Over the past 17 years, the engineering simulation market has achieved a 9.5% compound annual growth rate. According to global market researcher Cambashi, this growth is expected to continue, with revenue projected to double over the next seven years.

While revenue is one key indicator—mainly of interest to software vendors and investors—the reality is that engineering simulation, despite its high revenue growth, is still only scratching the surface in terms of industry adoption. Its full business impact remains underappreciated across many companies, especially at the executive level, due to a lack of understanding or awareness. When leveraged effectively, engineering simulation can drive innovation, accelerate product development, significantly reduce costs, and enhance competitiveness.

This is where the ASSESS Initiative comes in. Founded in 2015, ASSESS was established as an independent think tank to shape the future of engineering simulation by bringing together thought leaders, visionaries, and experts from industry, academia, and government. Its mission is to maximize the business value of engineering simulation. Through its strategic insight theme papers, ASSESS has guided the industry toward more effective simulation practices, laying a solid foundation for the future.

This article appeared in the April 2025 Issue of BENCHMARK.