FELTON, Calif., Nov. 10, 2020
FELTON, Calif., Nov. 10, 2020 /PRNewswire/ -- The global simulation software market size is projected to value USD 21.33 billion until 2025. It is expected to register a CAGR of 16.98% over the forecasted years, 2019 to 2025. The rapid technological advances being carried out for virtual testing of vehicles and aircrafts is projected to drive the market growth across the globe.
The software segment held the largest share in 2018 owing to its benefits like uninterrupted testing, and data safety. The service segment is expected to register the highest CAGR on account of increasing awareness about the virtual process of product development across several organizations and governments.
The automotive segment dominated the global market on account of the rising adoption of such software for product development and testing. On the other hand, the aerospace and defense are also expected to witness significant growth over the next few years owing to their rising adoption for designing of defense equipments and aircrafts.
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In 2018, North America held the largest share across the global market owing to the rising presence of key players across Canada and the U.S. While, the Asia Pacific is projected to witness significant CAGR due to increasing automobile manufacturing facilities across countries like China and India.
The simulation software market includes players such as ANSYS, Inc., Altair Engineering, Inc., Autodesk Inc., Dassault Systemes, and PTC. They are constantly engaged in development and innovation for developing more efficient software's as per the client's customized needs.
Further key findings from the report suggest:
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Million Insights has segmented the global simulation software market on the basis of component, deployment, end use, and region:
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