PORTLAND, Oregon, December 10, 2018 /PRNewswire/ --
Significant adoption of
simulation in aerospace & defense
sector, rise in demand for eco-friendly work environment,
and increase in use of simulation software in the automotive and
healthcare industries would fuel the growth
of the global simulation software
market
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 provides detailed analyses of the top
winning strategies, market share & estimations, driving factors
& opportunities, key market segments, and competitive
landscape. According to the report, the global simulation software
market generated $5.16 billion in
2017, and is expected to reach $10.03
billion by 2025, registering a CAGR of 8.90% from 2018 to
2025.
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Significant adoption of simulation in the aerospace &
defense sector, rise in demand for eco-friendly work environment,
and increase in use of simulation software in the automotive and
healthcare industries fuel the market growth. However, security
concerns associated with the simulation software hinder the growth
of the industry. On the other hand, emerging scope of simulations
for digital twins and use of simulation software to develop IoT
supporting devices would present new opportunities in the industry
in future.
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Software segment to maintain top
position through 2025
Among components, software was the largest segment in 2017,
accounting for nearly three-fourths of the total market revenue. It
is expected to maintain its lion's share through 2025 due to the
growing adoption of simulation software for project implementation
to finalize decisions about layout, equipment, and control
algorithms for solution design; explore alternative concepts and
ensure that throughput goals can be achieved for continuous
improvement of processes in manufacturing and troubleshooting; and
analyze problematic situations and constraints. However, the
services segment would register the highest CAGR of 10.80% from
2018 to 2025, owing to the growing need for training, regular
updates, maintenance, and support of simulation software.
On-premise deployment mode segment to
dominate in terms of revenue by 2025
Among deployment modes, the on-premise segment held the largest
market share of 88.32% and is projected to continue its dominance
during the forecast period. This is attributed to the fact that the
companies operating in industries such as aerospace and defense,
healthcare, and others prefer on-premise deployment for enhanced
data security. However, the cloud segment is expected to exhibit
the highest CAGR of 13.50% through 2025, owing to the need for
real-time data utilization, scalability, and flexibility.
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Electrical and electronics segment to
dominate, aerospace and defense to witness
fastest growth
The electrical and electronics segment dominated the global
market in terms of revenue in 2017, accounting for 34.05% market
share. It is projected to retain its dominance through 2025 because
of the greater adoption of simulation software by semiconductor and
electronic vendors to inspect design objects at all conceivable
scales, as it eliminates product defects in the designing stage. In
addition, high adoption of IoT technology & virtual reality in
electronic manufacturing, robotics, and smart domestic appliances
is expected to boost the growth of this segment. However, the
aerospace and defense segment is projected to grow at the fastest
CAGR of 13.30% from 2018 to 2025, owing to the high usage of
simulation software in the industry to develop and test lightweight
aerospace parts, flight simulation, and defense equipment under
various extreme conditions.
Asia-Pacific to
register fastest growth through 2025
Favorable government initiatives for adoption of advanced
technologies in automobiles and A&D sectors are expected to
boost the adoption of simulation software in the Asia-Pacific region. This region is projected
to grow at the fastest CAGR of 12.00% through the forecast period.
However, North America led the
market in 2017, accounting for a market share of 41.12% and would
maintain its dominance during the forecast period. The region is
expected to exhibit large-scale adoption of simulation technology
and solutions by enterprises in the region to cater to their
growing need of innovative designs and improvement in product
development process.
Key industry contributors
The key players analyzed in the report include Altair
Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems,
Dassault Systems, Hexagon (MSC Software Corporation), The
MathWorks, Inc., PTC, Inc., Siemens PLM Software, and The AnyLogic
Company. These players have adopted different strategies such as
collaborations, mergers & acquisitions, joint ventures,
partnerships, expansions, and others to gain a strong position in
the industry.
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