Portland, OR, Feb. 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global simulation software market garnered $5.16 billion in 2017, and is estimated to generate $10.03 billion by 2025, growing at a CAGR of 8.9% from 2018 to 2025. The report provides a detailed analysis of top investment pockets, market size & projections, drivers & opportunities, key segments, and competitive scenario.
Rise in adoption of simulation in aerospace & defense sector, surge in demand for eco-friendly workplace, and surge in usage of simulation software for automotive and healthcare sectors propel the market growth. However, security concerns related to the simulation software restrain the market growth. On the other hand, innovative applications of simulations for digital twins and usage of simulation software for building IoT supporting devices are estimated offer new opportunities in the industry in coming years.
Among components, the software segment held the largest share in 2017, contributing to nearly three-fourths of the total market share, and will maintain its lion's share by 2025. However, the services segment is expected to grow at the fastest CAGR of 10.8% from 2018 to 2025, owing to the rise in need for regular updates, training, maintenance, and support.
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Based on deployment modes, the on-premise segment accounted for the highest market share of more than five-sixths of the total market and is estimated to maintain its dominance throughout the forecast period. This is due to preference for on-premise deployment in industries including healthcare, aerospace & defense, and others for enhanced data security. However, the cloud segment is estimated to register the highest CAGR of 13.5% from 2018 to 2025, owing to the requirement for real-time data scalability, utilization, and flexibility.
North America accounted for the highest market share in 2017, contributing for more than two-fifths of the total market share and would maintain its lead position during the forecast period. This is due to large-scale implementation of simulation technology and solutions by enterprises for addressing the need for novel designs and simplify product development process. However, Asia-Pacific region is expected to register the highest CAGR of 12.0% during the forecast period.
The key players analyzed in the report include Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systems, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc., Siemens PLM Software, and The AnyLogic Company.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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