The major factors responsible for the growth of simulation software market is an increase in the number of small and medium sized enterprise entities coupled with widening application base across the industries.
On the basis of geography, the simulation software market is divided into five regions such as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is estimated to be the largest market, whereas, Europe stands on the second position. Asia-Pacific is expected to witness highest CAGR throughout the forecast period. Rapid growth economies in the Asia-Pacific region contribute almost 60% to overall global growth and are expected to grow to more than a billion consumers belonging to the middle classcategory in the next 10 years.
The global simulation software market has been segmented on the basis of the component and end-use industry. The component segment is further classified into software and services. The software segment is further classified as finite element analysis, computational fluid dynamics, and electromagnetic waves. The services segment is further classified as design & consulting, and support & maintenance. The end-use industry is segmented into automobile, aerospace & defense, semiconductor, industrial manufacturing, healthcare, education and research, and others.
The component segment has been segmented into software and service. The service segment is expected to witness maximum CAGR, and it will continue to be dominant for the next few years. The growing need for product development and improvement and design & consulting services are on the top priority list, which in turn are driving the global simulation software market.
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On the basis of end-use industries, the aerospace and defense industry is projected to witness highest CAGR over the forecast period. The aircraft industry needs fast and efficient computers to run the aerospace, thermal and acoustic simulation software solutions, which in turn drives the simulation software market worldwide
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The key manufacturers are engaged in mergers and acquisitions to achieve their market position. The simulation software market is expected to witness a number of new players, which will probably strengthen the competition within the market, in the future.