Simulation Software Market Is Enhancing Design And Engineering Processes

Simulation Software Industry Overview

The global simulation software market size was valued at USD 20.96 billion in 2023 and is expected to register a CAGR of 13.8% from 2024 to 2030. Simulation software is a tool used to virtually create a real-time environment to test the applicability and efficiency of different products and processes. Benefits, such as a reduction in production expenditure and reduced costs of training, are expected to drive the market. Furthermore, simulation tools play a major role in determining the effects of military weapons. They also help automotive companies determine the ideal vehicle prototypes for reducing CO2 emissions.

Gather more insights about the market drivers, restrains and growth of the Simulation Software Market

Simulation software is widely adopted by different companies as it helps reduce production costs. The software helps develop several prototypes and test them virtually. Moreover, it helps realize error-free output in a production process, thereby avoiding the production of faulty products and the respective costs involved. It also helps save time spent on R&D activities. All these factors are expected to fuel the market growth. Conventionally, manufacturers incurred huge costs while prototyping products, which involved complex mechanisms. Despite the availability of prototypes, the chances of failure were high, which incurred additional R&D expenses to reduce such product failures.

Expenses incurred on prototypes and curbing faults of the existing products led to increased pre and post-production costs. In such scenarios, the use of simulation software helps reduce the need for manually testing multiple prototypes to subsequently reduce the chances of product failures. This is encouraging companies to make investments in simulation tools. Manufacturers across the globe are making investments to develop AI-related technologies to cope with the Volatile, Uncertain, Complex, and Ambiguous (VUCA) world. Virtual testing techniques are used to test these AI-enabled devices and involve the observation of the behavior of these devices in real-time situations.

The use of the virtual testing method increases the efficiency of a product development process and simultaneously reduces the product development cost. This growing focus on AI devices and products is expected to lead to the adoption of virtual testing tools. Moreover, the industry is witnessing growth owing to the emergence of autonomous vehicles and Electric Vehicles (EVs). Automotive manufacturers are using simulation tools to test the efficiency and effectiveness of these vehicles using real-world situations. They are also using simulation software to meet different industry standards and regulations. In September 2018, BMW Group announced investments of approximately USD 115.0 million to establish a high-fidelity driving simulation center in Munich, Germany.

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Key Simulation Software Company Insights

• Dassault Systemes develops 3D designs, product lifecycle management software, and 3D digital mock-up. The company offers various products and services. The company has around 12 brands. The product portfolio including ENOVIA, CATIA, 3DEXCITE, SOLIDWORKS, DELMIA, GEOVIA, BIOVIA, SIMULIA, 3DVIA, EXALEAD, and NETVIBES.

• ANSYS, Inc. specializes in the development and promotion of engineering simulation software. Utilizing Workbench as a platform for constructing its simulation technologies, the company offers a range of product functionalities. These include 3D design software, electromagnetic field simulation, computational fluid dynamics, optical simulation, semiconductors and structural analysis, as well as systems modeling, simulation, and validation.

• Bentley Systems, Inc. and The MathWorks, Inc. are some of the emerging market participants in the target market.

• Bentley Systems, Inc. develops, licenses, and sells computer software and offers services for infrastructure construction, design, and operations. The company’s primary software product line includes ProjectWise, MicroStation, and AssetWise. The company’s products and services include asset lifecycle information management, bridge analysis, asset reliability, building design, hydraulics & hydrology, modeling & visualization, mine design, operational analytics, plant design, reality modeling, and project delivery, among others.

• The MathWorks, Inc. develops mathematical computing software. The company’s products cater to a variety of applications, including design, simulation, technical computation, visualization, and implementation. The company’s product offerings, such as MATLAB and Simulink, are used across various industries and industry verticals for research & development purposes and modeling and simulation.

Key Companies profiled:

• Altair Engineering, Inc.

• Autodesk Inc.

• Ansys, Inc.

• Bentley Systems, Inc.

• Dassault Systèmes

• MathWorks, Inc.

• Rockwell Automation, Inc.

• Simulations Plus

• ESI Group

• GSE Systems

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Recent Developments

• In May 2022, Dassault Systemes announced that it has collaborated with the BMW Group to establish the vehicle development programs with increased efficiency. The two businesses worked together to develop an industry-ready, process-oriented solution for stamping die design and stamped sheet metal component definition that will boost the effectiveness of the parts production and design process with the invaluable assistance of BMW Group's in-depth process and specialist know-how.

• In June 2022, ANSYS, Inc announced that the company has joined the Intel Foundry Services Cloud Alliance. Intel Foundry Services is a completely vertical, independent foundry company by Intel. This interoperable, semiconductor design workflow enabled with cloud technology is made possible by Ansys products, such as Ansys HFSS, Ansys Totem, Ansys RedHawk-SC, Ansys VeloceRF, Ansys PathFinder, and Ansys RaptorX, and will assist present and prospective Intel customers increase their productivity.