Single Point Incremental Forming (SPIF) is an innovative approach to manufacturing sheet components. It has many advantages over traditional sheet forming processes, such as the absence of tooling and the reduced (per part) costs, which reveal its great potential. However, currently SPIF is not widely used in industrial production. In order to increase its applicability and to guarantee its viability, challenges, such as the control of thinning or the dimensional inaccuracies of the formed parts have to be mastered. Furthermore, in order to reduce pre-production trials and to improve the forming process's performance reliable computational simulation methods are needed. Computational modelling and analysis of SPIF, however, is complex due to several nonlinearities inherent in the process. For the efficient use of available software systems advanced simulation methods and methodologies are required. This paper presents a summary of the challenges and limitations of computation modelling applications in incremental sheet forming.