New York, July 25, 2023 (GLOBE NEWSWIRE) -- The global model-based enterprise market size is projected to expand at ~24.17% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 250 billion by the end of 2035, up from a revenue of ~USD 19 billion in the year 2022.This growth is largely attributed to increasing demand for product development and manufacturing efficiency, and the need to integrate the product life cycle management (PLM) ecosystem. Additionally, the rise in the adoption of 3D technology in manufacturing is also expected to contribute to market growth.
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Approximately 1% of the global manufacturing industry is occupied by 3D modeling as of 2021. 73 percent of all prototypes in the aerospace industry are created by 3D printing, and 56% of manufacturers prefer 3D printing over traditional methods. 3D technology allows businesses to create virtual models of products, processes, and services, which can be used to streamline operations, reduce costs, and improve customer satisfaction. Model-based enterprise solutions provide a comprehensive and integrated platform for all aspects of a company's operations.
Model-based Enterprise Market: Key Takeaways
- Market in North America to propel the highest growth
- The automotive segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Popularity of Interconnected Technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), And Machine Learning to Boost Market Growth
Technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning have enabled companies to automate tasks, increase efficiency and accuracy, and reduce costs. Additionally, they enable companies to collect and analyze large amounts of data to gain insights, improve operations, and make better decisions. The data collected and analyzed through these technologies can be used to gain insights into customer preferences, trends in the market, and potential areas for improvement. According to forecasts, global IoT spending reached USD 1 trillion in 2022.
AI adoption has grown steadily since 2021 and now stands at 35%, up four points since then. It has the potential to increase business productivity by 40%. As these technologies become more commonplace, the need for a model-based enterprise increases, as it allows organizations to take advantage of the data generated by IoT devices and AI to improve decision-making and operations. Additionally, model-based enterprises are more agile and better able to adapt to changing customer needs, as they are built on models that can be quickly altered and updated.
Model-based Enterprise Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Commitment to Digital Transformation and The Implementation of New Technologies to Drive the Growth in the North America Region
The model-based enterprise market in the North American region is estimated to garner the largest revenue by the end of 2022 owing to the large number of manufacturing businesses in the region that are embracing digital transformation and implementing new technologies such as 3D modeling, and DevOps. For instance, Digital Manufacturing and Design Innovation Institute (DMDII) provides access to the most advanced technologies and processes that are available today, while also connecting organizations with the right partners to help them leverage the power of digital manufacturing.
Model-based enterprise systems help to streamline the process of digital manufacturing by providing a comprehensive and accurate representation of the production system, allowing for improved efficiency and greater optimization. Additionally, the presence of a large number of IT companies in the region provides ample opportunities for manufacturers to collaborate and develop innovative solutions. This has further accelerated the adoption of advanced technologies in the region.
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Presence of Large Manufacturing Industries to Drive the Growth in the Asia Pacific Region
The Asia Pacific model-based enterprise market is estimated to garner the largest revenue by the end of 2022 because the region has the highest number of manufacturing industries and the largest proportion of manufacturing GDP in the world. As of 2021, India produced USD 444 billion in manufacturing, a 21.50% increase over 2020.
Furthermore, China's manufacturing output increased by 25% from 2020 to USD 4,866 B in 2021. The increasing adoption of MBE technology in the region due to its ability to reduce product development time, improve product quality, and cut costs is driving market growth. Additionally, the presence of major multinational companies that have adopted MBE practices to reduce manual errors and increase efficiency, has further boosted the market growth in the region.
Model-based Enterprise, Segmentation by Deployment Mode
- On-Premise
- Cloud
The cloud segment in model-based enterprise market is anticipated to hold the largest revenue by the end of 2035 as the cloud model-based enterprise segment offers organizations the ability to access resources quickly and cost-effectively, allowing them to scale up their operations and increase their efficiency. The average enterprise uses 2.7 public clouds and 2.8 private clouds and 90% of large enterprises have adopted multi-cloud infrastructure. Additionally, cloud-based collaboration technologies also allow virtual teams to access the same information from any location, and in many cases, this can reduce the delays between the product design and its implementation.
Furthermore, simulation tools can help engineers and designers quickly prototype and test new designs, and the cloud-based environment can reduce the need for expensive hardware and software.
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Model-based Enterprise, Segmentation by End User
- Aerospace & Defense
- Automotive
- Construction
- Power & Energy
- Retail
The automotive segment in model-based enterprise market is anticipated to hold the largest revenue by the end of 2035. Model-based enterprise (MBE) is being increasingly adopted by automobile manufacturers, as it enables them to better manage the entire product lifecycle. MBE helps to automate the product design process, from design to manufacturing to service and maintenance, thus reducing errors and improving the efficiency of the manufacturing process.
With the rapid development of cars, automakers are now using advanced computing power and artificial intelligence to develop faster, safer, and more fuel-efficient models. This has increased the need for model-based enterprises, which specialize in producing various models of cars to meet these demands. A total of 86 million motor vehicles were produced around the world in 2022, an increase of 5.6% over 2021. Moreover, MBE provides accurate and up-to-date product information, which helps to optimize the maintenance and repair process.
Model-based Enterprise, Segmentation by Offerings
- Solutions
- Services
A few of the well-known market leaders in the model-based enterprise market that are profiled by Research Nester are Siemens AG, Dassault Systèmes SA, PTC Inc., Ansys Inc., Autodesk Inc., SAP SE, Aras Corporation, Bentley Systems, Incorporated, IBM Corporation, Oracle Corporation, and other key market players.
Recent Development in the Market
- In partnership with Siemens AG, the Federal Ministry for Economic Cooperation and Development of the Federal Republic of Germany (BMZ), and Deutsche Gesellschaft for Internationale Kooperation (GIZ) GmbH, the "IGnITE" technical education initiative was launched with support from the Indian Ministry of Skill Development and Entrepreneurship (MSDE).
- In collaboration with Hitachi, Ltd., and PTC, Inc., Sumitomo Rubber Industries, Ltd., is developing an AI/IoT platform that will enable high-quality, high-efficiency tire production across its numerous plants worldwide. The platform will incorporate PTC's ThingWorx IoT platform and Hitachi's Lumada platform to enable the companies to collect and analyze data from various sources, including production and quality monitoring systems, to optimize production efficiency and quality.
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