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According to a new report Global Simulation Software Market, published by KBV Research, The Global Simulation Software Market size is expected to reach $19.4 billion by 2025, rising at a market growth of 15.3% CAGR during the forecast period. Major factors that are fueling the growth of simulation software market are high adoption of the technology across aerospace & defense, automotive, and healthcare industry and increased demand for eco-friendly workspace. Nevertheless, risks linked with data security are expected to restrict the market size over the forecast period.
The electronics and electrical sector prompted a larger market share in 2018. Nevertheless, in terms of increased research and development expenditure of military equipment by developed and developing countries, the aerospace and defense sector is expected to rise significantly during the projected period at a CAGR of 16.2%. The Automotive market is expected to witness a CAGR of 14.3% during (2019 - 2025).
The on-premise segment recorded the largest market share in the deployment mode segment. It is expected to continue its superiority over the forecast period. This is due to the fact that companies operating in sectors like aerospace and defense, healthcare, and others prefer on-premise delivery to enhance data security. Over the forecast period, the cloud segment is expected to record the highest CAGR.
In the components segment, software accounted for more than 70% of total market revenue, was one of the largest segment in 2018. Due to the increasing adoption of simulation software for project development, it will retain its dominance by 2025.
In the simulation software market, the largest market share is anticipated for North America. The regional growth can also be associated with the existence of key market players active in the U.S. and Canada. It has been observed that companies in these countries invest in research and development to market technologically sophisticated products. Due to the growing manufacturing activities of industries and sectors like automotive and healthcare, Asia Pacific regional market will significantly grow over the forecast period at a growth rate of 16.5%. Construction and healthcare growth in countries like Japan and India are driving the competitiveness in the regional Asia Pacific market. In 2018, Europe had a relatively substantial market share. Countries like Germany and the UK are mainly contributing to market expansion.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Inc., Dassault Systemes SE, Hexagon AB, The MathWorks, Inc., PTC, Inc., Siemens AG and Synopsys, Inc.
By Deployment Mode
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