Simulation Software Market Predicted to Reach $26.9 Billion by 2026 Globally

The simulation software market size is expected to grow from USD $12.7 billion in 2020 to USD $26.9 billion by 2026, at a compound annual growth rate (CAGR) of 13.2% from 2020 to 2026, according to a new report by MarketsandMarkets. Reduction in production expenses and training costs, use of advanced technologies for simulation and avoiding production of faulty products are all boosting the growth of the simulation software market across the globe during the forecast period.

Lack of standard benchmarks to measure outputs is one of the major challenges of the simulation software market.

The report segments the simulation software market by component, by deployment, by application, by vertical and by region. The component segment is categorized into software and professional services. The deployment type segment is bifurcated into cloud and on premise. The application segment is bifurcated into product engineering, research and development and gamification. The vertical segment consists of automobile, aerospace and defense, electrical and electronics, healthcare and pharmaceuticals, oil and gas and mining, construction, ship buildings and marine, chemicals and other verticals. Based on region, simulation software market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

Based on components, the simulation software market is segmented into software and professional services.

The simulation software in the R&D segment is expected to be in high demand.  

Market Players

Major vendors in the global simulation software market include MathWorks (US), Autodesk (US), Ansys (US), Siemens AG (Germany), PTC (US), Dassault Systemes (France), Altair Engineering (US), MSC Software (US), Honeywell (US), Keysight Technologies (US), Aveva (UK), Spirent Communications (UK), Bentley Systems (US), Synopsys (Canada), AVL List GmbH (Austria), COMSOL (England), Certara (US), CAE (Presagis (Canada)), aPriori (US), PTV Group (Germany), AnyLogic (US), SimScale (Germany), Scalable Networks (US), Simul8 Corporation (UK), FlexSim (US), MOSIMTEC (US), Simio (US), ProSim (US), Cybernet (US), and Cesim (Finland).

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Sources: Press materials received from the company and additional information gleaned from the company’s website.