The use of commercial computational fluid dynamics (CFD) analysis tools is now in its third decade. This talk provides a perspective on the methods underlying CFD analysis of multiphase applications in industry, the current status of the technology and software tools and their relevance to the needs of end users. Leading commercial software employ a host of complementary and yet, overlapping methods – Lagrangian particle tracking, moving mesh free surface methods, Volume of Fluid and Level Set methods, Eulerian multifluid models, Discrete Element Methods, and Lattice-Boltzmann methods, to name a few. Each of these approaches have strengths and weaknesses, and ideally, it ought to be possible to deploy these methods in a transparent and, if needed, concurrent manner to multiphase applications. In practice, this is hard to achieve. Some thoughts are provided on evolving trends (both in technology as well as market needs and usage patterns) and the major challenges that have to be overcome in order for CFD software to be employed more broadly for these challenging applications.