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 are 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 the usage of variegated advanced software such as computer-automated design (CAutoD), computer-aided design (CAD), computer-aided engineering (CAE), etc. to present, analyze and test the various aspects of the product life cycle.

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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 software for virtual prototyping, the time and investment are 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.

Global Virtual Prototype Market: Drivers and Restraints

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

Global Virtual Prototype Market: Regional Outlook

Geographically, the global virtual prototype market can 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 own 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 significant growth in their automobile and aerospace sectors in the forecast period, concurrently increasing their share in the global market for virtual prototypes.

Global Virtual Prototype Market: Key Players

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

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, and applications.

The report covers exhaustive analysis on:

• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain

Regional analysis includes

• North America (U.S., Canada)
• Latin America (Brazil, Rest Of Latin America)
• Western Europe (Germany, Italy, France, U.K, Spain, Rest Of Western Europe)
• Eastern Europe (Poland, Russia, Rest Of Eastern Europe)
• Asia Pacific excluding Japan (China, India, ASEAN, Australia & New Zealand)
• Japan
• middle East and Africa (GCC countries, S. Africa, Rest Of MEA)

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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies