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Simulation Software Market worth USD 36.22 billion by 2030- Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Nov. 6, 2024 /PRNewswire/ — The global Simulation Software Market is estimated to grow from USD 19.95 billion by 2024 to USD 36.22 billion in 2030, at a CAGR of 10.4% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “Simulation Software Market”

350– Tables
50 – Figures
300 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2018-2030

Base year considered

2023

Forecast period

2024–2030

Forecast units

Value (USD Billion) 

Segments Covered

By Offering, Service, Software Type, Deployment Mode, Organization Size, Application, Vertical, and Region.

Geographies covered

North America, Europe, Asia Pacific, Middle East and Africa, Latin America

Companies covered

Major vendors in the Simulation Software Market include Dassault Systemes (France), Ansys (US), Autodesk (US), AVL List GmbH (Austria), MathWorks(US), Siemens (Germany), Hexagon (US), Synopsys (Canada), Texas Instruments (US), SAS (US), CAE (Canada), Emerson (US), Honeywell (US), Rockwell Automation (US), Altair (US), PTC (US), AspenTech (US), Keysight (US), Aveva (UK), Spirent (UK), Bentley (US), Certara (US), aPriori (US), AnyLogic (US), Simscale (Germany), Simul8 (UK), Simio (US), FlexSim (US), MOSIMTEC (US), Fives ProSim (France), Cybernet (US), Cesim (Finland), AirShaper (Belgium).

Simulation software is gaining popularity due to its cost-effectiveness and efficiency in product development. Simul8, a leading provider, helps businesses identify the best course of action by comparing solutions based on desired outcomes. By increasing throughput and improving patient flow, simulation tools allow for quick, data-driven decisions. These tools reduce the need for expensive physical prototypes, shorten development time, and identify design issues early on. For example, a steel producer used AnyLogic to optimize limestone reclamation processes, maximizing utilization and reducing machine running hours, leading to substantial savings on electricity costs.

In addition, simulation software has also become essential for ensuring safety, performance, and meeting regulatory needs, particularly in technologies like electric vehicles. It also aids in drug development, resource optimization, and maximizes efficiency through smoother production with reduced manufacturing costs. Key drivers for the Simulation Software Market include the growing emphasis on reducing production and training costs, as well as the adoption of advanced technologies like digital twins, AI, IoT, and augmented reality.

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Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.

Large enterprises have substantial financial and human resources and can afford to invest hugely in leading-edge simulation technologies to improve product design and development, training, and operations. Large enterprises undertake massive, complex projects that require high-performance simulation solutions to deal with vast amounts of data and elaborate modeling. The growth is further accelerated by Industry 4.0, where digital twins and IoT integration applications are used for monitoring and real-time optimization. Simulation software also helps large enterprises reduce the cost of development and risks. Simulations provide businesses with various benefits in terms of cost reduction, including optimization of resources in identifying less used areas, effectiveness of operational processes, and risk reduction as scenarios are experimented in controlled environments. They also allow for more informed decision-making with data-driven insights and promote innovation as it avails the chance to experiment with new strategies without applying the risk to actual business operations.

Simulation tools aid in quality assurance and help organizations meet industry standards while minimizing product recalls in markets such as healthcare and automotive. For instance, strategic investments and partnerships are being made through organizations like Accenture and Cosmo Tech. BMW further, uses digital twin technology to enhance vehicle design by creating virtual replicas of physical systems to simulate product workflow. These are examples of driving innovation in the large enterprise segment.

By Vertical, Automation will account for the highest market size during the forecast period.

The complexity of today’s modern vehicle systems-including electric drive trains and autonomous driving technologies, require advanced simulation tools to create accurate models for complex interactions and verify component functionality. Electric vehicles and autonomous driving systems are contributing to this growth as simulation software optimizes the performance of the hardware such as batteries, creates expansive virtual environments that can be used to test autonomous technologies, and is cost-effective because simulation minimizes the requirement for physical prototypes, which reduces the expenses on development and accelerates time-to-market. Simulation ensures that the manufacturer adheres to tight safety regulations and environmental conditions, as it is possible to test the safety features and emissions through thorough virtual simulation. Developments include scope enhancements, for example, PTV Vissim Automotive, which is a specialized extension of the PTV Vissim traffic simulation software for dynamic traffic simulations, used to address the industry’s evolving needs for safe, efficient, and future-proof vehicles and digital twin technology by way of Ansys, with HIL testing where real hardware is interfaced with virtual simulations. Furthermore, simulation software provides a faster cycle of design iterations, encourages interdisciplinarity collaboration among engineering groups, and remains vitally important for improving the safety and reliability of autonomous vehicles by taking full advantage of thorough testing in controlled environments.

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By deployment mode, On-premises will grow at the highest market size during the forecast period.

The on-premises deployment holds the major market share in the Simulation Software Market as it offers benefits such as data security, customization, and performance. It allows enterprises to have complete control over all the sensitive data, particularly in cases of businesses that are compelled by stringent privacy regulations and data-privacy policies to retain their simulation data within their premises. On-premises deployment also enables organizations to customize the software functionalities according to their requirements and workflows. Many organizations also benefit from easier integration with legacy systems and established IT infrastructure. These factors, combined with a higher level of control and reliability, make on-premises deployment the preferred choice for many.

By region, Asia-Pacific accounts for the highest CAGR during the forecast period.

Asia Pacific region is expected have highest market size in Simulation Software Market   because of rapid industrialization, technological development, and rising demand in the automotive, healthcare, and aerospace sectors. Economic growth and urbanization in China and India have caused an increased adoption of simulation tools in industries such as automotive, mainly EV and ADAS simulations. Technological advancements in AI, IoT, and digital twin technologies improve simulation technology. They optimize procedures by creating virtual models through simulation and reduce reliance on physical prototypes. The simulation tools are used in healthcare in countries like Japan and South Korea, especially in medical training and surgical planning, due to requirements for meeting regulatory needs and patient care. Government policies such as smart cities accelerating market growth boost technological development and infrastructure readiness. There is also a growing awareness in the corporate sector about the benefits of simulation software in making operations more efficient, cost-effective, and qualitative, especially in industries like aerospace and electronics. China and India are the two major role playing countries in Simulation Software Market in Asia Pacific region, as  China is expected to dominate this market, whereas India is expected to grow at a high rate due to the development of automobile industries and infrastructure development.

Top Key Companies in Simulation Software Market:

The report profiles key players such as Dassault Systemes (France), Ansys (US), Autodesk (US), AVL List GmbH (Austria), MathWorks (US), Siemens (Germany), Hexagon (US), Synopsys (Canada), Texas Instruments (US), SAS (US), CAE (Canada), Emerson (US), Honeywell (US), Rockwell Automation (US), Altair (US), PTC (US), AspenTech (US), Keysight (US), Aveva (UK), Spirent (UK), Bentley (US), Certara (US).

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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IgniteTech Delivers MyPersonas for Jive AI, Redefining Human-AI Collaboration

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Groundbreaking announcement made at Financial Times’ Future of AI Conference

LONDON, Nov. 6, 2024 /PRNewswire/ — IgniteTech, a leader in enterprise AI solutions, today launched MyPersonas™ for the Jive AI platform at the Financial Times (FT) Future of AI Conference, where CEO Eric Vaughan shared insights during a fireside chat with FT Technology Reporter Stephanie Stacey.

MyPersonas represents a breakthrough in knowledge sharing by creating AI-powered digital clones of Subject Matter Experts (SMEs) that interact with users through natural-language, multi-modal chat sessions. The solution, which supports over 160 languages, addresses a universal challenge: making expert knowledge accessible without creating bottlenecks around key personnel.

What sets MyPersonas apart is its patent-pending dynamic learning capability. When the AI encounters questions it cannot answer, it automatically connects with the human expert through iOS, Android, Slack, or Microsoft Teams. The expert’s response is not only delivered to the user but also permanently enriches the AI’s knowledge base, ensuring continuous improvement and reducing repetitive inquiries over time.

“MyPersonas transforms the AI narrative from job replacement to human empowerment,” said Vaughan during his “AI Resistance to Renaissance” fireside chat. “We’re enabling organizations to multiply the impact of their top performers while freeing them to focus on strategic initiatives.”

The solution helps prevent SME burnout while enhancing team collaboration and accelerating decision-making. Organizations from small businesses to global enterprises can now provide around-the-clock access to expert knowledge without overwhelming key personnel.

First previewed at the ImagineAI Live Conference in Las Vegas in March 2024, MyPersonas demonstrates IgniteTech’s commitment to AI-first innovation. The rapid development cycle – just eight months from concept to market – showcases the power of AI-enhanced software development and IgniteTech’s successful transformation to an AI-first organization.

About IgniteTech
Founded in 2010, IgniteTech is a leading AI-first enterprise software company. With a track record of successful acquisitions and rapid innovation, IgniteTech’s solutions power businesses worldwide. The recent announcements of AI product visions and enhancements across its entire portfolio highlight IgniteTech’s commitment to transforming its offerings with AI-centric innovative solutions.

About Jive AI Software
Jive AI is an industry-leading Employee Experience Platform uniting people, knowledge, and content in a secure hub across mobile and desktop devices. It is an indispensable tool for millions of users and many of the world’s most successful organizations who depend on Jive-powered collaboration hubs to get work done. Part of the IgniteTech Software portfolio, Jive AI continues to transform the landscape of collaboration, making every interaction meaningful.

Experience the Future of Work with MyPersonas
To learn more about how MyPersonas can revolutionize your organization, visit MyPersonas.ai or contact your Jive AI account representative.

For Media Inquiries: meridith@mk-bridge.com or teena@teenatouch.com
For Business Inquiries: software@ignitetech.com
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EVN Ho Chi Minh City Reinforces its Commitment to Maximum Reliability and Resiliency

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Top executives from EVN Ho Chi Minh City (one of the largest electricity providers in Vietnam) visit Survalent to strengthen partnership and receive 2024 Industry Leadership Award.

BRAMPTON, ON, Nov. 6, 2024 /PRNewswire-PRWeb/ — Survalent had the honor of welcoming a delegation of power executives from EVN Ho Chi Minh City (EVNHCMC), one of the largest electricity providers in Vietnam, to its global headquarters on October 8, 2024. The visit marked a pivotal step forward in the partnership between Survalent and EVNHCMC, driving forward the modernization and optimization of the power grid in Ho Chi Minh City.

“We are proud to celebrate EVNHCMC’s remarkable accomplishments,” said Steve Mueller, CEO of Survalent. “Their use of SurvalentONE FLISR and SCADA systems has significantly improved the reliability of their grid, and we are excited to continue our partnership on future projects.”

EVNHCMC and Survalent have previously collaborated on deploying Fault Location, Isolation, and Service Restoration (FLISR) technology to EVNHCMC’s 872 feeders, which yielded immediate, substantial results. In the first year of running SurvalentONE FLISR, EVNHCMC reduced their System Average Interruption Duration Index (SAIDI) by 95% and their System Average Interruption Frequency Index (SAIFI) by 93%, earning them a spot among the top 50 power companies on Smart Grid Benchmarking Results 2022.

EVNHCMC’s achievements have been recognized with numerous awards, including a perfect score of 4 out of 4 in grid monitoring and control by the Singapore Power Grid’s Smart Grid Index in 2022, the prestigious “Digital Enterprise” certification from the Vietnamese Ministry of Information and Communications, and POWER magazine’s “2024 Smart Grid Award” for their Distribution Automation System (DAS) project. Additionally, EVNHCMC won the “Smart Grid Project of the Year” award at Enlit Asia in both 2023 and 2024, demonstrating their continued innovation and excellence in smart grid development.

During the visit, EVNHCMC representatives provided an update on their success with SurvalentONE SCADA and SurvalentONE FLISR which has been fully operational across their entire distribution network since 2021. The system supports 5 independent regions with 100,000 datapoints and connects to 12 substations at 220kV, 62 substations at 110kV, and over 3,000 medium voltage switching devices. EVNHCMC has been able to remotely operate all 22kV circuit breakers, monitor the grid in real-time, and handle 91% of the incidents on their 22kV grid through automation in 2023.

The delegation also discussed future plans to expand the SCADA and FLISR systems, aiming to enhance the resiliency and efficiency of the power network further. It’s critical that EVNHCMC deliver high-quality, reliable power to support the city’s citizens, to attract and retain commercial and industrial enterprises to the city, and to uphold electricity’s important role in economic, social, and political stability.

To commemorate EVNHCMC’s outstanding achievements in grid modernization and reliability, Survalent presented them with the Survalent 2024 Industry Leadership Award. This award recognizes select utilities that demonstrate leading-edge utility processes, and extraordinary commitment to maximum reliability, resiliency, and to future grid advancements.

“We are proud to celebrate EVNHCMC’s remarkable accomplishments,” said Steve Mueller, CEO of Survalent. “Their use of SurvalentONE FLISR and SCADA systems has significantly improved the reliability of their grid, and we are excited to continue our partnership on future projects to meet Ho Chi Minh City’s evolving energy needs.”

Survalent looks forward to building on this strong foundation, continuing to support EVNHCMC in their pursuit of innovation and excellence in power grid modernization.

About Survalent:
Survalent is the most trusted provider of ADMS and DERMS for electric, water/wastewater, oil & gas, renewable energy, and transit utilities across the globe. More than 800 utilities in 40+ countries rely on SurvalentONE ADMS and DERMS solutions to operate, monitor, analyze, restore, and optimize operations and better integrate renewable resources into their network. Our SCADA, OMS, and DMS solutions enable utilities to significantly increase reliability & resiliency, customer satisfaction, and operational efficiencies. Our DERMS solution enables utilities to monitor, control, report on, plan and optimize renewable energy assets in the grid. Our comprehensive substation automation solution, StationCentral, delivers real-time control and monitoring to help utilities enhance network performance and protect their investment in mission-critical substations. Our unwavering commitment to excellence and to our customers has been the key to our success for over 60 years.

To learn more about Survalent, please visit http://www.survalent.com or contact:

Debbie Gallo
VP, Marketing
press@survalent.com
(905) 285-9528

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Media Contact

Survalent Press, Survalent, 905-826-5000, press@survalent.com, https://www.survalent.com/

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SOURCE Survalent

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The Goodman Group Announces Kevin Carden as Vice President of Investments

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CHASKA, Minn., Nov. 6, 2024 /PRNewswire/ — The Goodman Group has appointed Kevin Carden as vice president of investments at JBG Design & Development, an affiliate specializing in interior design services, project planning, development, acquisitions, and renovation services for The Goodman Group’s managed communities.

The Goodman Group has appointed Kevin Carden as vice president of investments at JBG Design & Development.

Founded in 1965, The Goodman Group is a recognized national leader in developing and managing senior living and health care communities, residential communities, and commercial properties. With over 65 properties across eight states, the company provides homes for over 10,000 residents and employment for over 4,000 individuals. Platinum Service® is the customer philosophy of The Goodman Group and serves as each managed community’s ongoing commitment to residents and families to deliver the highest-level quality of service.

Carden holds a master’s degree in business administration with a focus on finance and international business and brings more than 25 years of experience in sourcing and completing real estate investments, conducting market research, and leveraging strategic investment platforms, particularly in the senior living industry. Carden will lead the origination, evaluation, and execution of beneficial acquisition and development opportunities for The Goodman Group and its managed partnerships, including The Goodman Family Operating Foundation (TGFOF).

The Goodman Group’s investments are focused in both senior living and residential properties, as well as for-profit ventures and not-for-profit initiatives. The company aims to achieve strategic growth through the management and development of extraordinary communities, innovative technologies, and life enriching programs and services, while remaining committed to its mission and the mission of its nonprofit partners.

“I’m very excited to join The Goodman Group. I believe that The Goodman Group’s ability to self-fund the entire equity stack, hold and execute long-term strategies, access tax-exempt financing for its partners, and maintain traditions of high-quality resident service for over half a century, uniquely positions the organization and its partners to aggressively pursue and complete acquisition and development opportunities,” Carden says. “The Goodman Group is a long-standing organization with continual growth, and I’m excited to be part of the acquisitions and developments that are to come.”

With careful consideration of third-party management opportunities, The Goodman Group will continue contributing to its legacy, building relationships, and planning for the future. The company takes pride in expanding its portfolio through acquisitions and new developments in select markets.

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SOURCE The Goodman Group

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