Simulation Software Market Size to Surpass USD 27.55 Billion by 2030, exhibiting a CAGR of 12.4%
As per the report by Fortune Business Insights, the global Simulation Software Market size is projected to reach USD 27.55 Billion by 2030, at a CAGR of 12.4% during the forecast period.
Simulation Software Market
Pune, India, Sept. 04, 2023 (GLOBE NEWSWIRE) — Global simulation software market size was valued at USD 11.02 billion in 2022 and is projected to reach USD 27.55 billion by 2030, exhibiting a CAGR of 12.4% during the forecast period. Fortune Business Insights™ cites this information in its latest research report, titled Simulation Software Market Forecast, 2023-2030.
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Key Industry Development:
May 2023– rFpro, a driving simulator software company, inked a deal with Sony to develop high-fidelity sensor models by using the rFpro software.
- Increased Adoption of Healthcare Simulation for Virtual Patient Model Fueled the Market Growth
- Adoption of Innovative Technologies in Simulation Tools to Propel the Market Growth
- By Application Analysis: Growing Adoption of Simulation Tools in R&D Activities to Make Research Process Cost Efficient
- Simulation Software Market Size in North America was USD 3.95 Billion in 2019-2030
Discover the Leading Players Featured in the Report:
“Companies leading the Simulation Software Market are Autodesk Inc. (U.S.), ANSYS, Inc. U.S.), Dassault Systemes (France), Altair Engineering Inc. (U.S.), The AnyLogic Company (U.S.), Flex Ltd. (Singapore), Rockwell Automation, Inc. U.S.), Bentley Systems, Inc. (U.S.), Simulations Plus (U.S.), MathWorks, Inc. (U.S.)”
Report Scope & Segmentation
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||12.4%|
|2030 Value Projection||USD 27.55 Billion|
|Simulation Software Market Size in 2022||USD 11.02 Billion|
|Historical Data for||2019 to 2021|
|No. of Pages||120|
|Segments covered||Deployment, Application, Industry and Geography|
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Drivers and Restraints:
Market Value to Surge Owing to Extensive Product Applications in Various Industries
One of the major factors driving the simulation software market growth is the extensive product application in different industries such as healthcare, aerospace & defense, manufacturing, electronics & semiconductor, automotive, and others.
However, the high upfront investment related to the product may hinder market growth to some extent.
- Product Engineering
- Research & Development
- Electronics & Semiconductor
- Aerospace & Defense
- North America
- Asia Pacific
- Middle East & Africa
- South America
North America to Emerge as the Leading Growth Hub Owing to Surging Technological Advancements
North America led the simulation software market share and is expected to witness notable growth over the forecast period. Rising technological advancements across all industry verticals are contributing to the regional growth. Moreover, the heavy reliance of research institutions and organizations on simulation tools for different R&D activities is also creating lucrative opportunities for market expansion.
The Asia Pacific market is slated to register the highest CAGR during the study period. The rising utilization of simulation tools in Singapore, South Korea, and Japan by healthcare organizations for patient safety enhancement is favoring the regional growth.
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Notable Companies Prioritize Partnership Agreements to Bolster their Market Hold
Major market players are entering into partnership agreements to strengthen their position. They are also investing substantial amounts in other strategic initiatives such as mergers and acquisitions, collaborations, product innovations, and others.
How big is the Simulation Software Market?
Simulation Software Market size was USD 11.02 billion in 2022.
How fast is the Simulation Software Market growing?
The Simulation Software Market will exhibit a CAGR of 12.4% during the forecast period, 2022-2029
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- Simulation Software Market