The global virtual prototype (VP) market size is anticipated to reach USD 861.7 million by 2025. It is also expected to register 19.4% CAGR during the forecasted period, 2018 to 2025. This growth can be attributed to rapid advances being carried out across technologies like simulation, product designing, and virtual reality. Also, benefits like low production cost and enhancement in product quality are further expected to drive the demand for VP tools across the globe.
The on-premise deployment segment held highest share of 65.0% across the global market in 2017 due to increasing demand for maintaining the confidentiality of the design or product model by several organizations. While the segment of cloud- based deployment is projected to register substantial growth due to increasing demand for VPs by SMEs to reduce infrastructure and operational costs.
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In 2017, the automotive vertical segment held the largest share of 34.0% across the globe on account of the rising adoption of VP tools by car manufacturers and OEMs to enhance manufacturing, designing, and operational efficiency. On the other hand, the consumer electronics segment is also expected to witness significant growth during the forecasted years, 2018 to 2025.
North America held the largest share of 33.7% across the global market in 2017 due to the increasing adoption of CAD tools across well established automotive and aviation industries across this region. The Asia Pacific is anticipated to emerge as the fastest-growing region due to rising development across sectors like automotive manufacturing and consumer electronics in developing countries such as China and Japan.
The virtual prototype market includes key players such as Synopsys, Inc.; Autodesk Inc.; Encore; PTC; Siemens PLM Software; and Arm Limited. They are investing hugely in R&Ds for carrying out product development and innovation to widen their product usage and to gain competitive advantage over other players.
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Further key findings from the report suggest:
• In 2017, the on-premise segment dominated the market and accounted for 65.0% share across the globe.
• The automotive vertical segment held the largest share of 35% across the globe in 2017.
• Asia Pacific is expected to witness highest growth across the global virtual prototypes market during the forecasted years, 2018 to 2025.
• The key players in this market are Synopsys, Inc.; Autodesk Inc.; Encore; PTC; Siemens PLM Software; and Arm Limited.
Million Insights has segmented the global virtual prototype 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)
Virtual Prototype Vertical Outlook (Revenue, USD Million, 2015 – 2025)
• Consumer Electronics
Virtual Prototype Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• South Korea
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