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Simulation Software Market 2017 Leading Growth Drivers, Emerging Audience, Segments, Sales, Profits & Analysis
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The global simulation software market is projected to witness a rapid growth during the forecast period owing to increasing demand for simulation software solutions. Moreover, increasing demand for simulation software’s across various industry verticals, and rise in demand for product innovation, and improved quality of products are other major factors driving the growth of the global simulation software market.
The global Simulation Software Market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America market is expected to witness significant growth and hold the largest share of the global market during the forecast period. U.S and Canada are anticipated to drive the growth of the simulation software market in North America region owing to the presence of large number of established key players such as Altair Engineering, Bentley Systems, Ansys, Inc., PTC, Siemens PLM Software, Autodesk, Inc., CPFD Software, Cybernet Systems Co. Ltd., Design Simulation Technologies, Inc., and Synopsys, Inc. among others in this region. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately provides better connectivity. The growth of the market is also attributed to the increasing focus of business organizations on better management of business processes and providing better and quality products. In the global simulation software market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to increasing demand for simulation software solutions across different industry verticals, such as healthcare and manufacturing across countries in the region.
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The global simulation software market is projected to reach USD 16 billion at a CAGR of over 16% by the end of the forecast period 2017-2023.
Simulation Software Market - Segmentation
The global simulation software market is segmented on the basis of component, deployment, application and vertical. The application segment is classified into eLearning and research and development. However, the research and development sub segment in expected to hold the largest market share of the global simulation software market during the forecast period. This is owing to the increasing demand for product innovation and increasing demand for quality products. Research and development primarily deals with product designing, product lifecycle management, and process optimization and helps in designing of products in the virtual environment.
Simulation Software Market Key Players:
Some of the key players in the market are Altair Engineering (U.S.), Bentley Systems (U.S.), Ansys, Inc. (U.S.), PTC (U.S.), Siemens PLM Software (U.S.), Autodesk, Inc. (U.S.), and CPFD Software (U.S.). Cybernet Systems Co. Ltd. (U.S.), Dassault Systemes (France), Design Simulation Technologies, Inc. (U.S.), Synopsys, Inc. (U.S.), and MathWorks, Inc. (U.S.) are among others.
Simulation Software Market - Regional Analysis:
By region, the market for simulation software has been segmented into Asia Pacific, North America, Europe, and Rest of the World. North America Market accounts for the most substantial share in the market which can primarily be attributed to the highly developed technology sector. The markets in North America such as the U.S., Canada, etc. are the pioneers in technological advancements and innovations. The need for innovation in sectors such as defense, aerospace, etc. when coupled with the availability of ‘state-of-the-art’ simulation technology led to large-scale market penetration in the region. The technology is widely accepted across various verticals such as automobile, healthcare, industrial manufacturing, etc. and is expected to encroach around many new industries during the assessment period.
The steepest growth curve will be witnessed in Asia Pacific region owing to the acceleration in demand for simulation software from the construction industry. The need to secure borders will also drive the demand growth in defense sector which is mostly driven by the governments. The factor influencing the growth of the market in the Asia Pacific is the vigorous competition posed by emerging economies such as India and China to strengthen their footholds in the global market across various sectors through the utilization of simulation software. The embracement of simulation software into industry applications of different sectors have fueled the market growth in Europe region. The rising rate of market penetration of the software will thrust growth in the Rest of the World region.
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