High demand for digital twins, AI/ML integration, cloud-based solutions, and diverse industry applications drive simulation software market.

PORTLAND, OREGON, UNITED STATES, July 21, 2023/EINPresswire.com/ -- By 2025, the Global simulation software market, which was valued at $5,135 million in 2017, is expected to have grown to $10,029 million, with a CAGR of 8.90%.

The requirement for models that can be created and simulated at a lower cost than building and testing hardware prototypes, as well as an increase in the use of simulation software in the automotive industry, are the main factors driving the growth of the worldwide simulation software market. Additionally, the market is anticipated to benefit from increased R&D efforts and considerable usage of simulation in the aerospace and defense sectors.

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The use of digital twin technology is rapidly gaining traction in industries such as manufacturing, aerospace, and healthcare. Digital twins are virtual replicas of physical assets, products, or processes, allowing real-time monitoring, analysis, and optimization. With simulation software, businesses can create accurate and dynamic digital twins, enabling them to simulate and predict real-world scenarios, improve product development, optimize maintenance schedules, and enhance overall operational efficiency.

AI and ML are significantly impacting the simulation software landscape, enabling advanced automation and data-driven decision-making. These technologies enhance simulation models' accuracy and efficiency, making it possible to process vast amounts of data and identify patterns that human analysts might miss. AI-driven simulation software can optimize complex processes, predict outcomes, and help businesses streamline operations, ultimately leading to cost savings and improved performance.

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Cloud computing has revolutionized how businesses access and utilize simulation software. Cloud-based simulation solutions offer scalable and on-demand access to high-performance computing resources, making complex simulations more accessible and cost-effective. This trend benefits organizations of all sizes, as they can leverage cloud-based platforms to perform simulations without substantial infrastructure investments, fostering innovation and reducing time-to-market.

Simulation software is increasingly being applied across a diverse range of industries and disciplines. It is no longer limited to traditional sectors like engineering and manufacturing; it has found applications in fields such as finance, healthcare, and urban planning. For instance, in the financial sector, simulations aid risk assessment and portfolio management, while in healthcare, they support surgical training and drug discovery. As the capabilities of simulation software expand, its potential to address complex challenges in various domains continues to grow.

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Some of the key players operating in the simulation software market include Altair Engineering, Inc., ANSYS, Inc., Autodesk, Inc., Bentley Systems, Dassault Systmes, Hexagon (MSC Software Corporation), The MathWorks, Inc., PTC, Inc., Siemens PLM Software, and The AnyLogic Company.

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Allied Analytics LLP
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