Integration of data science to foster artificial intelligence or AI-driven software and solutions with cloud model deployment model & technology is expected to drive the simulation and test data management market through 2021 and beyond, as per the ESOMAR-certified consulting firm Future Market Insights.
The design of cost-effective simulation models and stable operating testing across various end-use industries such as automotive, aerospace & defense, healthcare and other is providing impetus to the market. The demand from aerospace & defense industry for advanced internet and cloud solution is accelerating the sales of simulation & test data management.
Product innovation and inorganic investments in technology & innovation across countries such as India and United States is expected to create lucrative growth opportunities for manufacturers. Soaring demand for software and solution that provide advanced data analytics technologies to protect from data theft is boosting the demand for simulation and test data management. Integration of the Internet of Thinking (IoT), machine learning, and artificial intelligence across various industries is positively impacting growth. .
“Penetration of data science, IoT, Artificial Intelligence among various sectors such as automotive, aerospace & defense, healthcare is likely to provide growth opportunities to the market players in upcoming years,” remarks the FMI analyst.
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- Automotive industry is forecast to account for 30% of market share revenue through 2031
- Aerospace & defense industry is expected to emerge as a potential segment backed by the need for systemized product development & data management
- SMEs have been projected to register an impressive growth of over 16.7% CAGR through 2021 and beyond
- By component, services segment is exhibiting an impressive growth, software segment is expected to remain dominant with 45.5% market share in 2021
- The U.S. market is expected to surpass the valuation of US$ 142 Mn by 2021 owing to the increasing demand from automotive, healthcare and other industries
- Expansion of automotive & hi-tech industries to provide lucrative opportunities across China & Japan
- Breakthroughs in healthcare and oil &gas industry to accelerate the growth prospects across India
- Penetration of cloud deployment and advanced data analytics in the simulation & test data management to increase the demand among end-users
- Advancement in technology and adoption of Artificial Intelligence among software providers to provide a stimulus
- High cost for software update and risk of data theft is likely to cause a restraint for the market
- Data integration issues and strict regulation for compliance is posing a threat to the market demand
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Siemens AG, ANSYS Inc., Dassault Systemes SE, HBK- Hottinger, Burel & Kjaer, Hexagon AB, Instron, Zwick Roell Group, Dewesoft, ESI Group, DynamicSignals LLC, and FEV Europe GmbH are some of the leading companies profiled by FMI. Adoption of data science, product innovation and strategic collaboration among key players are the focus area for the market players to increase their revenue. Leading companies are rigorously working towards providing updated solutions & services to cater the demand for new technology among the industries.
For instances, in 2020, Dassault Systemes and Bouygues Construction announced the collaboration of to launch the 3Dexperiennce platform on the cloud to drive its business transformation with the aim to accelerate the company’s revenue and productivity for the upcoming projects.
Also, on April 8th 2021, Siemens limited and Switch Mobility Automotive Ltd., announced a joint venture to contribute and further the E-mobility solutions for commercial vehicles by providing charging infrastructure technology and charging infrastructure management software solution to enhance the energy-efficient operations.
More Insights on FMI’s Simulation and Test Data Management Market
Future Market Insights provides a latest report on global simulation and test data management market, evaluating historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and challenges, the market is segmented on the basis of solution (testing systems, test data simulation software, and services), enterprise size (small & medium enterprises and large enterprises), industry (automotive, aerospace & defense, healthcare, building & construction, energy & utilities, electronics & hi-tech, and others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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