Simulation Software Market Scope
Simulation software is based on the process of modeling an actual phenomenon with a set of mathematical formulas. It is, essentially, a program that enables the user to observe an operation through simulation without actually performing that operation. Simulation software is used extensively to design equipment so that the final product will be as close to design specs as possible without costly process modification. Furthermore, simulation software with real-time response is often used in gaming, but it also has significant industrial applications. When the penalty for incorrect operation is costly, such as nuclear power plant operators, airplane pilots, or chemical plant operators, a mockup of the actual control panel is connected to a real-time simulation of the physical response, giving valuable training experience without fear of a disastrous outcome.
According to AMA, the Global Simulation Software market is expected to see growth rate of 16.69%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Simulation Software market throughout the predicted period.
Altair Engineering (United States), Bentley Systems (United States), Ansys (United States), PTC (United States), Siemens PLM Software (United States), Autodesk (United States), CPFD Software (United States), Cybernet (United States), Dassault Systèmes (France), Design Simulation Technologies (United States), Synopsys (United States), Mathworks (United States) and Rockwell Automation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are iGrafx (United States), The AnyLogic Company (United States), FlexSim (United States), Wolfram (United States), Simio (United States), Lanner Group (United Kingdom), Comsol Group (Sweden), Frontline Systems (United States) and Manitoba Hydro International (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Simulation Software market , by Application (E-Learning and Training and Research and Development) and Region with country level break-up.
On the basis of geography, the market of Simulation Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 11 March 2020, Bentley Systems, Incorporated, a leading global provider of comprehensive software and digital twins services for advancing the design, construction, and operations of infrastructure, announced the acquisition of GroupBC, a leading UK SaaS software innovator. For over twenty years, GroupBC’s and Bentley’s software solutions have been deployed for complementary purposes to improve project and asset information management. The transaction results from GroupBC’s expansion agenda, and Bentley’s investment appetite, for international growth opportunities stemming from the UK’s national initiatives for major infrastructure investment and towards infrastructure digital twins.
On 10 June 2019, Altair announced the release of Altair HyperWorks 2019, the latest version of its simulation- and AI-driven product development platform. The new release expands on the number of solutions available for designers and engineers, under a single, open-architecture platform, to speed decision-making and time to market. User experience advancements and intuitive workflows empower both expert and citizen analysts to streamline product innovation. and On 15 Oct 2018, Bentley Systems, Incorporated announced the acquisition of leading pedestrian simulation software provider LEGION, based in London and supporting more than half of the world’s 40 largest transit agencies. The acquisition augments Bentley’s comprehensive modeling environment with collaborative digital workflows to explore and validate comparative simulations of pedestrian traffic scenarios.
Market Trend
- Simulation for Risk Analysis Is Growing, Including In Such Areas as Insurance, Option Pricing, and Portfolio Analysis
Market Drivers
- Increasing Demand for Eco friendly Work Environment Fueling the Demand for the Software
- Growing Number of SME Units
- Expensive Real-Time Training Driving the Growth of the Market
- Increasing Focus on R&D Activities
Opportunities
- Increasing Use of Simulation Applications in the Automobile and Healthcare Verticals
- Growing Need to Manage and Analyze Data Generated By Simulations
Restraints
- Complexities in Real-Time Control Hindering the Market Growth
Challenges
- Lack of Benchmark and Standards in the simulation software market
- Integration Complexities
Key Target Audience
Simulation Software Key Providers, Regulatory & Government Bodies, End Users, Downstream Vendors and Others