The global simulation software market size reached USD 11.08 Billion in 2020 and is expected to register a revenue CAGR of 17.5% during the forecast period, according to the latest analysis by Emergen Research
Simulation refers to the imitation of a real-world process – be it a day-to-day bank operation or assigning staff at a hospital – using models that represent the main characteristics of the given process or system. Scientists, engineers, and designers use simulation software to imitate real-world products or systems using specific models and formulas.
The software is generally used to closely analyze a process during the prototype phase and determine its behavior or outcomes in different contexts. Usually, the simulation technique is used in two kinds of situations: first, when manufacturers are quite uncertain of the performance of a product or system in the real-world scenario; and second, when the manufacturers intend to experiment with the product in a low-cost environment. Some of the key features of simulation software include reporting & analytics, mathematical modeling, 3D modeling, graphical modeling, dynamic modeling, and direct manipulation.
With simulation modeling, manufacturers can get practical feedback on a real-world product or system they have designed. It also helps them test the efficiency of the product, while also allowing them the freedom to alter its design or structure, before the production phase. Simulation software comprises 2D/3D models and tools that simulate various real-world phenomena including wind motion, speed of light, and different environmental conditions. Hence, the key advantages of simulation modeling are cost-effectiveness, visualization, a risk-free environment for product testing, and increased accuracy.
Today, simulation software is used in several industrial sectors including manufacturing, warehouse operations, transportation & logistics, supply chain, automotive, healthcare, pharmaceutical, and education. Initially, simulation was viewed as an extension to the computer-aided designing (CAD) technique in the manufacturing and R&D sectors; the technology is now rapidly gaining traction in other industries as well, such as military & defense, aviation, oil & gas, and mining. Some of the leading simulation software developers in the world are Ansys Inc., FlexSim, Altair Engineering Inc., Autodesk Inc., SimScale GmbH, Lanner Group Ltd., Rockwell Automation, and Comsol Group.
The global simulation software market revenue growth is majorly attributed to factors such as increasing applications of simulation technology in the manufacturing, healthcare, transportation & logistics, automotive, aerospace & defense, and education industries.
Some major companies in the market report include Siemens AG, Rockwell Automation, Inc., Dassault Systemes SE, Autodesk, Inc., Ansys, Inc., Bentley Systems, Incorporated, Spirent Communications PLC, Altair Engineering, Inc., PTV AG, and Simul8 Corporation.
The rising focus of manufacturers on reducing training costs and manufacturing expenses, rapid adoption of emerging technologies such as AR/VR, 3D printing, and digital twin, and increasing investments in R&D activities in various industries are other factors driving revenue growth of this market. Growing demand for integrated 3D printing simulation software in the manufacturing sector is another key factor supporting market revenue growth. This simulation program minimizes risks of failure, optimizes 3D production, accelerates the production process, and saves time and money.
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