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Simulation Software Market 2021 Analysis by Overview, Growth, Top Companies, Demand and Forecast to 2028

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Daniel Boards
Simulation Software Market 2021 Analysis by Overview, Growth, Top Companies, Demand and Forecast to 2028

The global simulation software market size was valued at USD 9.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.1% from 2021 to 2028. Simulation software is a tool used to virtually create a real-time environment to test the applicability and efficiency of different products and processes. Benefits such as a reduction in production expenditure and reduced costs of training are expected to drive the market for simulation software. 

Conventionally, manufacturers incurred huge costs while prototyping products, which involved complex mechanisms. In spite of the availability of prototypes, the chances of failure were high, which incurred additional R&D expenses to reduce such product failures. Expenses incurred on prototypes and curbing faults of the existing products led to increased pre and post-production costs. In such scenarios, the use of simulation software helps reduce the need for manually testing multiple prototypes to subsequently reduce the chances of product failures. 

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Daniel Boards
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