rise in demand for eco-friendly work environment, and increase in use of simulation software in the automotive would fuel the growth of the market
PORTLAND, OREGON, UNITED STATES, October 20, 2020 /EINPresswire.com/ — 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. 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.
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.
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Asia-Pacific is expected to grow at the highest CAGR due to growing expenditure on simulation software by automotive and A&D sectors among countries such as India, China, and Japan. Furthermore, growth of AEC sector is anticipated the fuel the market demand during the forecast period.
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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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.
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.
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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.
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