Packaging Design and Simulation Technology Market to Record an Impressive Growth By 2024
Sarasota, FL -- (SBWIRE) -- 10/05/2017 -- Innovative packaging plays an important role in the overall success of the market. Good quality of materials is mandatory to be used for the packaging of the product. It should be enough tough to go through entire product lifecycle. Several suppliers are involved in product packaging; this process is accompanied with recalls, quality checks, and cost checks and hence gradually delays the overall process.
Growing industrial concerns regarding improved quality and brand portfolio through large investment in R&D are anticipated to boost the global packaging design and simulation technology market in future. Companies' initiatives to promote a product with improved packaging design may positively impact the global market growth in future. Increasing consumer awareness towards recyclable products and packaging material used, whose feasibility is examined with simulation technology, is anticipated to contribute to the global market growth. Moreover, developing technology and changing the preference of companies to adopt simulation technology is projected to propel the market growth in future. Product packaging is the prominent component for the success of any product. Less unit cost and convenient transportation of the end-product encourage companies to accept simulation technology, which in turn may augment the growth of the market. Conversely, huge initial capital investment is required for installation of the software. Trained working staff is also needed to properly handle the software. These are some of the challenges that may hamper packaging design and simulation technology market growth in future.
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The global packaging design and simulation technology market can be segmented on the basis of the end-use industry as consumer electronics, food and beverages, automotive, pharmaceutical, and others. Food and beverages are the leading segment in the global packaging design and simulation technology market. The packaging design and simulation technology market is further sub-segmented as service providers and software.
North America is the leading region in the packaging design and simulation technology market owing to standardized simulation process. Asia Pacific is anticipated to witness higher market growth in future owing to developing the technology. Europe is expected to witness substantial market growth owing to rising environmental concerns in this region. The Middle East and Africa shows significant growth of market due to increasing disposal income and changing preferences. Furthermore, Latin America is anticipated to witness potential growth in packaging design and simulation technology market.
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Some of the major players dominating the global packaging design and simulation technology market are AVID Technology Inc., 3 Dassault Systems, MSC Software Corporation, ESI Group, ANSYS inc., Altair Product Design Inc., Bosch Rexroth AG,Axiom Consulting, NEFAB Group, and Mentor Graphics. Major players in the global market mainly focus product performance in order to increase their market share. For example, Richard Moore, Vice President of Strategic Development of Impress Group said, MSC Software has launched a simulation technology to enhance packaging design in the entire virtual environment.