The Global Simulation and Test Data Management Market, by Component type (Software by Deployment type (On-premise, Hosted), Service), by Vertical (Automotive, Architecture & Construction, Consumer Goods and Retail, Aerospace and Defense, Energy and Utility, Medical and Others ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 541.1 Million by 2027, exhibiting a CAGR of 12.5 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Simulation software or also referred to as virtual testing helps to identify and resolve flaws in the new product before its launch. The simulation software is used by manufacturers to create a virtual representation of a theoretical system and mimic its real-world aspects. Simulation tests can be conducted under different circumstances, which are extremely challenging to replicate in real life. Hence, the data collected from these tests is managed through simulation and test data management software. Furthermore, simulation and test data management software can effectively manage and process information, which offers faster time-to-market.
The global Simulation and Test Data Management Market is estimated to account for US$ 215.7 MN in terms of value and is expected to grow at CAGR of 12.5% for the period 2019-2027
Reduced time-to-market by simulation and data management software is expected to drive growth of the global simulation and test data management market during the forecast period
Saving files after completion of every simulation can lead to a large number of files. Furthermore, multiple simulations of a file can create copies that can create confusion among engineers when seeking for the final version of the simulation file. This eventually hinders the product development process significantly. Hence, improper management of data delays the time-to-market. Many organizations are expected to increase their spending on simulation and test data management, in order to accelerate their product delivery process. Thus, these factors are expected to support the global simulation and test data management market growth over the forecast period. For instance, SimManager, simulation and test data management system for CAE simulation, offered by MSC Software Corporation helps design engineers in reducing product development time.
Cloud deployment model is expected to present major growth opportunities in the near future
Adoption of cloud deployment model is starting to gain significant traction in the global simulation and test data management market. Major companies in the market are focused on offering cloud-suite simulation and test data management software, which is advantageous for consumers since they can access their data from any device without installing the software. Furthermore, cloud-based model is affordable for small and mid-sized enterprises as it removes the requirement to install on premise systems. Another advantage provided by cloud-based model that there is no need to store vast amount of data generated on physical storage. Key companies integrate cloud technology with simulation and test data management software to end users, in order to gain competitive edge in the market.
High development cost related to implementation of software is expected to hamper the global simulation and test data management market growth over the forecast period
Although simulation and test management software offers various advantages, its initial implementation cost is significantly high. Moreover, it exhibits long cost-recovery period. Such high initial costs and long cost recovery period dissuades small- and mid-sized enterprises to adopt simulation and test data management software. Furthermore, time-consuming process while large data involved is expected to hinder growth of the global simulation and data management market during the forecast period.
Increased adoption of cloud and integration of advanced data analytics technologies
Adoption of cloud technology among enterprises is a major trend in North America. Hence, major players in the market are offering simulation and test data management software are entering into partnerships with cloud service providers, in order to augment their product portfolio in the regional market. Furthermore, integration of improved data mining and machine learning algorithms is another major trend in the regional market. For instance, in May 2016, ANSYS, Inc. partnered with Intel Corporation, in order to introduce big data technologies such as elastic compute and map reduce and machine learning algorithms to its simulation platforms.
Growing adoption of novel technologies such as big data and cloud deployment
In the recent past, the Japan simulation and test data management market has witnessed significant growth. This is owing to high growth of automobile industry and increasing adoption of innovative and novel technologies such as big data and cloud deployment in the country. Furthermore, established simulation and test data management solution providers enter into partnerships with local companies in Japan in order to offer improved software and services to customers in the country. For instance, in July 2014, Simufact entered into contract with MSC Software Corporation in Japan as its sales partner.
Key players operating in the global simulation and test data management market are MSC Software Corporation, Siemens PLM Software, Autodesk, Inc., AVL, ESI Group, Informatica, ANSYS Software Pvt. Ltd., IBM Corporation, and Dassault Systèmes: 3D Software Company.