Global Virtual Prototype Market (VP) by Tool (Computer-Aided Design (CAD), Computer-Aided Engineering (CAE), Computer Aided Machining (CAM), Computational Fluid Dynamic (CFD), Finite Element Analysis (FEA)) –by Deployment Type (Cloud-based, On Premise) –by Vertical (Automotive, Aerospace, Petroleum, Chemical, Government or Military, Healthcare, Telecommunications, Electronics, Government or Military, Entertainment) –by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) –is expected to reach US$ 700.32 Mn by 2026, at a CAGR of 18.32%.
The major benefit of virtual prototyping is that it enables engineering teams to analyze their model visually and mathematically before making a hardware prototype which saves cost, time and efforts considerably. Increasing demand from end-user industries is also propelling the market growth. Moreover, high investments required for building prototype solutions and inadequacy of trained professionals restrains the growth of virtual prototyping market over the forecast period. Increasing competition in manufacturing industry has led to the use of virtual prototyping techniques for product development as they help enhance product quality. This helps manufacturers
retain their position in a competitive environment.
Small-scale manufacturers refrain from using VP solutions due to the need for high initial investments and lack of skilled professionals. Product development can be a challenging task, involving processes such as design, development, testing, and rebuilding of physical prototypes. All these processes consume time and associated costs for achieving the desired outcome.
The computer-aided design (CAD) segment led with market share in 2017
In terms of tools, the computer-aided design (CAD) segment led with market share in 2017. CAD tools reduce operational costs and rise production efficiency. CAD also delivers a means for standardizing the drawing process, which eliminates ambiguity in simulation processes. Moreover, CAD is a simple tool used for 2D and 3D visualization and is helpful in understanding different aspects of product prototype during simulation and testing. So that, the segment is estimated to gain significant market share over the forecast period.
The on-premise segment held the global market share
In 2017, the on-premise segment held the global market share. This growth can be attributed to significant demand for deployment of on-premise virtual prototype tools to maintain the confidentiality of a product model or design. Moreover, high adoption of cloud-based virtual prototype tools by small- and medium-sized manufacturers to decrease high infrastructure costs incurred by on-premise deployment of VP tools is predicted to drive market growth during the coming years.
North America is the major markets for virtual prototype market
Geographically, North America is the major markets for virtual prototype market followed by Europe due to the early adoption of sophisticated technologies in manufacturing. China and India will witness significant growth in automobile and aerospace sectors in Asia Pacific region, thus positively impacting the demand of virtual prototypes in the region.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as ASTC, NVIDIA Corporation, Magillem, Cadence Design Systems, and Autodesk among others.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global virtual prototype (VP) market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global virtual prototype (VP) market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global virtual prototype (VP) market positioning of competitors.
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