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Simulation is the process of creating a model, which is an abstract representation of a proposed or existing system, to understand and identify various factors that control the system or predict the systems’ behaviors under different circumstances. Simulation software is increasingly being used to model system operations, processes, and product design, enabling different user types to study relationships between processes and systems.
Global Simulation Software Industry Overview
The global simulation software market generated revenue of $9,601.8 million in 2020 and is expected to reach $20,276.7 million by 2025 at a CAGR of 15.3%. Increasing demand for effective solutions to reduce production and training costs and increasing capabilities of simulation software toward advanced technologies such as AR/VR, digital twins, and 3D printing are fueling the growth of the simulation software market.
Market Segmentation
The design engineer category held the major share in the global simulation software market in 2020. Design engineers are responsible for defining the product to meet target requirements, including performance and cost of products. They use simulation software design-to-cost/design-for-manufacturing (DTC/DFM) insights to achieve target product cost and ease of manufacture. High usage of these software in designing products is a major factor resulting in the domination of this category in the market.
A large organization with revenue in the range of $1-$5 billion is the dominant category in the market. A large number of companies in this category, coupled with high research and development (R&D) investment and high information technology (IT) budget, is the major factor driving the growth of this category. However, micro and very small companies are expected to be the fastest-growing category during the forecast period, growing at a CAGR of 17.1 and 16.5%, respectively.
Industrial equipment is the most dominant vertical for the adoption of simulation software, holding a 35.4% share in 2020. Many companies in the industrial equipment sector, high cost of goods sold (COGS), high IT budget, and high expenses in R&D activities are the major factors for the domination of this category in the market.
Key Market Players
ANSYS, Inc., SAP SE, Altair Engineering, Inc., Applied Intuition, Inc., Autodesk Inc., AVL List GmbH, Cognata, Dassault Systèmes, dSPACE GmbH, Foretellix, VIRES Simulationstechnologie GmbH, NVIDIA Corporation, rFpro, The MathWorks, Inc., LG Electronics
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