Factory simulation software revenue will reach $4.1bn: What this means for the IoT
Simulation software applications have more upside growth potential across the globe. Industrial companies have already applied the software for use cases to build manufacturing systems, deploy new production lines, and evolve factory planning methodologies.
While no single manufacturing technology drives this transformation movement, simulation software now holds the potential to act as a significant catalyst for new Industry 4.0 platforms.
Simulation software market development
If simulation software can accurately predict the effects of other technologies on the core goals of manufacturers - i.e. more production, more uptime, improved time to market, improved quality, fewer delays, more efficiencies, greater utilisation of assets, all at lower costs -- then companies will deploy more technologies at scale with greater confidence.
The market for factory simulation software products will grow at a compound annual growth rate of 11 percent to reach $4.1 billion for over 172,000 users in 2030, according to the latest worldwide market study by ABI Research.
Vendor revenue includes software that uses computer modeling to analyse how production might work in any given factory or situation, and implement virtual commissioning to test proposed changes and upgrades before they're put into effect.
"Today, many manufacturing enterprises have started to use simulation software, but most have not yet realised the added benefits of using simulation software as part of a larger smart manufacturing platform or to virtually test other new technologies," said Nick Finill, principal analyst at ABI Research.
Cloud-based platforms can help to provide a similar user interface for simulations from the different points of view of process engineers, operations support managers, plant engineers, and control engineers.
Companies can assign user roles so that engineers only see and modify the details and information that they need for their job or level of expertise, and engineers in different locations can work on different parts of the same model.
The new research uncovered that this customisation process increases manufacturing data security, speeds up the simulation process, and makes the product easier to use.
Outlook for automotive simulation apps growth
According to the ABI assessment, the automotive industry represents the largest opportunity globally, with $1.8 billion in factory simulation software revenues forecasted for 2030.
"Automotive manufacturing leads the way for many transformative technologies and therefore has a higher demand to simulate those technologies. It also has an edge on most industries in sheer size and organisational transformation, with more holistic solution deployments due to cross-functional technology transformation teams," concludes Finill.
Interested in hearing industry leaders discuss subjects like this? Attend the co-located IoT Tech Expo, Blockchain Expo, AI & Big Data Expo, and Cyber Security & Cloud Expo World Series with upcoming events in Silicon Valley, London, and Amsterdam.
- » Almost two billion 5G smartphones to ship by 2023, says Canalys
- » Softbank aims for drone-delivered internet and IoT connectivity by 2023
- » Ex-Homeland Security Chief: US-UK intelligence-sharing will be harmed if Huawei used in 5G
- » All aboard! The UK and South Korea partner on 5G public transport experience
- » Opinion: Preparing to properly price 5G