LONDON--(BUSINESS WIRE)--Technavio projects the global simulation and analysis software market to grow to almost 8 billion by 2022. The improvement in safety and reliability of aerospace designs will emerge as a key driver to impact market growth.
The aerospace and defense industry is a major end-user of simulation and analysis software solutions. The industry makes significant investments in R&D as aerospace designs require safe and reliable systems. Software solutions are used to simulate and analyze the model in various situations. Using PLM software solutions, the model is built, simulated and analyzed. Such solutions are also useful for training as the virtual environment of the actual system can improve learning.
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In this report, Technavio highlights the use of simulation for IoT as one of the key emerging trends driving the global simulation and analysis software market:
Use of simulation for IoT
The IoT is an arrangement of devices connected to the Internet. These devices work with each other without the need for human intervention. These are physical devices that are embedded with software solutions with the interface in the network. The adoption of IoT systems is increasing significantly due to advances in technology. IoT is being used in several industries such as agriculture, manufacturing, healthcare, and transportation. It can connect smart home appliances and smart devices.
“IoT is based on complex design structures which necessitate simulation to test and correct glitches at the design stage before the final product is ready. Simulation maps the working of the hardware and software simultaneously to ensure that the virtual connections between devices can be analyzed in all external condition changes. It reduces the cost and time required to build an actual interface. Hence, the use of simulation for IoT will drive the growth of the global simulation and analysis software market,” says a senior analyst at Technavio for product lifecycle management research.
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Market segmentation and analysis through 2022
This market research report segments the global simulation and analysis software market based on end-user segments (automotive industry, electrical and electronics industry, aerospace and defense industry, and other industries) and key regions (the Americas, APAC, and EMEA).
The automotive industry held more than 29% share of the market, followed by the electrical and electronics industry, and the aerospace and defense industry. The automotive industry is expected to exhibit the largest growth among all the end-users during the forecast period.
In 2017, the Americas dominated the global simulation and analysis software market with a market share of 35%. This was due to the presence of several key vendors and the early adoption of technology in the region. The Americas was followed by APAC and EMEA. APAC is expected to witness an increase of close to 3% in its market share by 2022.
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