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The overall model based enterprise market is expected to grow from USD 8.1 billion in 2018 to USD 21.3 billion by 2023, at a CAGR of 21.17%. Siemens AG (Germany), General Electric (GE) (US), PTC, Inc. (US), Dassault Systèmes SE (France), Autodesk, Inc. (US), SAP SE (Germany), HCL Technologies Ltd. (India), Oracle Corporation (US), Aras Corporation (US), and Anark Corporation (US)are a few leading players in the model based enterprise market.
Wide-ranging applications of digital technologies in design and manufacturing, evolving software capabilities, and rising adoption of IoT and cloud-based platforms are among a few factors that drive the growth of the said market. The growing prospects of digitization in the aerospace & defense industry and the emerging concept of digital twin and digital thread technologies are the key opportunities in the model based enterprise market.
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“Market for model based enterprise services expected to grow at higher rate during forecast period”
The market for services is expected to grow at a higher rate than that of the solutions during the forecast period owing to the rising demand for services by end users for the effective working of any software solution, Moreover, services are necessary to increase the efficiency of the entire process in product manufacturing. The demand for management services is increasing as these services help varieties of companies to achieve easy access for model-based enterprise solutions globally.
“On-premise model based enterprise solutions to account for major share of model based enterprise market during forecast period”
The use of an on-premise platform for MBE solutions is the traditional approach. One of the major reasons companies are still adopting this approach is enhanced control over data and enterprise systems as it is physically stored at the server of the enterprise. The on-premise deployment type allows organizations to control their systems and data completely but incurs significant cost on hardware, software, and resources utilized for maintenance. Moreover, the core functionality of on-premise software is restricted and can be used by and customized for one company.
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“North America to hold largest size of model based enterprise market during forecast period”
North America is a major region responsible for the growth of the Model Based Enterprise Market. 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. General Electric, ANSYS, and PTC are among a 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.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:
• By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
• By Designation: C-Level Executives – 55%, Managers – 25%, and Others – 10%
• By Region: North America – 20%, Europe – 10%, Asia Pacific – 40%, and RoW– 30%
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Name: Vishal Kalra
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Release ID: 474576