A questionnaire-based survey was carried out to determine the customers' requirements and the future expectations of Multi-Physics Simulation Software (MPSS) based on the finite element method (FEM) in various applications of power electronics. For this survey, several responses was collected from MPSS users in the power electronic industry and academia. Based on the survey, the current features of MPSS are analyzed, and the recent advancements made are ascertained. Also, the drawbacks of the current MPSS offerings are discussed from academic and industrial perspectives. Different user groups have highlighted the need to significantly enhance the sophistication of MPSS. It is concluded that the current limitations to MPSS are simulation speed and accuracy and there are bottlenecks in the software interface. Some suggestions are given to overcome the current drawbacks of MPSS.