Asia Pacific Expected to Lead Growth in Model Based Enterprise Market

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. 

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) industry.

The market for solutions segment is expected to gain a largest market share of the model based enterprise industry 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.

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On-premise segment is expected to hold a substantial market share of the model based enterprise industry 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.

The market in Asia Pacific is projected to hold the substantial market share in 2029

Asia Pacific is witnessing dynamic changes in the adoption of new technologies and advancements in the manufacturing sector. The region is expected to experience widespread growth opportunities during the forecast period. 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 Asia Pacific countries to implement MBE solutions.

The Chinese government is actively adopting new and improved manufacturing strategies to develop its manufacturing sector, and reform and strengthen various industries based in China. Chinese manufacturing enterprises have been spending heavily on the IoT, which would increase the need for MBE for minimizing designing paperwork, improving the efficiency of products, optimizing manufacturing and processes, and so on. Thus, the increasing expenditure on developing new technologies boosts the growth of the MBE market in the near future.

The key players in this 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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