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Need For Cost Reduction To Drive Global Packaging Design and Simulation Technology Market Growth

For a product’s success, good packaging aesthetics play a crucial part and has to done while maintaining the aptness for loading & transportation and reduction of unit costs. Product packaging designers face inconsistent needs during the course of the product development. Simulation technology utilized within packaging design allows the suppliers and organizations to team up and craft designs that facilitate examination of the physical behavior of the materials and products so as to enhance the reliability, performance, and safety while reducing manufacturing costs and development time.

The key factor contributing to the growth of the global packaging design and simulation technology market is the rising inclination toward using recyclable products further cutting the packaging material price, whose viability is scrutinized by simulation technology. Further, companies are spending in research & development to enhance the brand portfolio, which, in turn, is projected to positively influence the growth of the global packaging design and simulation technology market during the forecast period. In addition, with the improvement in automation and technology, most of the organizations are adopting packaging design and simulation technology, which is expected to fuel the overall growth of the market during the years to come.

The global packaging design and simulation technology market can be bifurcated based on industry, product type, and region. The market, by industry, can be diversified into consumer electronics, food & beverages, consumer goods, auto components, pharmaceutical, and others. By product type, the market can be classified into service providers and software.

Regionally, the global packaging design and simulation technology market is expected to be governed by North American during the forecast period as some players have opted to systematize the simulation process for their merchants further aiding quick decision-making. Also, Asia Pacific and Europe are deemed to witness considerable growth rate owing to constant technological developments and the increasing cognizance among the customers about the environmental hazards.

Few of the prominent players active within the global packaging design and simulation technology market comprise Altair Product Design Inc., 3 Dassault Systems, MSC Software Corporation, ANSYS Inc., Axiom Consulting, NEFAB Group, ESI Group, Mentor Graphics, AVID Technology Inc., and Bosch Rexroth AG. To cite, in October 2020, a prominent ASIC design solutions provider, INVECAS Inc, and a leading AI/ML processor firm, Tenstorrent Inc, declared that the later has attained first-pass silicon success for its latest Grayskull AI processor SOC (system-on-chip) using INVECAS Advanced Chip Builder Tool (ACT™) physical implementation flow to attain best-in-class PPA, predictable design convergence, and speed up time-to-tape-out for intricate design.

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