The virtual prototype market is expected to grow at a compound annual growth rate of 20.79% over the forecast period to reach a market size of US$1,058.631 million in 2026 from US$282.181 million in 2019.
Virtual prototyping, also known as digital prototyping, makes use of engineering simulation software in order to model and visualize a system before actually creating a physical prototype. The rising adoption of consumer electronics is prompting manufacturers to make use of advanced technologies like virtual prototyping to meet the rising demand. Also, as the competition in the manufacturing sector has been increasing, more and more manufacturers have been using virtual prototyping for increased efficiency, which is anticipated to supplement the growth of the virtual prototype market during the assessment period. The rising demand from the healthcare sector is also one of the driving factors for market growth.
Growing competition in the manufacturing sector.
The manufacturing sector has been growing at a steady pace, especially in the developing countries, and the growing competition among the manufacturers is prompting them to increasingly make use of new technologies such as virtual prototyping and hence is anticipated to lead to the growth of the virtual market growth during the forecast period. According to data from the World Bank, the value-added in the manufacturing sector has increased from US$10.534 trillion in 2010 to US$13.740 trillion in 2019.
Impact Of COVID-19 on the Virtual Prototype Market.
The COVID-19 pandemic led to the shutting down of the manufacturing facilities as it was implemented by various countries to curb the spread of the coronavirus. This resulted in a decrease in the demand for virtual prototyping. The operations of the end-use industries such as automotive, consumer electronics, aerospace, and defense, among others were severely impacted which led to a decline in the market growth.
Major market players like Imperas Software Ltd, ARM Limited, and Arteris, among others have been covered in the virtual prototype market report. The players in the virtual prototype market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the virtual prototype market.
|Market size value in 2019||US$282.181 million|
|Market size value in 2026||US$1,058.631 million|
|Growth Rate||CAGR of 20.79% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Tool, Deployment Model, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ARM Limited, Arteris, Imperas Software Ltd., Cadence Design Systems, Inc, Autodesk, Inc, Synopsys, Inc, Mentor, a Siemens Business, NVIDIA Corporation, ESI Group, Dassault Systems|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the virtual prototype market?
A1. The global virtual prototype market is expected to grow at a CAGR of 20.79% over the forecast period.
Q2. What will be the virtual prototype market size by 2026?
A2. The virtual prototype market is expected to reach a total market size of US$1,058.631 million in 2026.
Q3. What is the size of the global virtual prototype market?
A3. Virtual Prototype Market was valued at US$282.181 million in 2019.
Q4. How is the virtual prototype market segmented?
A4. The global virtual prototype market has been segmented by tool, deployment model, industry vertical, and geography.
Q5. What factors are anticipated to drive the virtual prototype market growth?
A5. The increasing complexity of systems and the need to ideate new products for meeting the demand for product prototype simulation and testing are projected to drive the virtual prototype market.