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Market Scenario:
The global simulation software market Size is expected to grow at 16% CAGR during the forecast period. It is expected to touch a size of USD 16 billion by 2023.
Simulation software aims to bring forth theories and concepts to life while identifying potential risks and uncertainties. It can be used in the formulation, analysis, and visualization of processes across various industrial sectors. The global simulation software market report by Market Research Future (MRFR) evaluates various growth factors and challenges to be faced by the industry for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry has been included in the report.
COVID-19 Analysis:
The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality, and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. Simulation Software Market ’s fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site. Novel coronavirus has Simulation Software Market Size to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The Simulation Software Market is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.
In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before. Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.
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Competitive Outlook:
Bentley Systems, Ansys, Inc., Siemens PLM Software, Altair Engineering, Autodesk, Inc., CPFD Software, and PTC are key players of the global simulation software market. Other players are Dassault Systemes, Cybernet Systems Co. Ltd., Synopsys, Inc., Design Simulation Technologies, Inc., MathWorks, Inc., and others. Huge demand for software solutions and need for innovative products can drive the market players into action.
Segmentation:
The global simulation software market is segmented by component, deployment, application and vertical. On the basis of component, the market is segmented into software and services. The services segment is further classified into design & consulting and support & maintenance.
On the basis of deployment, the market is segmented into cloud and on premise.
Based on application, the market is segmented into training, research & development, eLearning, and others. The research and development application is expected to lead in the market owing to theoretical scientists using the software for testing new theories which can lead to leaps in science. The need to shorten product lifecycle and accelerate product-to-market can fuel the adoption of simulation software.
Based on vertical, the market is segmented into healthcare, automobile, education & research, aerospace and defense, electrical and electronics, industrial manufacturing, and others.
Regional Analysis:
The global simulation software market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements, increased adoption of simulation software applications across small and medium enterprises, and well-developed infrastructure capable of handling the diverse requirements of software simulations.
APAC is estimated to be beneficial to the market owing to establishment of branches of reputed research and development organizations in countries of China, India, and Japan. The software is used in predicting performance, shelf life, and analysis of other parameters. Awareness of the software by behemoths in automotive, industrial, electrical and electronics, and defense companies can fuel its demand till 2023.
Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
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List of Tables
Table 2 North America Simulation Software Market: By Country, 2020-2027
Table 3 Europe Simulation Software Market: By Country, 2020-2027
Continued…
List of Figures
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis of Global Simulation Software Market
Continued…
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