Simulation and Modeling in Product Development and Innovation

Modeling and simulation, often used with high-performance computing (HPC), are crucial tools in engineering, science, and product development, enabling virtual exploration of complex real-world systems. The global simulation software market is projected to grow significantly from 2023 to 2030, driven by advancements in cloud-based HPC and AI/ML technologies that enhance the capabilities and efficiency of simulations. Various modeling approaches, including discrete event, continuous, agent-based, and system dynamics modeling, are employed across industries to innovate and optimize processes, from aerospace and automotive to healthcare and logistics. The democratization of access to HPC resources via the cloud has broadened the use of computer-aided engineering (CAE) beyond large companies to smaller businesses and startups, facilitating faster and more cost-effective product development. As the field progresses, the integration of AI and machine learning is expected to further revolutionize modeling and simulation, enabling more precise digital twins and advanced design optimization, although this will require increasing computing power.