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Simulation Software Market Trends

Report ID: GMI8940
Published Date: Apr 2024
Report Format: PDF

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Simulation Software Market Trends

The scope of simulation software is likely to expand into new application areas beyond traditional domains like engineering and manufacturing. Industries such as healthcare, logistics, finance, and entertainment are increasingly recognizing the benefits of simulation for optimizing processes, improving outcomes, and reducing risks. For instance, in March 2024, Mars, renowned for brands like M&M’s and Snickers, collaborated with engineering software leader Ansys to develop simulation software for packaging. This innovative approach enables virtual testing and prototyping, initially focusing on its Snacking range. By employing multi-physics simulation technology, Mars gains comprehensive insights into packaging production phases, including wrapping and drop tests. Researchers report significant reductions in development time (up to 40%) and plastic usage for testing (approx. 246 tons). This investment aligns with Mars's commitment to achieving 100% reusable, recyclable, or compostable packaging for its products.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The simulation software market was valued at USD 13.1 billion in 2023 and is set to grow at 12% CAGR between 2024 and 2032, driven by the increasing adoption of virtual prototyping.

The on-premises deployment model segment in the simulation software market accounted for 55.3% share in 2023 and is set to grow rapidly by 2032, owing to high computational power and low-latency requirements.

North America industry held a over 33% revenue share in 2023 and is set to expand rapidly by 2032, owing to the presence of a robust technology ecosystem.

Altair Engineering, Inc., Ansys, Autodesk, Inc., Dassault Systemes, Bentley Systems, Incorporated, Siemens, Honeywell, Keysight , Aspen Technology, Inc., Simscale GmbH, Synopsys, Inc., Rescale, Inc., Numeca International among others.