The global simulation software market generated revenue of $9,601.8 million in 2020 and is expected to reach $20,276.7 million by 2025 at a CAGR of 15.3%. Increasing demand for effective solutions to reduce production and training costs and increasing capabilities of simulation software toward advanced technologies such as AR/VR, digital twins, and 3D printing are fueling the growth of the global simulation software market.
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A large number of companies in the manufacturing and industrial sectors coupled with high R&D budget, high adoption of technologies in design and development of products, significant government investment in public sectors, increasing adoption of simulation in the healthcare and pharma industries are the major factors responsible for the growth of simulation software in the region.
The U.S. is the largest market in the region and held around 90% revenue share in 2020. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major companies are some of the major drivers that are propelling the growth of the market in the region.
Some of the key players in the market are Cisco Systems, Inc., ABB, Aricent, Inc, Atos SE, Belden Inc, Honeywell International, IBM Corporation, Intel Corporation, Microsft Corporation, Rockwell Automation Inc., SAP SE, and Siemens AG. These market players in the global simulation software market are coming up with different product launches in order to match the competitors’ product portfolio. Product launch is becoming one of the most important strategies among the market players for gaining a competitive advantage in this growing industry.
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The number of potential users for manufacturing simulation software can grow five folds as compared to the current situation. This is possible if affordable and targeted offerings are made accessible to companies. The current situation represents the accessibility of software being limited to senior designations and not to every employee that works in a relevant department.
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