The market is projected to grow at a CAGR of approximately $8.4 percent during the seven-year period.
DUBLIN—The simulation software and services market is projected to grow from a market size of $8.528 billion in 2021 to $14.953 billion (U.S. dollars) by 2028, registering a compound annual growth rate (CAGR) of 8.35 percent, according to a report from market research firm Research and Markets. Growing demand for the use of simulation in safety and risk management is one of the main factors driving the market, the company said in a release.
Simulation software and services comprise computer programs and services that allow users to model and simulate real-world scenarios in a virtual environment. These tools can be used for a wide range of purposes, including product design, testing, training, and research.
Simulation software typically involves the use of mathematical models and algorithms to replicate the behavior of physical systems or processes. Replicated behaviors can include anything from the movement of individual particles in a fluid, to the behavior of complex systems like electrical grids or transportation networks, the company said.
Simulation services, on the other hand, are typically provided by third-party companies that specialize in simulation and modeling. Such services can range from basic consulting and training to more advanced simulation work, such as custom model development or simulation-based optimization. Simulation software and services can be valuable tools for a wide range of industries and applications, helping to reduce costs, improve efficiency, and increase safety and performance, according to the release.
The company said that in recent years, the use of simulation software in product design and development has become increasingly important. This is due to the increasing complexity of products, as well as the need to reduce development costs and shorten time-to-market. Simulation software enables designers and engineers to test products and systems in a virtual environment before building physical prototypes, enabling them to identify and correct issues early in the development process. This can result in significant cost savings and reduced time-to-market, as well as improved product performance and safety.
According to the report, “Simulation Software and Service Market – Forecasts from 2023 to 2028,” the use of simulation for safety and risk management is driven by multiple factors. Among them are increasing regulatory requirements, rising public concern over safety issues, and growing recognition of the importance of risk management for business continuity and reputation. Simulation is becoming an increasingly important tool for identifying potential risks and hazards in various industries, such as transportation, manufacturing, and energy. In the automotive industry, for example, simulation can be used to test the safety of vehicles in various crash scenarios.
Recent market developments are reported to include Keysight Technologies’ introduction of the PathWave Advanced Design System, an electromagnetic (EM) simulation for circuit designers. The system, introduced in June 2022, is said to streamline the incorporation of simulation and multi-technology circuit assembly into business electronic design automation (EDA) design workflows. The interactive EM simulator RFPro, which is integrated with PathWave ADS, has reportedly improved simulation performance, which enables quick design adjustment and optimization.
In July 2022, KBC Advanced Technologies Ltd. announced it was partnering with Computing in Technology (CiT), a prominent provider of simulation software for simulating various polymer processes. The partnership combined the CiT Predici modeling software with the KBC Petro-SIM simulation platform and an automated digital twin simulator. It is said to have produced a “a comprehensive solution that decreases the risks and experimentation time associated with scaling up polymer processes,” according to the release.
As a result, operators can use steady-state and dynamic models to simulate the complete refinery-petrochemical-polymer supply chain and anticipate yield, polymer characteristics, and emissions. With the help of the software, KPIs can be manually monitored and recorded, and plant performance can be enhanced with automated digital twins.
In the healthcare sector, the simulation software and services market is said to be driven by the increasing demand for simulation in medical education and training, the rising adoption of simulation in patient safety and risk management, and the growing use of simulation in medical device development and testing.
For more on the report, visit https://www.researchandmarkets.com/.