Allied Market Research published a report titled, “Simulation Software Market by Component (Software and Services), Deployment Mode (On-premise and Cloud), and Industry Vertical (Architecture, Engineering, Construction (AEC), Aerospace & Defense, Automotive, Electrical & Electronics, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025.” The report offers a detailed study of drivers & opportunities, top investment pockets, current market trends, important segments, and market size & evaluations. As per the report, the global simulation software market was estimated $5.16 billion in 2017, and is anticipated to garner $10.03 billion by 2025, citing a CAGR of 8.90% from 2018 to 2025.
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Rise in the adoption of simulation in the aerospace & defense sector, increase in demand for sustainable work environment, and surge in use of simulation software in the automotive and healthcare industries have spurred the growth of global simulation software market. On the other hand, several security concerns associated with the simulation software have curbed the growth to certain extent. Nevertheless, emerging scope of simulations for digital twins and use of simulation software to improve IoT supporting devices have created a number of lucrative opportunities in the segment.
On-premise segment to be dominant throughout the forecast period-
Based on deployment, the on-premise segment accounted for the largest market share in 2017, contributing to 88.32% of the total market and is anticipated to maintain its dominance throughout the period. The fact that industries like aerospace and defense, healthcare, and others prefer on-premise deployment for enhanced data security has spurred the growth.
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Software segment to emerge as the largest shareholder-
Based on components, the software segment held the lion’s share in 2017, accounting for three-fourth of the total market. This is due to the growing adoption of simulation software for executions of projects. On the other hand, the services segment is expected to grow at the highest CAGR of 10.80% from 2018-2025 due to the rising demand for regular updates of simulation software.
North America to exhibit the largest share till 2025-
North America held the largest share of 41.12% in 2017 and is assumed to be dominant during the forecast period. Surge in the adoption of simulation technology by renowned enterprises in the region has fueled the growth.
The key players in the industry-
The frontrunners discussed in the report take in ANSYS, Inc.; Autodesk, Inc.; Bentley Systems; The AnyLogic Company, Altair Engineering, Inc.; Siemens PLM Software; Hexagon (MSC Software Corporation); The MathWorks, Inc.; Dassault Systmes; and PTC, Inc. Adopting a number of smart strategies such as collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others, these leading players have become successful to sustain in the industry.
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