Pune (India)/Selbyville (Delaware) | The Indian market researcher MarketsandMarkets is forecasting average annual growth of 16.5% in the current “Simulation Software Market” analysis. The forecast extends to the end of 2022. The corresponding market stood for a volume of 6.26 billion US dollars at the end of 2017 and, according to calculations, is expected to grow to 13.45 billion US dollars by 2022. Methodologically, the report is based on a plural source base such as annual reports, government surveys, the news database Factiva, Bloomberg articles and provider surveys. The US market researcher Global Market Insights achieves a comparatively high growth rate of 13%, which is almost as high as the growth rate achieved in the US. In his analysis, he includes not only software but also related hardware such as VR glasses or simulators.
According to MarketsandMarkets, the reason for this growth is an increasing demand for cost-efficient, complex training situations, such as those found in aerospace, but also in the electrical and military industries, where the aim is to reduce the risk of devastating industrial accidents and environmental catastrophes. In addition, the use of simulations is well suited to promote the development of innovations and process optimizations, which more and more companies are becoming aware of. At present, 42 % of global market sales are generated in North America, 30 % in the APAC region and 28 % in the EMEA region, with the highest growth rates expected in the APAC region in the forecast period to 2022. It is assumed that US companies in particular will continue to be global leaders as suppliers in the coming years.
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