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Need for Innovation and Superior Quality Products to Create Opportunities for the Global Simulation and Analysis Software Market Through 2020, Reports TechnavioTechnavio analysts forecast the global simulation and analysis software market to grow at a CAGR of close to 12% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global simulation and analysis software market for 2016-2020. The report also lists automotive, electrical and electronics, aerospace, industrial machinery and others as the five major end-user segments where simulation and analysis software is used to reduce manufacturing costs and increase efficiency. Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global simulation and analysis software market:
High R&D investment High global R&D investment by government and private players to enhance their technological efficiency is expected to contribute to the growth of the simulation and analysis software market. In 2013, automakers globally invested USD 100 billion in R&D. In Japan, 20% of its overall R&D investment was made in the automotive industry, which is the major end-user of simulation and analysis software. Investment in R&D was made across multiple industries such as automotive, aerospace and defense, and electrical and electronics. According to Amrita Choudhury, a lead analyst at Technavio for product lifecycle management, "These investments are directed at buying new technologies, software, and hardware for product develpment, wherein simulation and analysis software plays an important role in the product design, simulation, and analysis paradigm. The high R&D investments across industries and regions are expected to boost the growth of the market." Need for innovation and superior quality products Manufacturers are focusing on innovation and offering products with enhanced quality to consumers. They strive to become the primary innovator and to achieve the first-mover advantage in the market. This has led to a wide adoption of simulation and analysis software by manufacturers across industries to analyze and innovate their product functionalities. For instance, Mazda Motor faced a challenge to reduce the weight of their CX-5 model without compromising the performance of the car. The company adopted Dassault Systèmes (News - Alert) SIMULIA's Abaqus FEA, which helps in evaluating strength, body component durability, and powertrain components thermal stress. The company was able to achieve a 3.4% weight reduction in their new CX-5 model. Reduction in product design time and cost The growing need to provide quality products in a short duration so as to gain a competitive edge in the market is forcing many companies to adopt simulation and analysis software. "The simulation and analysis software helps improve time-to-market by reducing product development cycle and testing time. It enhances the speed of the product design cycle and provides reliable and cost-effective products by reducing the analysis time and the need to develop multiple prototypes," says Amrita. For instance, Volvo adopted ANSYS Fluent to reduce lead time across multiple projects. The major objective of the company was to eliminate physical prototypes for testing by 2020 and adopt an ANSYS product for virtual test. Weil-McLain, a global manufacturer of oil, gas, water, and steam boiler, adopted ANSYS simulation software, which enabled the company to save more than six months over the build-and-test method. Similarly, Intelligent Fluid Solutions, a UK-based company, adopted ANSYS CFX and achieved two years' reduction in build-and-test method and saved revenue worth USD 55,000. Browse Related Reports:
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio's reports allows you to download any three reports per month for the price of one. Contact [email protected] with your requirements and a link to our subscription platform. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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