Increasing Focus on R&D Activities and Rapid Technological Changes Owing to the Changing Government Norms for Vehicle Safety Are Projected to Drive the Market
Hyderabad, India - July 23, 2021 /MarketersMedia/ —
3D Simulation Software Market Size is forecast to reach $7.3 billion by 2026, at a CAGR of 32.0% during 2021-2026. Adoption of 3D Simulation Software in aerospace, defense and automobile industries with the development of modern aircrafts, autonomous and electric vehicles boost the 3D Simulation Software market growth. In addition to these, process 3D Simulation Software is also used in designing or creating Internet of Things (IoT) devices and apps. High adoption of 3D Simulation Software for 3D modeling and simulation in the development of industrial products is set to drive industry 4.0. Similarly, growing developments by various companies in 3D Modeling software such as Finite element analysis and computational fluid dynamics is analyzed to drive the market growth. Further, entry of new players in developed and developing economies will further enhance the overall market demand for 3D Simulation Software during the forecast period 2021-2026.
3D Simulation Software Market Segment Analysis - By Deployment
Cloud deployment is growing at a highest CAGR of 36.3% in the forecast period owing to its operational flexibility and real-time deployment ease to companies compared to on-premises deployment. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. The highest level of data security and reliability offered by the cloud deployment are increasing the share of this deployment in the forecast period.
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3D Simulation Software Market Segment Analysis - By Vertical
Automotive sector is expected to witness a highest CAGR of 37.2% the forecast period. Increasing focus on R&D activities and rapid technological changes owing to the changing government norms for vehicle safety are projected to drive the market. With increasing connectivity and digitalization, OEMs are focusing on improving cybersecurity over connected vehicles & devices, which is expected to drive the automotive simulation market for software such as Finite Element Analysis and Computational Fluid Dynamics.
3D Simulation Software Market Segment Analysis - By Geography
3D Simulation Software market in North America region held significant market share of 36% in the forecast period. Early adoption of advanced technologies in aerospace, defense and other has been increasing the demand for 3D Simulation Software. In addition, the governments in the North American region are constantly focusing on innovation and investment for a greener work environment. The regulations associated with the eco-friendly work environment are becoming stringent in the region and as a result, companies are adopting simulators to test product viability before manufacturing. In U.S. strict guidelines imposed by the Federal Aviation Administration (FAA) and Federal Aviation Regulations (FARs) regarding use of simulators for training purpose.
3D Simulation Software Market Drivers
Growing advancements in 3D Simulation Software
3D Simulation Software companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers. In addition companies such as Siemens, Rockwell, Ansys, and so on are planning to invest in advanced technologies such as artificial intelligence with a target to provide cost competitive Finite Element Analysis and Computational Fluid Dynamics products in the market in the forecast period. In 2020 Ansys Inc. entered into a definitive agreement to acquire Lumerical Inc., which is a leading developer of photonic design and simulation tools. The acquisition will add a wide range of photonics products to the Ansys Multiphysics portfolio, providing customers with a full set of solutions to solve its next-generation product challenges.
Growing adoption of 3D Simulation Software among aerospace & defense
The aerospace & defense industry has been one of the major end users of simulation as they use modelling and simulation for numerous purposes including, training of individual soldiers, conducting joint training operations, formulating operational plans, developing doctrine and tactics, and analyzing alternative force structures, Finite Element Analysis and Computational Fluid Dynamics. The technology fulfills critical defense needs of command, control, and communications; manpower, personnel, and training; computing and software; electronics; and manufacturing technology.
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3D Simulation Software Market Challenges
Data security is the major challenge for 3D Simulation Software
One of the major challenges in 3D Simulation Software is data security. Investment in data security to avoid simulation attacks is one of the major challenges faced by the 3D Simulation Software companies. Simulated attacks might send fake phishing attacks to employees or attempt cyber-attack on a company’s web application firewall. High investment into data security is the major challenge companies which is hampering the growth of the market. However, the introduction of many cybersecurity tools at affordable prices is set to invest in 3D Simulation Software, thereby driving the market growth.
3D Simulation Software Market Landscape
3D Simulation Software top 10 companies include Altair Engineering, Ansys, Autodesk, Bentley Systems, CPFD Software, Cybernet, Dassault Systems, Design Simulation Technologies, Mathworks, PTC, Siemens PLM Software among others.
Acquisitions/Software Launches
In 2020, PTC, Inc. launched a 3D computer-aided design software named as Creo 7.0. This software has the new abilities to put the power of artificial intelligence at the fingertips of the designers, hence making the simulation a unified part of the daily work.
Key Takeaways
3D Simulation Software market in North America region held significant market share of 36% in the forecast period. Early adoption of advanced technologies in aerospace, defense and others has been increasing the demand for 3D Simulation Software.
Cloud deployment is growing at a highest CAGR of 36.3% in the forecast period owing to its operational flexibility and real-time deployment ease to companies compared to on-premises deployment.
Automotive sector is expected to witness a highest CAGR of 37.2% the forecast period. Increasing focus on R&D activities and rapid technological changes owing to the changing government norms for vehicle safety are projected to drive the market.
3D Simulation Software top 10 companies include Altair Engineering, Ansys, Autodesk, Bentley Systems, CPFD Software, Cybernet, Dassault Systems, Design Simulation Technologies, Mathworks, PTC, Siemens PLM Software among others.
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Source URL: https://marketersmedia.com/3d-simulation-software-market-size-forecast-to-reach-73-billion-by-2026/89037098
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Release ID: 89037098
