The global virtual prototype market size is estimated to reach USD 861.7 million by 2025, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 19.4% over the forecast period. Virtual prototyping tools enable faster product development, cost savings, and reduction in time to market.
These
benefits are driving the development and adoption of VP tools.
Enterprises/industrial manufacturers are switching to VP from conventional
physical testing of product models. Physical testing consumed additional time
and incurred high costs in the event of failure. Virtual prototype solutions
enable organizations to significantly improve the accuracy of product testing
and to enhance ergonomics and usability. This factor is driving growth of the
global virtual prototype market.
Furthermore,
increasing adoption of consumer electronic products such as smartphones,
tablets, printers, and home appliances is encouraging manufacturers to deploy
virtual prototyping tools to meet the overall production demand. It is also
encouraging them to introduce innovative products to compete with other market
players and to enhance profitability. All these factors are anticipated to
further propel expansion of the global market over the forecast period.
Virtual
prototyping is a software-based engineering process that helps build, simulate,
and test a prototype virtually by simulating real-world conditions. The
integration of technologies such as Computer-Aided Design (CAD), simulation
tools, and Virtual Reality (VR) into VP tools has enabled manufacturers to
increase product affordability. Moreover, virtual prototype simulation also
aids in efficient planning of production lines and factory layouts.
Virtual
prototyping solutions have a significant demand from the healthcare sector
where they are used for pre-operative planning and surgical simulation. The
growth of construction industry is also anticipated to drive the market for
virtual prototype over the forecast period owing to rising demand for design
simulation of buildings and plants. Asia Pacific has the largest concentration
of consumer electronics manufacturers. Evolving consumer trends encourage
manufacturers to innovate and develop novel products, which is anticipated to
spur the market growth. Moreover, high investments in R&D to develop
innovative virtual prototype tools such as CAD tools for live simulation, error-free
production, and cost reduction during manufacturing are expected to further
propel the global virtual prototype market growth.
Full Research Report On Virtual Prototype Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/virtual-prototype-market
Virtual Prototype
Market Report Highlights
- North America held the
largest market share in 2017, owing to high adoption from automotive,
electronics, and telecom industries to enhance overall operational
efficiency and to improve customer satisfaction through iterative product
releases
- Asia Pacific is expected to
witness robust growth in the global virtual prototype market owing to
rapid growth of regional automotive, aviation, and consumer electronics
industries
- Adoption of cloud-based
virtual prototype tools is projected to witness growth over the forecast
period due to high demand from small- and medium-scale companies aiming to
curb implementation and infrastructure costs
- Key automobile manufacturers
such as BMW, Mercedes, and Volkswagen among others utilize VP tools to
design and test new vehicle models. Emergence of advanced vehicular
technologies and growing adoption of Electric Vehicles (EV) are
anticipated to further promote market growth
- Some of the key market
players are Autodesk, Inc.; TWI Ltd.; Synopsys, Inc.; ESI Group; Carbon
Design Systems Inc.; Cadence Design Systems, Inc.; Siemens PLM Software;
and PTC.
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Virtual Prototype
Market Segmentation
Grand View Research has segmented
the global Virtual Prototype (VP) market on the basis of tool, deployment,
vertical, and region:
Virtual Prototype
Tool Outlook (Revenue, USD Million, 2015 - 2025)
- Computer-aided Design (CAD)
- Computer-aided Engineering
(CAE)
- Computer-aided Manufacturing
(CAM)
- Computational Fluid Dynamic
(CFD)
- Finite Element Analysis
(FEA)
Virtual Prototype
Deployment Outlook (Revenue, USD Million, 2015 - 2025)
- Cloud-based
- On-premise
Virtual Prototype
Vertical Outlook (Revenue, USD Million, 2015 - 2025)
- Aerospace
- Automotive
- Healthcare
- Consumer Electronics
- Telecom
- Others
Virtual Prototype
Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
- India
- China
- Japan
- South Korea
- RoW
- Brazil
- MEA
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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