Valley Cottage, NY -- (SBWIRE) -- 01/03/2018 -- Today the product development environment often revolves around compressed schedules and budget cuts, but an engineer must skillfully weave between these obstacles to reach his ultimate goal – Product release. One revolutionary method aiding the process of product development is Virtual Prototyping. A virtual prototype is a digital simulation of a physical product that can be used to visualize its behavior under real-world operating conditions. The designing and testing of a virtual prototype is called virtual prototyping. A typical virtual prototyping solution involves, creation of a 3D solid model, a human-product interaction model and different test related models for structural analysis, motion analysis and manufacturing evaluations. The process involves usage of variegated advance softwares such as computer-automated design (CAutoD), computer-aided design (CAD), computer-aided engineering (CAE) etc. to present, analyze and test the various aspects of product life cycle.

The prime advantage of virtual prototyping is a significant reduction in "time-to-market". The process of creating a novel product involved numerous prototype builds, testing and the investment of months to years. However with the current availability of multi-physics modeling softwares for virtual prototyping, the time and investment is considerably reduced. Secondly, building and testing on a physical prototype can miss some problems that may not materialize in test chambers, as manufactured. Whereas, in virtual prototyping such corner errors can be pointed out and hence improving on design quality. Thirdly, as it creates prototypes pretty quickly, the method empowers the user to test with multiple complex designs and helps in developing a more competitive product within a limited time frame.

Owing to these lucrative advantages the global virtual prototype market is anticipated to witness a healthy CAGR during the forecast period.

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Global Virtual Prototype Market: Drivers and Restraints

Growing competitiveness among all players of manufacturing industry, urges the use of virtual prototyping in their product development, as it helps businesses minimize time and cost while maximizing on quality and efficiency. Parallely the continuous growth in aerospace and automotive industry, is driving the need for new product development which in turn also fuels the market for virtual prototype. On the other hand, small player might restrain from virtual prototype solutions at this point of time due to high initial investment and lack of skilled professionals.

Global Virtual Prototype Market: Segmentation

On the basis of type of Virtual Prototyping tool:

Finite Element Analysis (FEA)

Computational Fluid Dynamic (CFD)

Computer Aided Machining (CAM)

On the basis of deployment type:

Cloud/Host

On-Premises

On the basis of end user industry:

Automotive

Aerospace

Petroleum

Chemical

Government or Military

Healthcare

Telecommunications

Electronics

Government or Military

Entertainment

Global Virtual PrototypeMarket: Regional Outlook

Geographically, the global virtual prototype marketcan be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Currently, North America and Europe owns the majority share in the virtual prototype solutions market, owing to high technology adoption in their local manufacturing sector. The APEJ nations particularly China and India, are anticipated to show a significant growth in their automobile and aerospace sectors in the forecast period, concurrently increasing their share in the global market for virtual prototypes.

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Global Virtual PrototypeMarket: Key Players

AutoDesk, ARM, Imperas, Coverity, Carbon Design Systems, Synopsys, Qualcomm, Nvidia, Mentor Graphics, MediaTek, ASTC, Imagination Technologies, Cadence, ESI Group, Agilent Technologies etc.