PUBLISHER: The Business Research Company | PRODUCT CODE: 1513247
PUBLISHER: The Business Research Company | PRODUCT CODE: 1513247
Simulation and analysis software are computer programs designed to model real-world systems or processes and analyze their behavior under different conditions. This software enables users to simulate, model, and analyze complex systems or phenomena to derive insights, make predictions, and optimize performance.
The primary types of simulation and analysis software include finite element analysis software (FEA), computational fluid dynamics (CFD) software, and others. Finite element analysis (FEA) software utilizes mathematical models to simulate and analyze how structures and materials behave under various conditions, facilitating design optimization and structural analysis. It can be deployed on-premises, in the cloud, or in a hybrid environment across various industries such as aerospace and defense, automotive, construction, electrical and electronics, healthcare and pharmaceuticals, mining, oil and gas, and shipbuilding.
The simulation and analysis software market research report is one of a series of new reports from The Business Research Company that provides simulation and analysis software market statistics, including the simulation and analysis software industry global market size, regional shares, competitors with simulation and analysis software market share, detailed simulation and analysis software market segments, market trends, and opportunities, and any further data you may need to thrive in the simulation and analysis software industry. These simulation and analysis software market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The simulation and analysis software market size has grown rapidly in recent years. It will grow from $6.93 billion in 2023 to $7.72 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth witnessed in the historic period can be attributed to several factors, including the heightened demand for simulation software in e-commerce and logistics, a growing need for data-driven decision-making processes, increased adoption of cloud-based solutions, integration of advanced safety technologies, and a surge in demand for simulation software in the healthcare sector.
The simulation and analysis software market size is expected to see rapid growth in the next few years. It will grow to $11.97 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to increasing demand for automation, growing need for data security, rising demand for predictive analytics, increasing demand from the automotive, and focus on sustainability. Major trends in the forecast period include new product developments, predictive maintenance of assets and process lines, innovation in reproducing real-time operations, advancements in computing power and cloud technology, and the development of technologically advanced next-generation engines.
The surge in demand for automation is poised to drive the growth of the simulation and analysis software market. Automation involves leveraging technology and machinery to execute tasks and processes with minimal human intervention, aiming to boost efficiency, productivity, and accuracy across various industries. This demand is spurred by factors such as the imperative to streamline operations, cut costs, enhance productivity, and elevate quality in response to evolving market dynamics. Simulation software enables engineers and designers to craft virtual models of automated systems, including manufacturing processes, robotic operations, or supply chain logistics. These tools also leverage historical data and predictive algorithms to forecast outcomes and trends in automated processes. For example, a survey conducted among 600 IT professionals from North America and Europe by Camunda in January 2022 revealed that over four in five respondents (82%) prioritize process automation more than they did the previous year, indicating a growing emphasis on automation within organizations. Consequently, the increasing demand for automation is propelling the growth of the simulation and analysis software market.
Key players in the simulation and analysis software market are concentrating on introducing innovative solutions such as integrated design and simulation software to stay competitive. Integrated design and simulation software amalgamate various functionalities related to design, modeling, analysis, and simulation into a unified platform. For instance, in June 2022, Keysight Technologies Inc., a US-based software company, unveiled PathWave ADS, an integrated design and simulation software tailored for RF (radio frequency) and microwave designers. This software caters to the rising design complexity and higher frequencies in these industries, offering enhancements to electromagnetic (EM) simulation for circuit designers and streamlining the integration of multi-technology circuit assembly and simulation into the electronic design automation (EDA) workflow. These improvements enable rapid design tuning and optimization, efficient management of complex designs, and support for multi-physics simulations, leading to reduced time-to-market, heightened productivity, and competitive advantages in the RF and microwave sector.
In September 2021, Ansys Inc., a US-based engineering simulation software company, acquired Zemax LLC for about $410 million. This strategic move is poised to enhance ANSYS' optical imaging system simulation capabilities, providing customers with a holistic solution for simulating light and designing optical products more effectively. Zemax LLC specializes in providing simulation and analysis software tailored for the optics field.
Major companies operating in the simulation and analysis software market are Amazon.com Inc., Microsoft Corporation, Siemens AG, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., Rockwell Automation Inc., Dassault Systemes SE, Keysight Technologies Inc., Hexagon AB, Ansys Inc., PTC Inc., AVEVA Group Plc, Bentley Systems Inc., Riverbed Technology Inc., Altair Engineering Inc., Cybernet Manufacturing, ESI Group SA, Comsol Inc., GSE Systems Inc., The AnyLogic Company, Simio, Flextronics International Ltd., Applied Math Modeling Inc.
North America was the largest region in the simulation and analysis software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the simulation and analysis software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the simulation and analysis software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The simulation and analysis software market includes revenues earned by entities by providing multi-body dynamics (MBD) services, electromagnetic simulation services, and structural analysis services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Simulation And Analysis Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on simulation and analysis software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for simulation and analysis software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The simulation and analysis software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.