CHICAGO, March 16, 2021 /PRNewswire/ -- According to a new market research report "Simulation Software Market by Component (Software (FEA, CFD), Services), Deployment (Cloud, On-premises), Application (Product Engineering, R&D, and Gamification), Vertical (Automobile, Healthcare and Pharmaceuticals), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Simulation Software Market size is expected to grow from USD 12.7 billion in 2020 to USD 26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period.

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Altair Engineering, Inc. (Altair Engineering), BENTLEY SYSTEMS, INCORPORATED (Bentley Systems), ANSYS, Inc. (ANSYS), PTC (PTC), Siemens Product Lifecycle Management Software Inc. (Siemens PLM Software), Autodesk Inc. (Autodesk), Dassault Systèmes (Dassault Systemes), Synopsys, Inc. (Synopsys), and The MathWorks, Inc. (MathWorks) are some of the key players considered in the Simulation Software Market. Companies offering simulation analysis solutions are focusing on organic strategies, such as new product launches and product enhancements, to be competitive in the Simulation Software Market. For instance, in September 2019, Certara launched Version 8.2 of its Industry-leading Phoenix PK/PD Modeling and Simulation Software for Drug Development. The increasing demand for simulation software in healthcare and pharmaceuticals is expected to increase its growth rate in the coming years.

Similarly, vendors offer simulation and analysis-based solutions to various verticals, such as automobile, aerospace and defense, electrical and electronics, healthcare and pharmaceuticals, oil and gas and mining, construction, ship buildings and marine, and chemicals. For instance, dSPACE offers Automotive Simulation Models (ASM), which is a suite used for vehicle development, such as combustion engines, vehicle dynamics, electric components, and traffic environment. The ASM model is easy to use with the help of Graphical User Interface (GUI). Another player of the Simulation Software Market, Rheinmetall, offers a wide range of simulation-based training solutions for the military and civilians of armed forces to ensure public safety. It also offers training for educational institutes and automobile and energy sectors.

MarketsandMarkets™ has segmented the global Simulation Software Market into components (software and professional services), applications, deployment modes, applications, verticals, and regions. The software segment includes CFD, EM simulation, and FEA. The application segment of the simulation software includes product engineering, gamification, and R&D. Deployment modes of the simulation software comprises cloud and on-premises. Verticals of the Simulation Software Market includes automobile, aerospace and defense, electrical and electronics, healthcare and pharmaceuticals, oil and gas and mining, construction, ship buildings and marine, chemicals, and others. The other verticals include media and entertainment, transportation, telecommunications, and education. This market study has been further segmented based on regions into North America, Europe, APAC, MEA, and Latin America.

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By application, product engineering segment to have the highest market share during the forecast period

Product engineering refers to the process of designing, developing, testing, and producing or deploying a software product. Here, simulation plays a crucial role in every phase of engineering and has been used by product teams for a decade. The product team uses the simulation software to analyze, predict, and validate models in the real-time environment, just before final physical prototyping. Product engineering is the major application area of simulation and thus the majority of the vendor's offerings are focused on the engineering application.

By Vertical, Automotive segment to have the highest market share during the forecast period

The utilization of simulation and analysis technology in the automobile industry is increased to test and analyze the designs of products in the virtual environment. The ongoing development of connected vehicles and Advanced Driver Assistance Systems (ADAS) has increased the demand for advanced hardware and software solutions. Companies such as Ford, Tesla, and Volkswagen are investing hugely in developing smart technologies for electric vehicles and ADAS. Every industrial product, before moving to the final production stage, have to go for simulation testing, where the design and prototypes have been checked in the real-time environment.

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Asia Pacific to grow with the fastest growing CAGR during the forecast period

APAC is expected to witness extensive growth opportunities in the manufacturing and IT sectors during the forecast period. The increase in the use of simulation solutions in airport authorities in recent years is having a major impact on the Simulation Software Market. Training schools are ordering new and advanced full-flight simulators to increase their training capacities, which is also leading to the growth of the Simulation Software Market. The growing concern on the use of digital twin simulations and the use of simulation technology for IoT support devices is leading to the growth of the market.

Major vendors in the global Simulation Software Market include MathWorks (US), Autodesk (US), Ansys (US), Siemens AG (Germany), PTC (US), Dassault Systemes (France), Altair Engineering (US), MSC Software (US), Honeywell (US), Keysight Technologies (US), Aveva (UK), Spirent Communications (UK), Bentley Systems (US), Synopsys (Canada), AVL List GmbH (Austria), COMSOL (England), Certara (US), CAE (Presagis (Canada)), aPriori (US), PTV Group (Germany), AnyLogic (US), SimScale (Germany), Scalable Networks (US), Simul8 Corporation (UK), FlexSim (US), MOSIMTEC (US), Simio (US), ProSim (US), Cybernet (US), and Cesim (Finland).

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