Simulation Software Market Size is forecast to reach $16.83 billion by 2025, after growing at a CAGR of 16.23% during 2020-2025. Adoption of simulation software in aerospace, defense and automobile industries with the development of modern aircrafts, autonomous and electric vehicles boost the simulation software market growth. In addition to these, process simulation software is also used in designing or creating Internet of Things (IoT) devices and apps. High adoption of simulation software for modeling and simulation in the development of industrial products set to drive industry 4.0, thereby driving the simulation software market growth. Moreover, entry of new players in developed and developing economies will further enhance the overall market demand for Simulation Software during the forecast period 2020-2025.
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Component- Segment Analysis
In components segment, software holds largest market share owing to rising adoption of simulation software for project implementation to finalize decisions about layout, equipment and control algorithms for solution design. Finite element analysis software holds the major share in simulation software market. High adoption of this software in industrial manufacturing for predicting various physical behaviors such as mechanical stress, mechanical vibration, heat transfer, electrostatics, fluid flow, fatigue and others is set to drive the simulation software market.
Vertical – Segment Analysis
Aerospace and Defense have been the primary vertical for Simulation Software. To check the performance and efficiency of design while developing aircraft as per industry standards and regulations, the aerospace and defense industry required to use fast and highly efficient computers to run the aerospace, thermal, aerodynamic, and acoustic simulation software solutions. In 2019, Siemens had launched the capital load analyzer simulation software for aerospace. This software helps in simplifying aircraft electrical design compliance. Development of modern aircraft systems such as electrical flight control systems and in-flight entertainment systems, require more power, have more electrical content and have higher compliance risk due to increased complexity. Adoption of electromagnetic simulation software in modern aircraft applications and the need for advanced flight simulations and training as well as the manufacturing process of lightweight aerospace parts is set to boost the market growth.
Geography – Segment Analysis
North America dominated the Simulation Software market with a share of around 34%, followed by Europe and APAC. The growing number of small and medium scale (SME) enterprises in the region coupled with the rising focus on research and development activities is set to drive the market. As the major number of players headquartered in this region and the entry of new players in this region also creates opportunities for the simulation software market share in the North American region.
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Drivers – Simulation Software Market
Rising demand for simulation software in applications such as automobile, electrical and electronics, industrial manufacturing and others
The adoption of simulation software in the automotive industry helps in vehicle development to ensure the proper functionality of the system. Automotive simulation software is now crucial as car and truck makers are majorly investing in the development of advanced vehicle technologies such as autonomous driving systems, safety-critical control software and smart electronics. In 2018, Siemens had launched a simulation software package which is used for investigating the problems that are related to the design of autonomous and electric Vehicles (AV-EV). In electrical and electronics applications, simulation software is used for simulating electromagnetic performance across component, circuit and system design, and can evaluate temperature, vibration, and other critical mechanical effects. The innovation of electronic products set to create opportunities for simulation software during the forecast period.
Integration of Artificial Intelligence (AI) technology
AI is an approach to help in reducing the less important scenarios by studying the existing simulation data. Simulation software companies are trying to focus on applying AI technology on strategic solutions to generate simulation data in the AI process. In 2019, Ansys has collaborated with Edge Case Research to engineer the next generation of autonomous vehicles with unmatched state of the art hazard detection capabilities. This collaboration has made Edge Case Research in integrating AI perception stress testing and risk analysis system hologram within the Ansys AV simulation solution to deliver a solution to maximize the safety of autonomous vehicles. The integration of simulation software with AI technology drives the simulation software market.
Challenges – Simulation Software Market
One of the major challenges in Simulation Software is data security. Investment in data security to avoid simulation attacks is one of the major challenges faced by the simulation software companies. Simulated attacks might send fake phishing attacks to employees or attempt cyber-attack on a company’s web application firewall. High investment into data security is the major challenge companies which is hampering the growth of the market. However, the introduction of many cybersecurity tools in affordable prices is set to invest in simulation software, thereby driving the market growth.
Technology launches, acquisitions, partnerships and R&D activities are key strategies adopted by players in the Simulation Software market. In 2018, the market of Simulation Software has been consolidated by the top five players – Altair Engineering, Bentley Systems, Siemens PLM Software, Mathworks, Ansys Inc and Autodesk Inc among others.
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