Global Simulation Software Market: Overview
Simulation software helps in predicting any system’s behavior in real world situations. Simulation software can be used to identify and estimate product’s design, detect problems in the design, and test a system or a product with conditions that are complex to reproduce. Furthermore, it helps manufacturers to make improved decisions related to the design at much less cost, as they can make virtual models to face the forces from the real-world. Additionally, it helps in reducing the time to market, which is crucial for many industries including automotive and aerospace. The simulation software market is expected to reach US$16,721.5 mn in 2025 and is projected to expand at a CAGR of 9.33% during the period from 2017 to 2025.
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Cloud-based Software Segment Emerges as Clear Winner as End Users see its Many Benefits
The simulation software market is segmented on the basis of component and end-use industry. On the basis of component, the simulation software market is segmented into software and services. The software segment is further bifurcated into on-premise based and cloud based deployed software. Cloud-based deployed software segment expected to grow at a faster pace in the simulation software market, as it provides low cost and ease of deployment option. Furthermore, services segment is further sub-segmented into consultancy, training, and others. Others segment includes deployment services and technical support services. Software segment contributes major share in terms of revenue in the simulation software market owing to their growing demand and adoption across various industries to predict, validate and optimize the product with the help of a precise analyses. However, services segment is expected to grow at a faster rate during the forecast period.
On the basis of end-use industry, the simulation software market is segmented into automotive, aerospace & defense, healthcare, semiconductor, AEC, and others. Others segment includes industries such as energy & power and retail. Automotive end-user segment is expected to hold major share due to early adoption of simulation software platform. The adoption rate for the automotive industry is higher, as it helps in attaining the proficient mass production, improve quality and reduce costs. Furthermore, simulation software helps automotive manufacturers to design, launch, and expand production programs at a faster pace. Moreover, the semiconductor segment is projected to be the fastest growing segment during the forecast period.
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