DUBLIN, November 25, 2021– (BUSINESS WIRE) – The report “Global Simulation Software Market Report and Forecast 2021-2026” has been added to ResearchAndMarkets.com offer.
The global simulation software market reached a value of nearly USD 6,697.2 million in 2020. Going forward, the market is expected to grow at a CAGR of 13.2% during the forecast period 2021-2026 to reach a value of approximately USD 14,104.2 million by 2026..
Simulation software allows companies to create a fictitious process and observe a transaction without having to conduct it. It allows you to track and analyze reactions while testing the same or an updated system with multiple inputs. Simulation software is used to develop the equipment so that the end result can be as close to design specifications as possible without requiring costly in-process changes.
With the development of modern airplanes, autonomous and electric vehicles, the adoption of simulation software in the aerospace, defense and automotive industries is driving the growth of the simulation software market. Massive adoption of simulation software for modeling and simulation in industrial product development is expected to boost Industry 4.0.
Simulation software enables the virtual creation of a real-time environment, which reduces the risk of physical prototype failure and helps develop error-free output, propelling the market forward.
The market is also growing due to the strong growth of the automotive industry, which is fueled by the increasing demand for personal mobility.
Due to increased investments in the development of advanced automotive technologies such as autonomous driving, intelligent electronics and security control environments, and the growing demand for light, electrified and energy efficient vehicles, large companies are adopting prototypes and virtual tests.
Such developments accelerate the expansion of the market. Companies that make simulation software are strengthening their positions through mergers and acquisitions and investing heavily in research and development to produce solutions that meet changing customer needs.
The use of technological developments such as artificial intelligence (AI) and machine learning in simulation software to increase productivity and optimize products is further fueling the expansion of the market.
The report examines the market shares, plant rotations, capacities, investments, and mergers and acquisitions, among other major developments, of key industry players.
Some of the major market players explored in the report are:
Rockwell Automation Inc.
Dassault Systèmes SE
Bentley Systems, Incorporated
The market report analyzes the market on the basis of segmentations such as type of deployment, end users, and major regions.
Market breakdown by type of deployment
Market breakdown by end users
Market breakdown by region
Middle East and Africa
For more information on this report, visit https://www.researchandmarkets.com/r/ijzctu
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211125006046/en/
Laura Wood, Senior Press Director
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