The report predicts the global simulation and test data management to expand from US$ 525.5 Mn in 2021 to US$ 2.06 Bn by 2031. In the past few years, the simulation and test data management market has gained immensely due to improvements in cloud deployment model and technology.
The demand for test data simulation software, which can manage and analyze data generated from simulation, is expected to rise in the coming years. The simulation and test data management market is projected to gain from the growing need for reliable and cost-effective simulation services, reduced time-to-market by simulation and data management software, and improved quality of services.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for simulation and test data management market. The report tracks the global sales of simulation and test data management providers in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the automotive industry in general, and simulation and test data management software and services in particular.
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Key Takeaways of Simulation and Test Data Management Market Study
- Simulation and test data management market will exhibit an impressive 14.7% CAGR between 2021 and 2031
- The market in the U.S. is projected to account for nearly 85% of sales in North America
- Germany will emerge as a highly lucrative market within Europe and is projected to exhibit double-digit growth through forecast period
- Rising demand from various industries will enable the U.K. to exhibit above 9% CAGR in 2021
- While China will continue dominating East Asia market for simulation and test data management, Japan is forecast to grow at a higher pace
“Key players are focusing more on continuous developments and implementation of novel solutions such as cloud deployment model and integration of advanced data analytics solution for improving data provisioning and data monitoring applications. This is creating attractive opportunities for the growth of the simulation and test data management market”. Says the Future Market Insights analyst.
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.
Simulation and test data management market is estimated to grow by 1.2X from 2019-2020 and would see a surge in demand amid the COVID-19 outbreak, as real-time predictive COVID-19 modelling and simulation tool for customers becomes the new norm. This new real-time impact simulation and test data management solution will allow users to make better decisions during the disruptions caused by COVID-19. This powerful new platform simplifies and accelerates secure access to large, fragmented, and geographically distributed data sets to support the most demanding Machine Learning (ML), Artificial Intelligence (AI), and integration with Big Data services.
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.
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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.
These factors are expected to drive the growth of the global simulation and test data management market to a significant extent over the forecast period.
More Valuable Insights on Simulation and Test Data Management Market
Solution
- Testing Systems
- Structural Durability Testing Systems
- Fatigue Testing Systems
- Data Acquisition Systems
- Others
- Test Data Simulation Software
- Data Acquisition (DAQ) Software
- Integrated Simulation Software
- API Security Testing Tools
- Test Specimen Protect Software
- Others
- Services
- Design & Engineering Services
- Consulting Services
- Training & Learning Services
- Support Services
Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Industry
- Automotive
- Aerospace & Defense
- Healthcare
- Building & Construction
- Energy & Utilities
- Electronics & Hi Tech
- Others
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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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