Simulation Software and Services Market Report 2023: Sector Set to Near $15 Billion by 2028 at an 8.35% CAGR

DUBLIN, June 14, 2023 /PRNewswire/ -- The "Simulation Software and Services Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

The simulation software and services market is projected to grow at a CAGR of 8.35% from a market size of US$8.528 billion in 2021 to reach US$14.953 billion by 2028.

Simulation software and services refer to computer programs and services that allow users to model and simulate real-world scenarios in a virtual environment. These tools can be used for a wide range of purposes, such as product design, testing, training, and research. Simulation software typically involves the use of mathematical models and algorithms to replicate the behavior of physical systems or processes.

This can include anything from the movement of individual particles in a fluid to the behavior of complex systems like electrical grids or transportation networks. Simulation services, on the other hand, are typically provided by third-party companies that specialize in simulation and modeling. These services can range from basic consulting and training to more advanced simulation work, such as custom model development or simulation-based optimization. Simulation software and services can be valuable tools for a wide range of industries and applications, helping to reduce costs, improve efficiency, and increase safety and performance.

The simulation software and services market is driven by the growing demand for simulations, safety concerns, and investments by the governments.

• The use of simulation software in product design and development has become increasingly important in recent years. This is due to the increasing complexity of products, as well as the need to reduce development costs and shorten time-to-market. Simulation software allows designers and engineers to test products and systems in a virtual environment before building physical prototypes, enabling them to identify and correct issues early in the development process. This can result in significant cost savings and reduced time-to-market, as well as improved product performance and safety.
• The use of simulation for safety and risk management is driven by a number of factors, including increasing regulatory requirements, rising public concern over safety issues, and the growing recognition of the importance of risk management for business continuity and reputation. Simulation is becoming an increasingly important tool for identifying potential risks and hazards in various industries, such as transportation, manufacturing, and energy. For example, in the automotive industry, simulation can be used to test the safety of vehicles in various crash scenarios.

Market Developments:

Keysight Technologies unveiled the PathWave Advanced Design System which is an electromagnetic (EM) simulation for circuit designers in June 2022. It streamlines the incorporation of simulation and multi-technology circuit assembly into business electronic design automation (EDA) design workflows. The interactive EM simulator RFPro, which is integrated with PathWave ADS, has improved simulation performance, which enables quick design adjustment and optimization.

In July 2022, KBC Advanced Technologies Ltd. announced a partnership with Computing in Technology (CiT), a prominent provider of simulation software for simulating various polymer processes. This partnership, which drew on more than 50 years of simulation software experience, combined the CiT Predici modeling software with the KBC Petro-SIM simulation platform and an automated digital twin simulator to produce a comprehensive solution that decreases the risks and experimentation time associated with scaling up polymer processes.

Operators can use both steady-state and dynamic models to simulate the complete refinery-petrochemical-polymer supply chain and anticipate yield, polymer characteristics, and emissions. Furthermore, with the help of the solution, KPIs can be manually monitored and recorded, and plant performance can be enhanced with automated digital twins.

Based on end-user, the simulation software and services market is expected to witness positive growth in the healthcare segment.

The simulation software and services market in the healthcare sector is driven by the increasing demand for simulation in medical education and training, the rising adoption of simulation in patient safety and risk management, and the growing use of simulation in medical device development and testing. It has several applications ranging from medical education and training to patient safety and risk management as well as medical device development and testing.

North America accounts for a major share of the simulation software and services market. The Middle East and Africa market is expected to grow steadily during the projected period.

Based on geography, the simulation software and services market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is a significant region for the simulation software and services market, driven by the strong presence of key players and the high adoption of simulation in various industries, such as aerospace, defense, and automotive as well as efforts by the government to promote simulations. The U.S. Department of Defense is one of the major customers of simulation software and services in North America and has a budget of over $700 billion for 2020, which includes funding for simulation and training activities.

The Middle East and Africa region is a growing market for simulation software and services, driven by the increasing adoption of simulation in industries such as oil and gas, construction, and transportation. The United Arab Emirates and Saudi Arabia are the largest markets in the region. The government of Saudi Arabia has launched the Vision 2030 initiative, which includes a focus on developing a knowledge-based economy, including investments in technology and innovation. This is expected to drive demand for simulation software and services in the region.

Market Segmentation:
By Solutions

• Software
• Services

By Deployment

• Cloud
• On-premise

By End-Users

• Automotive
• Aerospace
• Healthcare
• Education
• Electricals and Electronics
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Singapore
• Indonesia
• Taiwan
• Others

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. SIMULATION SOFTWARE AND SERVICES MARKET BY SOLUTIONS

6. SIMULATION SOFTWARE AND SERVICES MARKET BY DEPLOYMENT

7. SIMULATION SOFTWARE AND SERVICES MARKET BY END-USERS

8. SIMULATION SOFTWARE AND SERVICES MARKET BY GEOGRAPHY

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

10. COMPANY PROFILES

Companies Mentioned

• ANSYS Inc.
• The AnyLogic Company
• Synopsis Inc.
• Siemens
• Simio LLC
• Bentley Systems Inc.
• SolidTrust (Ninos IT Solution Pvt. Ltd.)
• Lanner Group Ltd.
• Autodesk Inc.
• Altair Engineering Inc.

For more information about this report visit https://www.researchandmarkets.com/r/h9x2ol

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