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DUBLIN--(BUSINESS WIRE)--Sep 30, 2022--
The "Simulation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global simulation software market reached a value of US$ 11.5 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 24.3 Billion by 2027, exhibiting a CAGR of 13.28% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
The growing popularity of autonomous and electric vehicles (EVs) on account of rising environmental concerns represents one of the key factors driving the market. The manufacturers of these vehicles are relying on simulation software to test their efficiency and effectiveness by using real-world situations.
Apart from this, the software helps to develop prototypes and test them virtually and assists in producing error-free output by avoiding the production of faulty products. It also saves time spent on research and development (R&D) activities, which is positively influencing its overall sales.
With a rapid increase in the expenses incurred on prototypes and curbing faults of the existing products, there is widespread adoption of simulation software to reduce the need for manually testing multiple prototypes and subsequently minimizing the chances of product failure. Besides this, the leading manufacturers are significantly investing in the development of artificial intelligence (AI)-related technologies. This, in turn, is anticipated to escalate the demand for simulation software across the world.
Simulation software enables companies to create a real-time environment for observing an operation and testing the applicability and efficiency of numerous products and processes. It also allows examining of the modified or same system with various inputs and tracking responses. It offers various benefits, such as reducing the overall expenditure and minimizing costs incurred on training. As a result, simulation software is widely employed in the aerospace and defense and automotive sector across the world.
Key Questions Answered in This Report:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Key Market Segmentation:
Breakup by Component:
Breakup by Deployment:
Breakup by End Use:
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
For more information about this report visit https://www.researchandmarkets.com/r/1cr6yy
View source version on businesswire.com:https://www.businesswire.com/news/home/20220930005490/en/
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KEYWORD:
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/30/2022 11:45 AM/DISC: 09/30/2022 11:47 AM
http://www.businesswire.com/news/home/20220930005490/en