high, which incurred additional R&D expenses to reduce such product failures.

                                                                                     China simulation software market size ,by component, 2020 - 2030 (USD Million)                                                  

Expenses incurred on prototypes and curbing faults of the existing products led to increased pre and post-production costs. In such scenarios, the use of simulation software helps reduce the need for manually testing multiple prototypes to subsequently reduce the chances of product failures. This is encouraging companies to make investments in simulation tools. Manufacturers across the globe are making investments to develop AI-related technologies to cope with the Volatile, Uncertain, Complex, and Ambiguous (VUCA) world. Virtual testing techniques are used to test these AI-enabled devices and involve the observation of the behavior of these devices in real-time situations.

The use of the virtual testing method increases the efficiency of a product development process and simultaneously reduces the product development cost. This growing focus on AI devices and products is expected to lead to the adoption of virtual testing tools. Moreover, the industry is witnessing growth owing to the emergence of autonomous vehicles and Electric Vehicles (EVs). Automotive manufacturers are using simulation tools to test the efficiency and effectiveness of these vehicles using real-world situations. They are also using simulation software to meet different industry standards and regulations. In September 2018, BMW Group announced investments of approximately USD 115.0 million to establish a high-fidelity driving simulation center in Munich, Germany.

Simulation Software Market Segmentation

Based on the Component Insights, the market is segmented into Software, Services, Simulation Development Services and Training and Support & Maintenance.

  • The software segment dominated the market in 2021 and accounted for the largest share of more than 70.5% of the global revenue.
  • The service segment is expected to register the fastest growth rate during the forecast period.

Based on the Deployment Insights, the market is segmented into On-Premise and Cloud.

  • The on-premise deployment segment dominated the market in 2021 and accounted for the largest share of more than 72.00% of the global revenue.
  • The cloud segment is expected to register the fastest CAGR over the next seven years.

Based on the Application Insights, the market is segmented into Engineering, Research, Modeling & Simulated Testing, High Fidelity Experiential 3D Training, Gaming & Immersive Experiences, Manufacturing Process Optimization, AI Training & Autonomous Systems, Planning And Logistics Management & Transportation and Cyber Simulation.

  • The engineering, research, modeling & simulated testing segment dominated the market and accounted for the largest revenue share of more than 36.5% in 2021.
  • The rising concerns of cyber threats across the globe, it is anticipated to see massive adoption of cyber simulation tools and help the segment grow at a significant CAGR from 2022 to 2030.

Based on the End-use Insights, the market is segmented into Automotive, Aerospace & Defense, Industrial, Electronics & Semiconductor, Transportation & Logistics, Healthcare and Others.

  • The automotive segment dominated the market in 2021 and accounted for the largest revenue share of more than 24.7%.
  • The aerospace & defense segment is expected to grow at a considerable CAGR over the forecast period due to the use of simulators for designing aircraft as well as defense equipment.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

  • In 2021, North America dominated the market and accounted for the largest revenue share of 34.1%.
  • In the Asia Pacific, the market is anticipated to witness the fastest CAGR over the forecast period.

Market Share Insights:

  • February 2021: Siemens partnered with EOS North America, which provides industrial 3D printing of metal and polymer technology. The partnership aims to improve additive manufacturing efficiency and profitability.
  • September 2018: BMW Group established a simulation center in Munich, Germany. The facility is equipped with a high-fidelity simulator, capable of representing rotational, longitudinal, and transverse movements of a vehicle in real-time.

Key Companies Profile:

Key market players are strategically focused on partnership and collaboration activities to expand their geographical presence and overall product portfolios.

Some of the prominent players in the global simulation software market include:

  • Altair Engineering, Inc.
  • Autodesk, Inc.
  • Ansys, Inc.
  • Bentley Systems, Inc.
  • Dassault Systèmes
  • MathWorks, Inc.
  • Rockwell Automation, Inc.
  • Simulations Plus
  • ESI Group
  • GSE Systems

Order a free sample PDF of the Simulation Software Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Web: https://www.grandviewresearch.com

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