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Modeling Tool Revenue Increasing at a CAGR of Over 8% Through 2022, According to VDC Research
Evolving development strategies are fueling interest in software & systems modeling tools
NATICK, MA | August 24, 2018 - Mounting technical challenges and evolving development strategies are driving a renewed interest in software and systems modeling tools, according to VDC Research’s latest report (click here for more information). Modeling tool revenue will expand at a CAGR of over 8% through 2022 due to an increase in new tool users and broader use within existing accounts.
Across the embedded industries, demand for advanced technologies such as IoT applications, smart energy networks, alternative powertrains, and autonomous vehicles is compelling engineering organizations to develop more complex systems within tight cost and time constraints. VDC’s research shows that a growing percentage of embedded engineers and IT software development teams recognize the potential benefits of using model-based development practices. These benefits include facilitating collaboration between distributed teams, improving efficiency through reuse, and reducing the reliance on costly, time-consuming prototyping.
“Still, the difficulty of transitioning from existing development processes and migrating legacy code continues to limit modeling tool growth,” said André Girard, Senior Analyst of IoT and Embedded Technology at VDC Research. “Vendors can reduce the impact of procurement challenges on modeling tool purchases by shifting from perpetual and annual licensing agreements to more predictable, flexible subscription-based pricing.”
As the maturity of modeling practices advances, interest in adopting model-based systems engineering (MBSE) practices is also growing. “Organizations can implement MBSE practices for visibility into design decisions, changes, and tests to improve system development,” said Girard. “Simulation utilizing the resulting system model can help reduce delays and budget overruns from the use of prototyping—providing a further incentive for MBSE adoption in the embedded/IoT market.”
The full market report analyzes the emerging trends for commercially available standard language-based modeling tools and proprietary language-based modeling tools. It also explores market dynamics in the context of leading vendors, current technologies, and competitive landscape.
Click here to learn more.
About VDC Research
VDC Research provides in-depth insights to technology vendors, end users, and investors across the globe. Offering syndicated reports and custom consultations, VDC’s market research coverage of AutoID & Data Capture, Enterprise Mobility & Connected Devices, Industrial Automation & Sensors, and IoT & Embedded Technologies is among the most advanced in the industry, helping clients make critical decisions with confidence. VDC’s methodologies consistently provide accurate forecasts and unmatched thought leadership for deeply technical markets.