Simulation and Test Data Management Market – Introduction
- Companies are adopting and investing in simulation technologies for the product design process. Simulation in the product development and designing process helps to identify the problems in early-stage production and improves designs. At the same time, the simulation process generates a huge amount of data that can be used further at the analysis stage.
- Simulation and test data management platforms help to manage the simulation as it plays an important role in product design and in the decision-making process. Further, it helps to handle the complexity and volume of the simulation data which increases the efficiency of product designing.
- Simulation and test data management also helps to reduce the time-to-market process for innovative and updated products and improves the quality of the services. Most companies have failed to manage simulation data which becomes a time consuming designing process, increasing the expenses of the company. Hence, leading companies are adopting the simulation and test management to increase productivity and improve the business process.
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Key Drivers of the Simulation and Test Data Management Market
- Increasing demand for advanced data management platforms and growing consumer spending on technological solutions in the designing process is expected to drive the growth of the market. Companies are investing in platforms or tools which are likely to be used in the centralized administration of data and are expected to boost the growth of the simulation and test data management market.
- Increasing adoption of cloud-based software or web-based services is expected to create better business opportunities for solution providers of simulation and test data management.
High system implementation cost and lack of skilled professionals expected to hinder market growth
- The high cost related to the initial implementation and development process of simulation and test data management in enterprises restrains the growth of the market.
- Lack of skilled professionals among small and medium technology companies to operate and optimize data operations by using advanced software is also expected to hamper the growth of the market.
Impact of COVID-19 on the Global Simulation and Test Data Management Market
- Increasing impact of COVID-19 on global economic conditions has resulted in slow down of the business process and product development process. Companies are reducing investment in new technological solutions due to low return on investment and decreasing demand for data management platforms and services from different industries. Most healthcare device manufacturing and pharmaceutical companies are increasing the adoption of simulation technology to provide advanced solutions during the pandemic situation.
- Demand for simulation and test data management solutions is decreasing during the COVID-19 lockdown situation but is likely to show better growth during the forecast period due to the increasing dependency of companies on digital platforms.
North America to Hold Major Share of the Global Simulation and Test Data Management Market
- North America holds a prominent share of the simulation and test data management market due to the increasing demand for advanced data management platforms or tools among large enterprises to reduce enterprise expenses on product development and data analytics processes.
- The simulation and test data management market in Asia Pacific is expected to expand the fastest during the forecast period due to increasing investment by major players to provide the solution across the region and also due to the increasing number of product-based companies in Asia Pacific.
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Key Players Operating in the Global Simulation and Test Data Management Market
- IBM Corporation
IBM Corporation is a multinational company, manufacturing and marketing products, including computer hardware, middleware, and software, along with hosting and IT consulting services. IBM offers “IBM InfoSphere Optim Test Data Management solution” for different industries.
- Dassault Systemes
Dassault Systemes is a software company that develops 3D design, 3D digital mock-up, Product Lifecycle Management (PLM) software, and simulation-based solutions. Dassault Systemes provides three simulation-based solutions namely-Simulia, Delmia, and 3Dvia.
Other key players operating in the global simulation and test data management market include ANSYS Software Pvt. Ltd, ESI Group, Autodesk Inc., MSC Software Corporation, CA Technologies, Infosys Limited, and Siemens AG.
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