Key Market Trends

Automotive Segment to Witness High Growth

• The automotive industry across the world is witnessing a paradigm shift in terms of adopting various advanced technologies in its value chain. The macro-trends, such as the emergence of autonomous vehicles and the constant drive for more efficient and electric vehicles have majorly influenced the increased demand for simulations in the automotive sector. While the traditional demand in vehicle simulations continues to grow and gain general acceptance throughout the industry.
• Moreover, with the aid of simulation software, manufacturers are also testing multiple variants of the vehicle. These tests are done to assess all possible driving situations and terrains, even before the existence of the prototype of the car. In September 2018, BMW built a huge hi-tech driving simulation center in its Munich headquarters.
• The increased R&D expenditure in the automotive industry and the emergence of autonomous vehicles and electric vehicles indicates that the simulation software market is poised to grow further.

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North America Occupies the Largest Market Share

• With the growing number of SME units in the region, coupled with the increasing focus on research and development activities in North America, the market is expected to witness significant growth over the forecast period.
• 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 it.
• Also, the smart city initiatives taken by the government in this region have positively impacted the adoption trend of the simulation and analysis technology to enhance the monitoring and improve the surveillance.

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