Model Based Enterprise Market by Offering , Industry , and Geography - Global Forecast to 2023
The overall model based enterprise (MBE) market is expected to grow from USD 8.1 billion in 2018 to USD 21.3 billion by 2023, growing at a CAGR of 21.17%. Major factors driving the growth of the model based enterprise market include wide-ranging applications of digital technologies in design and manufacturing, evolving software capabilities, and rising adoption of IoT and cloud-based platforms. A few key players offer cloud-based model based enterprise solutions to enhance business models of a variety of companies and increase the competitiveness in the market. For instance, in December 2015, Anark Corporation, a leading provider of automated MBE, launched MBEWeb. It is a customer-hosted software system using Windows or Linux servers utilizing the cloud platform components. This product allows technical engineering and manufacturing content to be delivered to enterprise users at the edge of the network.
The model based enterprise market based on offering has been segmented into solutions and services. Solutions include designing, processing, and management software. 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. The software used in MBE provides comprehensive service provisioning, monitoring, and troubleshooting capabilities. The segment includes product management and planning software, and virtualization software having model exchange validation, processing, intelligence, as well as networking capabilities.
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Model based enterprise (MBE) solutions can be offered using either on-premise or cloud platform, depending on business requirements and infrastructure of an organization. The market for cloud-based MBE solutions is expected to grow at the highest rate in the coming years. One of the major advantages of cloud-based deployment is that it helps enterprises in understanding the real-time condition of an asset from a remote location.
The aerospace & defense industry is likely to dominate the model based enterprise market in the coming years. Aircraft manufacturers efficiently manage and securely share digital products and associated information with the companies involved in the entire product lifecycle and are continuously investing in new technologies to further enhance their business. Hence, aerospace & defense is considered as a high-growth potential industry in the MBE market.
Emerging countries of APAC, including China and India, are witnessing dynamic changes in the adoption of new technologies and advancements in the manufacturing sector. Also, huge government initiatives for IT infrastructure developments have been made. These factors lead to the highest growth rate of APAC in the model based enterprise market.
The region is highly focused on adopting new technologies in almost every business sector and is more vested in technologically innovative, cost-effective solutions. Though various countries are slowly adopting MBE solutions, economic globalization and the need to reduce the capital expenditure are the major factors pushing APAC countries to implement MBE solutions. For instance, in October 2015, Infineon Technologies AG (Germany) announced the setup of a smart factory in Wuxi (China) to accelerate the Made in China initiative. As part of this establishment, Infineon has announced to invest approximately USD 300 million in building a smart factory, primarily focusing on manufacturing smart devices and IoT-based equipment.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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