Simulation and test data management is required for effective data management and information processing across industries. According to a Future Market Insights (FMI) report on the simulation and test data management market, the demand for faster time-to-market, better information use, and lower product development costs will result in increased deployment of simulation and test data management software across the organisation.
The introduction of predictive analytics and other sophisticated data analytics methodologies is one of the primary factors driving market expansion. According to FMI, the market will be worth $525 million by 2021. Growth trends are expected to remain positive as more industries migrate to cloud platforms. Automobiles, aerospace and military, and other industries will continue to grow in demand.
Takeaways from the Simulation and Test Data Management Market Research
- The simulation and test data management market will grow at a 14.7 percent CAGR between 2021 and 2031.
- The US market is expected to account for nearly 85 percent of all North American sales.
- Germany will emerge as a valuable European market, with double-digit growth expected over the forecast period.
- Due to increased demand from a variety of industries, the United Kingdom will have a CAGR of more than 9% in 2021.
- While China is expected to maintain its dominance in the East Asian simulation and test data management industry, Japan is expected to develop more quickly.
COVID-19’s Impact on the Simulation and Test Data Management Market
The COVID-19 pandemic outbreak has wreaked havoc on many industries, including some of the most important end users in simulation and test data management. During the COVID-19 period, simulation was shown to be important for healthcare worker learning and systems integration in the context of integrating and testing new processes, workflows, and rapid changes to practise and clinical care delivery.
A new COVID-19 impact data simulation modelling solution has been developed to provide customers with real-time predictive COVID-19 modelling and simulation solutions to protect, manage, and enhance organisational workforce productivity, as well as critical network infrastructure optimization and supply chain efficiencies.
Increasing Demand for Data Analysis and Management Simulation
The amount of data generated by simulation and testing processes is rapidly increasing, necessitating an improved data management system. Because this information is critical to the product development process, it is heavily reliant on the 3Vs: volume, velocity, and variety. Data must be saved and extracted quickly and efficiently, which presents a challenge for design engineers.
Managing this increasing volume of data at a faster rate can be difficult for design engineers, leading to an increase in the use of simulation and test data management software. Furthermore, understanding the different types of data, such as structured and unstructured data, is critical for making better decisions when designing products.
Top players in the simulation and test data management landscape use new solution introduction and strategic partnerships to increase their business revenue. To keep up with evolving technology needs, simulation and test data management providers are focusing on software/service innovation.
Some of the market’s leading companies include:
- Siemens AG
- ANSYS, Inc.
- Dassault Systèmes SE
- HBK – Hottinger, Brüel & Kjaer
- Hexagon AB