Simulation or test data management is needed for effectively managing data and process 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 increasing deployment of simulation and test data management software across organization.
The introduction of predictive analysis and other advanced data analytics approaches are some of the major trends bolstering growth within the market. As per FMI, the market is expected to surpass US$ 525 Mn by 2021. Growth trends are expected to remain bullish as more industries shift to cloud platforms. The rising demand for automotive, aerospace & defense, and other industries will continue supporting growth.
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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.
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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.
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.
Who is Winning?
Besides launching novel technologies, companies operating in the market are focusing on strategic collaboration. The report profiles some of the leading players offering simulation and test data management solutions. These include ANSYS, Inc., Siemens AG, Dassault Systèmes SE, Hexagon AB, HBK – Hottinger, Brüel & Kjaer, Instron, Zwick Roell Group, ESI Group, Dewesoft, DynamicSignals LLC, FEV Europe GmbH, and others.
More Valuable Insights on Simulation and Test Data Management Market
A new market research report published by Future Market Insights (FMI) on the global simulation and test data management market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of component (testing systems (Structural Durability Testing Systems, fatigue testing systems, data acquisition systems, and others), test data simulation software (data acquisition (DAQ) software, integrated simulation software, API security testing tools, test specimen protect software and others), and services (design & engineering services, consulting services, training & learning services, and support services)), enterprise size (small & medium enterprises (SMEs) and large enterprises), industry (automotive, aerospace & defense, healthcare, building & construction, energy & utilities, electronics & Hi Tech, and others), across six major regions.