Simulation Software Market to grow from $6.26 Billion in 2017 to $13.45 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period.
The increased need for eco-friendly environments and the growing number of Small and Medium-Sized Enterprises (SMEs) are expected to be driving the growth of the Simulation Software Market.
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Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
Global, as well as domestic enterprises, are investing in simulation and analysis technology. Moreover, the government is also investing in the simulation and analysis technology for developing defense equipment other than that the technology is also used to train and improve driving skills of human beings.
eLearning and training application is expected to grow at the highest CAGR during the forecast period
Simulation and analysis technology is used in the educational institutes to train their students. It is also used to train doctors and soldiers for being prepared for emergency situations. Due to the increased utilization of simulation and analysis technology in eLearning and training, this application is expected to grow at the highest CAGR during the forecast period.
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R&D application is expected to have the largest market size during the forecast period
The simulation and analysis technology is also being used in R&D activities across various verticals, such as automobile, aerospace and defense, and industrial manufacturing. The R&D activities include product designing, product lifecycle management, and process optimization. The simulation and analysis technology is used to conduct R&D activities with the help of computerized developed models in the virtual environment.