The global virtual prototype market size is estimated to reach USD 861.7 million by 2025, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 19.4% over the forecast period. Virtual prototyping tools enable faster product development, cost savings, and reduction in time to market.
These benefits are driving the development and adoption of VP tools. Enterprises/industrial manufacturers are switching to VP from conventional physical testing of product models. Physical testing consumed additional time and incurred high costs in the event of failure. Virtual prototype solutions enable organizations to significantly improve the accuracy of product testing and to enhance ergonomics and usability. This factor is driving growth of the global virtual prototype market.
Furthermore, increasing adoption of consumer electronic products such as smartphones, tablets, printers, and home appliances is encouraging manufacturers to deploy virtual prototyping tools to meet the overall production demand. It is also encouraging them to introduce innovative products to compete with other market players and to enhance profitability. All these factors are anticipated to further propel expansion of the global market over the forecast period.
Virtual prototyping is a software-based engineering process that helps build, simulate, and test a prototype virtually by simulating real-world conditions. The integration of technologies such as Computer-Aided Design (CAD), simulation tools, and Virtual Reality (VR) into VP tools has enabled manufacturers to increase product affordability. Moreover, virtual prototype simulation also aids in efficient planning of production lines and factory layouts.
Virtual prototyping solutions have a significant demand from the healthcare sector where they are used for pre-operative planning and surgical simulation. The growth of construction industry is also anticipated to drive the market for virtual prototype over the forecast period owing to rising demand for design simulation of buildings and plants. Asia Pacific has the largest concentration of consumer electronics manufacturers. Evolving consumer trends encourage manufacturers to innovate and develop novel products, which is anticipated to spur the market growth. Moreover, high investments in R&D to develop innovative virtual prototype tools such as CAD tools for live simulation, error-free production, and cost reduction during manufacturing are expected to further propel the global virtual prototype market growth.
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Further key findings from the study suggest:
- North America held the largest market share in 2017, owing to high adoption from automotive, electronics, and telecom industries to enhance overall operational efficiency and to improve customer satisfaction through iterative product releases
- Asia Pacific is expected to witness robust growth in the global virtual prototype market owing to rapid growth of regional automotive, aviation, and consumer electronics industries
- Adoption of cloud-based virtual prototype tools is projected to witness growth over the forecast period due to high demand from small- and medium-scale companies aiming to curb implementation and infrastructure costs
- Key automobile manufacturers such as BMW, Mercedes, and Volkswagen among others utilize VP tools to design and test new vehicle models. Emergence of advanced vehicular technologies and growing adoption of Electric Vehicles (EV) are anticipated to further promote market growth
- Some of the key market players are Autodesk, Inc.; TWI Ltd.; Synopsys, Inc.; ESI Group; Carbon Design Systems Inc.; Cadence Design Systems, Inc.; Siemens PLM Software; and PTC.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.