Simulation or test data management is needed for effectively managing data and processing information generated across industries. According to a report on the simulation and test data management market by Future Market Insights (FMI), the demand for faster time-to-market, better use of information, and lower cost of product development will result in increased deployment of simulation and test data management software across the organization.
Some of the primary factors driving market expansion include the advent of predictive analytics and other sophisticated data analytics methodologies. According to FMI, the market is estimated to reach $525 million by 2021. As more sectors migrate to cloud platforms, growth trends are projected to stay positive. The need for automobiles, aerospace and military, and other industries will continue to expand.
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Key Takeaways of Simulation and Test Data Management Market Study
- Between 2021 and 2031, the simulation and test data management market will grow at a 14.7 percent CAGR.
- The US market is expected to account for almost 85% of all sales in North America.
- Germany will emerge as a valuable market within Europe, with double-digit growth expected over the projection period.
- In 2021, the United Kingdom will have a CAGR of above 9% due to increased demand from numerous industries.
- While China will continue to dominate the East Asian simulation and test data management industry, Japan is expected to develop faster.
Impact of COVID-19 on Simulation and Test Data Management Market
The COVID-19 pandemic outbreak has disrupted many industries, including some of the leading end users in simulation and test data management space. However, during the period of COVID-19, simulation has been proven to be important for healthcare worker learning and systems integration in the context of integrating and testing new processes, workflows, and rapid changes to practice and changes to the delivery of clinical care.
A new COVID-19 impact data simulation modeling solution has been designed to provide real-time predictive COVID-19 modeling and simulation solutions for customers to cost-effectively protect, manage, and enhance organizational workforce’s productivity, along with having critical network infrastructure optimization and supply chains efficiencies.
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Increasing Demand for Analysis and Management of Data Simulation
The amount of data being generated by simulation and testing processes is growing rapidly and calls for an improved data management system. As this data is crucial for the product development process, it is highly dependent on the 3Vs: volume, velocity, and variety. Data needs to be saved and extracted quickly in an efficient manner, which is a challenge for design engineers.
Managing this increasing volume of data with greater velocity can pose challenge to design engineers, which is leading to an increase in the adoption of simulation and test data management software. Moreover, understanding the variety of data, i.e., structured and unstructured data, is crucial for implementing better decisions while designing products.
Simulation and Test Data Management by Category
Solution
- Testing Systems
- Test Data Simulation Software
- Services
Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Industry
- Automotive
- Aerospace & Defense
- Healthcare
- Building & Construction
- Energy & Utilities
- Electronics & Hi Tech
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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