Model based enterprise market estimated to grow at CAGR of 21.17% from 2018 to 2023
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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%. 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. However, the slow transition from the on-premise to cloud-based platform is the major restraining factor for the market growth.
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.
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 subsegments 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%
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.
• By offering, the model based enterprise market has been segmented into solutions and services.
• By deployment type, the model based enterprise market has been segmented into on-premise and cloud
• By industry, the model based enterprise market has been segmented into aerospace & defense, automotive, construction, retail, power & energy, food & beverages, life sciences & healthcare, marine, oil & gas, electronics & telecom, process & utility, and others (transportation and machinery & heavy equipment)
• The geographic analysis is done with regard to major 5 regions, namely, North America, Europe, Asia Pacific (APAC), South America, and Rest of the World (RoW).
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape, emerging and high-growth segments of the model based enterprise market, and high-growth regions; and drivers, restraints, challenges, and opportunities pertaining to model based enterprise market.
The report provides insights on the following pointers:
• Market penetration: Comprehensive information on model based enterprise solutions offered by top players in the overall model based enterprise market
• Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and product launches in the market
• Market development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for model based enterprise solutions and their adoption across regions
• Market diversification: Exhaustive information about untapped geographies, recent developments, and investments in the overall model based enterprise market
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of leading players in the model based enterprise market
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