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Global Simulation Software Market to Grow at a CAGR of 13.2% During 2021-2026, Aided by the Robust Growth of the Automotive Sector

According to a new report by EMR titled, ‘Global Simulation Software Market Report and Forecast 2021-2026’, the market attained a value of about USD 6,697.2 million in 2020. The industry is further expected to grow at a CAGR of 13.2% in the forecast period of 2021-2026.

The market for simulation software in North America is witnessing robust growth due to the presence of leading companies in countries such as the United States and Canada. Moreover, technological advancements and innovation, along with increasing research and development (R&D), are further fuelling the market growth in the region. Meanwhile, the Asia Pacific region is anticipated to witness significant growth due to the rising production in the region. The surging end-uses of simulation software in manufacturing processes are further propelling the market growth. Moreover, technological and digital advancements in countries such as China and South Korea are also fuelling the market growth, consequently contributing to the overall development of the industry. Simulation software is used as a teaching tool in e-learning courses to enhance training skills in various industries. It is also used in the aviation industry to replicate cockpit instrumentation, in-flight visuals, motions, and sounds to enhance the training skills, which is further catalysing the market growth.

The major companies in the sector are constantly improving the use of simulation software in the healthcare industry. Rockwell Automation (NYSE: ROK), one of the leading players in the market, donated Arena® Simulation Software to various non-profit organisations, government organisations, and public health partners to support COVID-19 vaccination efforts in March 2021. The software can be used to monitor patient flow, shift changes, staffing, and maintenance of social distancing guidance for patients in queue. Moreover, the software can address supply and staffing needs and expedite the vaccination process. As the software helps decision-makers to understand the flow of systems and the constraints of resources in different scenarios, it is ideal for vaccine clinic planning. Such developments are expected to aid the market growth in the forecast period.

Market Analysis by Deployment Type, End Use and Region:

  • The market, on the basis of deployment type, can be divided into on-premise and cloud.
  • Based on end use, the industry can be divided into automotive, IT and telecommunication, aerospace and defence, energy and mining, education and research, and electrical and electronics, among others. 
  • The regional markets for simulation software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising demand for the creation of virtual prototypes as it allows companies to conduct new experiments without any major risks is propelling the market growth.
  • The market is aided by the increasing use of simulation software in the evolving automotive sector due to frequent launches and automation of vehicles by the leading companies.
  • Technological advancements such as artificial intelligence and edge computing improve the production and efficiency of simulation software, which is consequently aiding the market growth.
  • The use of simulation software in the flourishing healthcare sector to train frontline workers and medical staff is boosting the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global simulation software market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the deployment types, end uses, and regions of simulation software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for simulation software are Autodesk Inc., Rockwell Automation Inc., Ansys, Inc, Dassault Systèmes SE, Bentley Systems, Incorporated, and Siemens, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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