New ARC research on the process simulation and optimization market reveals that demand for asset lifecycle optimization is driving market growth. To optimize their processes and their businesses, industrial organizations must address multiple dimensions and factors simultaneously. The most successful simulation
software companies bring together multiple disciplines and perspectives to optimize design and operations. Using a well-crafted engineering process and cross-disciplinary teamwork, industrial manufacturers can leverage an integrated, “big-picture” approach to engineering design and optimization.
"Market leaders have identified best practices in engineering and are incorporating these into machine learning and artificial intelligence (AI)-enabled technology solutions designed to support asset owners in their efforts to drive a performance engineering lifecycle approach. To achieve the desired model accuracy, plant data is used to calibrate these first principles models to observe plant conditions and performance. Since effective model calibration requires considerable process expertise, AI and machine learning are built into the solutions and can help accelerate the ability to calibrate first principles models and create data-based models and processes quickly. AI has the potential to lower the expertise bar needed to model process systems. However, human domain expertise is still needed to create the real-world “guardrails” that make the models work safely and reliably," according to Peter Reynolds Senior Analyst and key author of ARC's Process Simulation and Optimization Software Market Research Report.
Process Simulation and Optimization Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows:
- Changing the Way People Use Technology
- Collaboration and Data Exchange beyond the Plant
- Combining 3D Asset Visualization with Process Models Through Data Centric Approaches
- Creating Value from Hybrid Models with AI
- Embedding the Expert into the Process Model
- Performance Engineering
- Renewed Collaboration with Academia
- Simulation Delivered as a SaaS Model
- The Confluence of Process Simulation and Asset Reliability
- The Connected Process Licensor
Leading Suppliers to the Process Simulation and Optimization Software Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: Aspen Technology, AVEVA, GL Noble Denton, Honeywell, KBC Advanced Technology.
About the Process Simulation and Optimization Software Research
The Process Simulation and Optimization Software report explores the current and future market performance and related technology and business trends. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts and 2 years of historical analysis segmented by World Region, Industry, Application, Revenue Category, Service Revenues by Type, Customer Tier, and Sales Channel.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- Market Intelligence Workbook (Excel Power Pivot): A standard Workbook includes the base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports. Available with 2 years of historical analysis.
- Concise Market Analysis Report (PDF): This wide-screen presentation format makes it much easier to find detailed information on a market. This new format provides executives, business unit managers, and other authorized users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.