Virtual Prototype (VP) Market New Opportunities For Industry Growth And ForecastPosted by Neha Bora on January 30th, 2020 San Francisco, 30 January 2020: The Report Virtual Prototype (VP) Market Size, Share & Trends Analysis Report By Tool (CAD, CAE, CAM, CFD, FEA), By Deployment (Cloud-based, On Premise), By Vertical, By Region, and Segment Forecasts, 2018 – 2025 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. Access Research Report of Virtual Prototype (VP) Market @ https://www.grandviewresearch.com/industry-analysis/virtual-prototype-market Further key findings from the study suggest:
Grand View Research has segmented the global Virtual Prototype (VP) market on the basis of tool, deployment, vertical, and region: Virtual Prototype Tool Outlook (Revenue, USD Million, 2015 - 2025)
Virtual Prototype Deployment Outlook (Revenue, USD Million, 2015 - 2025)
Virtual Prototype Vertical Outlook (Revenue, USD Million, 2015 - 2025)
Virtual Prototype Regional Outlook (Revenue, USD Million, 2015 - 2025)
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