The increased need for eco-friendly environments and the growing number of small and medium-sized enterprises (SMBs) will drive growth of the simulation software market over the next five years, according to the research agency Research and Markets.
Aerospace and defense vertical is expected to have the largest market size during the forecast period
The lack of standards and benchmarks in the simulation and analysis technology and the integration complexities in the simulation and analysis tools should as restraints for market growth, according to a recent report from the company. The 150-page report, released in December 2017, is formally titled “Simulation Software Market by Component (Software and Services), Application, Vertical (Automobile, Aerospace and Defense, Electrical and Electronics, Healthcare, and Education and Research), Deployment Mode, and Region–Global Forecast to 2022.”
Cloud-based deployment mode is expected to have the largest market share during the five-year forecast period that runs to 2022, according to the report.
In the simulation software market, the cloud deployment mode offers multiple benefits, such as reduced operational and maintenance costs, fewer complexities, and more scalability. The simulation and analysis solution providers are focusing on the development of cloud-based solutions for their users, as many organizations have started adopting the cloud-based deployment mode. Additionally, the cloud deployment mode is user-friendly and easy to access, the report states.
Simulation and analysis software and services are predominantly applied in the aerospace and defense verticals for various purposes. For instance, in the aerospace vertical, simulation and analysis technology is used for designing aircrafts and its parts. On the other hand, in the defense vertical, this technology is used for designing the defense equipment and training the soldiers, the report states.
Researchers at the agency expect North America to have the largest market in the simulation software market during the forecast period.
The North American region has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. A considerable growth is expected in the region during the forecast period. The major initiatives taken for the growth of the simulation and analysis technology have their origin in this region. In this region, the enterprises and governments have positively adopted the simulation and analysis technology to enhance the products and the process of manufacturing in the industrial manufacturing and automobile industries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the simulation software market.
The report includes the study of the key players offering simulation and analysis solutions, hardware, and services. Altair Engineering, Bentley Systems, ANSYS, PTC, Siemens PLM Software, Autodesk, CPFD Software, Cybernet Systems, and Dassault Systemes are among the companies profiled in the report.
The report includes an in-depth competitive analysis of these key simulation software market players, along with their company profiles, which include business overviews, product offerings, recent developments, and market strategies.
The report segments the simulation software market on the basis of components (software and services), applications, deployment modes, verticals, and regions. The simulation and analysis software segment includes computational fluid dynamics, electromagnetic waves, and finite element analysis. The services segment includes design and consulting, and support and maintenance. The application segment includes eLearning and training, and research and development. On the basis of deployment modes, the simulation software market was divided into the cloud and on-premises deployments.
On the basis of verticals, the market was segmented into automobile, aerospace and defense, electrical and electronics, industrial manufacturing, healthcare, education and research, and others. The other verticals include retail, mining, telecommunication, consulting, entertainment, and energy and power. Finally, on the basis of regions, the simulation software market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.