Simulation Software Market Value is Expected to Reach $20,276.7 Million by 2025 | BIS Research Study

FREMONT, Calif. - Dec. 9, 2022 - PRLog -- The global simulation software market generated revenue of $9,601.8 million in 2020 and is expected to reach $20,276.7 million by 2025 at a CAGR of 15.3%. Increasing demand for effective solutions to reduce production and training costs and increasing capabilities of simulation software toward advanced technologies such as AR/VR, digital twins, and 3D printing are fueling the growth of the global simulation software market.

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The manufacturing and industrial sector is witnessing a technological transformation in designing, testing, and development of products. Simulation software that enable efficient prototyping, manufacturing, procurement, and pricing, find maximum usage in industries that generally showcase a high cost of goods sold (COGS). Industries that have a high COGS but are also witnessing a major need for new product development must be targeted as simulation software would help address an important and immediate need.

Multiple enterprises recover from supply shocks due to COVID-19, which has pushed companies to become more agile in managing their supply chains. A multi-sourcing strategy is becoming increasingly popular, and this would require cloud-based solutions that could help in managing sourcing as well as quoting efficiently and quickly. With rapid changes in consumer demand as well as the unpredictability of supply, it is necessary for all the involved parties to be integrated on a cloud infrastructure to help initiate quick decision making.

The U.S. is the largest market in the region and held around 90% revenue share in 2020. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major companies are some of the major drivers that are propelling the growth of the market in the region.

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Some of the key players in the market are Cisco Systems, Inc., ABB, Aricent, Inc, Atos SE, Belden Inc, Honeywell International, IBM Corporation, Intel Corporation, Microsft Corporation, Rockwell Automation Inc., SAP SE, and Siemens AG.

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