Simulation and Test Data Management Market - lowers development costs and increases collaboration within an organization

Simulation or testing is the process of designing a model of an actual or a theoretical physical system to represent important aspects of the real world. These software helps to predict the behaviour of a system, which can be used to evaluate a new design, diagnose problem with existing designs, and test a system under conditions that are difficult to replicate in reality. Simulation or test data management software effectively manage data and process information that has been generated from simulation and test software, which offers benefits such as faster time-to-market, better use of information, lowers development costs and increases collaboration within an organization.

FMI forecasts the simulation and test data management market to grow at 12.5% CAGR during the forecast period 2016-2026, and is expected to reach US$ 480.6 Mn in terms of revenues by 2026 end. Software segment is estimated to hold the largest share among the components segment, accounting or US$ 354.7 Mn by 2026, up from US$ 108.8 Mn in 2016.

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Increasing demand for data management software to protect against loss of data generated is one of the main drivers of simulation and test data management market

The simulation and test data management market is anticipated to witness a significant revenue growth during the forecast period, owing to increasing demand for data management software to protect against loss of data generated from simulation and test software, increasing efforts to reduce time-to-market company's product and need to manage and analyse data generated from simulation and test data management software etc. Moreover, demand from verticals such as automotive, aerospace & defence etc. is expected to increase as simulation and testing software are already used on wide scale in these verticals and thus there is a greater need to have a data management software.

High development costs associated with simulation and test data management software, coupled with a long recovery period are the major challenges faced by simulation and test data management market. Transferring large amount of data from simulation and test data management software to computers can be a time consuming process, which is another challenge for the adoption of this technology.

Software segment is expected to account for maximum market revenue share by 2026

Among all the components, software segment is expected to account for maximum market revenue share by 2026, as software being a very important component of this market. In software sub-segment, hosted software category is expected to witness highest growth rate during forecast period, followed by on-premise software.

Aerospace and defence vertical is expected to increase at highest growth rate during the forecast period

In the vertical segment, aerospace & defence vertical is expected to increase at highest growth rate during the forecast period, followed by automotive vertical. Increasing expenditure on aerospace & defence verticals by major countries is expected to drive the demand for this verticals.

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North America region is expected to be the largest revenue generator for simulation and test data management by 2026

Market in North America region is expected to be the largest revenue generator for simulation and test data management market by 2026, is expected to account for a revenue share of 37.8% by 2026, owing to region being a centre for major companies from automobile, aerospace & defence, and healthcare verticals. Region-wise, Asia Pacific excluding Japan (APEJ) is expected to be the second largest market in simulation and test data management market with market revenue expected to be valued at US$ 119.8 Mn by 2026.

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This release was published on openPR.