19th April 2023
Mathematical computing software (also known as mathematical software or computational mathematics software) refers to software programs that perform mathematical calculations, analysis, modeling, and visualization. These software programs are designed to aid in the solution of mathematical problems, particularly those involving large-scale calculations or complex algorithms.
Methods for developing mathematical computing software vary depending on the specific needs of the application. Some software may be developed using low-level programming languages such as C or Fortran, while others may be developed using high-level programming languages such as Python or MATLAB. Many mathematical software programs are also developed using specialized mathematical libraries or toolboxes, which provide pre-built mathematical functions and algorithms.
As the need for complex computations and simulations grows in various industries, the demand for high-performance computing solutions has also increased. Mathematical computing software is an essential tool for these solutions, making it a significant driver of the market. Furthermore, the adoption of cloud computing has made it easier for businesses to access and use mathematical computing software. Cloud-based solutions offer greater scalability, flexibility, and cost-effectiveness, making them an attractive option for many businesses. These advancements have made it possible to perform complex computations and simulations faster and more accurately creating an opportunity for the mathematical computing software to grow in the near future as expected in the forecast period.
The Global Mathematical Computing Software Market has reached a value of $7.16 billion in 2022. This market is expected to grow from $8.21 billion in 2023 to $21.59 billion in 2030 with a CAGR of 14.8% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are end-user industries including Schools, Engineering Construction, Academic and Research Institutes, Others, by types such as Computer algebra systems, Numerical analysis, Statistics, Multipurpose mathematics software, Others, and by regions. Leading companies such as Signalysis, The MathWorks, Wolfram Research, SwMATH, GAMS Development Corporation, Gurobi Optimization, Maplesoft, Quantomatic, Civilized Software, ORMS, PTC, and Saltire Software are involved in developing mathematical computing software.
As there is an increasing need for high-performance computing, the rise of big data and machine learning, and the growing importance of numerical simulations and modeling in various industries led to significant enhancement in the growth of the numerical analysis segment compared to other areas of the mathematical computing software market. Further, numerical simulations and modeling are becoming increasingly important in various industries, including aerospace, automotive, and energy has eventually improved the market presence of Mathematical Computing Software in the upcoming years.
The North American region is holding a significant position in the Mathematical Computing Software Market in the current market scenario. Since this region has a group of leading software development companies that are majorly involved in mathematical computation, the existence of multinational companies is in high demand for this mathematical computing software, and an increase in the number of engineering firms & education technology contributes to the growth of the mathematical computing software in the next coming years as predicted.
Upgradation made in the existing MATLAB software by MathWorks located in the US and released the newer version in 2022. It newly added the graphical representation part, new designs, and real-time customizable editors in the current version. In 2022 April, the Canada-based company Maplesoft launched a new version of Maple Flow, especially for engineers that support them to create an enhanced version of workflow sheets along with the reduction in turnaround time to do the daily calculation. All these advancements in the region of the US & Canada led to improve the mathematical computing software market in the region of North America.
The rise of big data and machine learning has driven the demand for numerical analysis software, as these tools require complex mathematical calculations and statistical analysis. Hence, the companies look forward to developing new software solutions or upgrading existing ones to meet the needs of numerical analysis, and further, these software programs need to be specifically designed for data analysis and visualization, making them an essential tool for data scientists and analysts.
In addition to that, increasing demand for high-performance computing, rising demand for data analytics and machine learning, growing use of mathematical models and simulations, increasing adoption of cloud computing, and technological advancements in mathematical computing. As these trends continue to grow the mathematical computing market is expected in the coming years.