The global simulation software market size is expected to reach USD 21.33 billion by 2025, registering a CAGR of 16.98% over the forecast period. Simulation software is being used for training personnel. It is replacing the traditional real-time training techniques, which incurred huge investments annually for companies. The use of simulation for training purposes helps reduce training costs as companies need to make a one-time investment for software implementation.
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The software also helps enterprises
minimize the production cost by enhancing the product development process. The
need for developing prototypes and the chances of product failure are
considerably reduced through the use of simulators, as the product is virtually
tested for all possible glitches before the commencement of production.
Furthermore, simulation-based tools help product developers reduce the time
spent on research & development processes as it enables them to obtain a
realistic view of a product or process under study or review.
Organizations across the globe are
increasingly implementing simulation software & analyzing tools to enhance
the entire product development cycle, reduce time to production, ensure
delivery of high-quality products in minimal time, and reduce the overall cost
to the company with respect to research & development. Simulation software
requires skilled workforce or personnel with the required knowledge and
understanding. This is leading to several manufacturers being reluctant to
adopt this technology as the need for a skilled workforce incurs additional
cost to a company.
Further
key findings from the study suggest:
• The simulation software market growth
is being driven by reduced training costs for personnel in various industries
& sectors such as automotive, defense, healthcare, and electrical.
• The service segment is expected to
register a CAGR of more than 17% owing to the growing demand for customized
simulation solutions such as design & consulting
• The cloud segment is expected to
register the highest CAGR of approximately 18% over the forecast period owing
to benefits such as reduced cost of implementation and ease of implementation
• The automotive segment dominated the
market in 2018 and is expected to hold a major share by 2025 owing to the early
adoption of virtual testing tools in the automotive industry
• North America is expected to account
for the highest share, followed by Asia Pacific, by 2025 owing to the growing
investments in R&D and defense in countries such as the U.S.
• The key players in the market include
Altair Engineering, Inc.; Autodesk Inc.; ANSYS, Inc.; and Dassault Systemes.
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