CHICAGO, April 8, 2024 /PRNewswire/ — The global model based enterprise market size is expected to grow from USD 13.6 billion in 2024 to USD 27.1 billion by 2029, at a CAGR of 14.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. The industrial automation continues to gain traction, which has been changing the economics of manufacturing. The increasing adoption of Industry 4.0 has enabled manufacturers to easily gather and analyze data across machines, as well as create efficient processes to produce higher quality goods at reduced costs. Further, Industry 4.0 fosters the collaboration of various processes in product development, thereby driving the growth of the model based enterprise (MBD) market.
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Model Based Enterprise Market Report Scope:
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Report Coverage |
Details |
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Market Revenue in 2024 |
$ 13.6 billion |
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Estimated Value by 2029 |
$ 27.1 billion |
|
Growth Rate |
Poised to grow at a CAGR of 14.9% |
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Market Size Available for |
2020–2029 |
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Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Offering, Deployment Type, Industry and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Lack of security issues associated with MBE online platform |
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Key Market Opportunities |
Rising adoption of digital twin and digital thread technologies |
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Key Market Drivers |
Increasing adoption of cloud-based platforms |
The market for solutions segment is expected to gain a largest market share during the forecast period.
Solutions include designing, processing, and management software associated with the model based enterprise. Software ecosystems are rapidly evolving with the availability of MBE solutions along with increased capability and improved interoperability in best-in-class offerings such as NX, Creo, and CATIA. New capabilities of software help companies to provide less expensive offerings. For example, SOLIDWORKS MBD software is used in computer enclosures, automotive, consumer electronics, applications, among many others. This new feature of SOLIDWORKS software would allow users to shift their focus from 2D detailing to 3D annotations and 3D views. Further, this 3D content can be easily reused in 2D when drawings are needed.
On-premise segment is expected to hold a substantial market share during the forecast period.
On-premise deployment offers benefits such as enhanced data security, compliance with specific regulations, and customization options tailored to the organization’s needs. It also provides greater control over software updates and maintenance processes. While on-premise deployment may require higher initial investments in hardware and IT infrastructure, it can offer long-term cost savings compared to cloud- based solutions, especially for organizations with specific security or compliance requirements.
Automotive application segment to grow at an impressive CAGR during the forecast period.
Automotive is a vast industry that witnesses massive technological developments and innovations at a rapid rate due to the popularity of automotive brands and their ability to deliver excellent customer experience. This aspect of the automotive industry forces MBE providers to incorporate new features in their solutions to cope with the latest technological changes. Industry-specified regulations, security mandates, shipping delays, product errors, design faults, and obsolete technology concerns are a few major challenges faced by this industry. Time to market is the most important concern for automotive companies. Competitive pressure and the need for rapid innovation are the key factors driving the adoption of MBE in the automotive industry. MBE improves production capabilities, thereby eliminating the delays and loss of productivity that occurs due to unavailability of components and machine parts.
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North America is expected to hold a significant market share of the model based enterprise industry during the forecast period.
The US has the presence of many manufacturers, software developers, and technology providers that play a vital role in the adoption of MBE for various applications. ANSYS, Inc. (US), and PTC (US)are among the few players who offer MBE solutions and services in the US. These players have started offering MBE solutions that form a core part of the digital transformation of various industries. Manufacturers and organizations in this region have a strong focus on the digital transformation of their design operations, especially in terms of completely 3D designs.
Key Players
The key players in the model based enterprise industry include Siemens (Germany), PTC (US), Dassault Systèmes (France), SAP (Germany), Autodesk Inc. (US), HCL Technologies Limited (India), Oracle (US) and others.
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