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Model-Based Enterprise Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Model-Based Enterprise Market (henceforth referred to as the market studied) was valued at USD 11. 84 billion in 2021, and it is expected to reach USD 30. 54 billion by 2027, registering a CAGR of 16.
New York, June 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Model-Based Enterprise Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06241304/?utm_source=GNW
77% during the period of 2022-2027 (henceforth, referred to as the forecast period).
Key Highlights
The increasing adoption of 3D technology across multiple industry verticals for catering to the growing demand for emerging applications, ranging from shape analysis, 3D modeling, and many more, has given rise to the development and adoption of model-based enterprise solutions that can gauge product shapes in real-time.
The technology offers a plethora of opportunities in the design and production processes and performance of novel architectural forms, construction systems, and many more. It is an innovative, faster, and more agile method of product development and production.
Digital technologies are adopted across various manufacturing industries due to the rapidly evolving capabilities of the software, further boosting the market growth.
The industries are witnessing increased adoption of reverse engineering for its fast-rapid prototyping abilities and accuracy associated with the production of new parts. Reverse engineering requires a strong, robust image acquisition system that can acquire data with a high level of accuracy. The deployment of 3D technology and solutions could enable the manufacturers to achieve such objectives, boosting the market growth.
The objective for migrating from a traditional on-premise enterprise data warehouse to the cloud is cost savings. The total cost includes the direct cost of owning or licensing data center equipment and third-party service costs, maintenance and management, training, and policy. These indirect costs can account for a large amount of the price of operating on-premise data centers.
Further, space, construction, energy, air conditioning, hardware procurement, operating systems, networking, physical security, and more are required to maintain on-premise computing infrastructure. Instead, model-based enterprise vendors are outsourcing these expenses to a cloud service provider and saving costs. Many companies that have a data infrastructure on their premises are concerned about security. The issue is that having a data center within its perimeter is tough to match in terms of security and control, creating a shift to cloud model-based enterprise platforms.
The COVID-19 pandemic increased digitalization across end-use verticals with more significant deployments of Machine Learning, Artificial Intelligence, and the Internet Of Things, which has caused applications and data to spread across multiple clouds progressively. Thus, increased adoption of cloud model-based enterprise platforms across various end-user verticals is primarily focused on rationalizing the data stored on multiple clouds. ?
Key Market Trends
Automotive Segment is Expected to Have Largest Market Share
Automobiles are an essential part of human lives as the primary mode of transportation. Currently, there are over 1.3 billion motor vehicles on the road globally, with that number expected to rise to 1.8 billion by the year 2035. Passenger cars comprise roughly 74% of these statistics, while the light commercial vehicles and heavy trucks, buses, coaches, and mini-buses make up the remaining 26% (Source: Worldometers).
The model-based design allows enhanced design, faster releases, and better reliability in automotive embedded systems. Also, software modeling and simulation tools can improve automotive systems if they continue to demonstrate benefits and become more common in the industry.
Moreover, globally, automobile manufacturers are increasingly adopting model-based design in the development of vehicle electronics, ranging from the transmission and engine controllers to the body controllers and battery management modules.
Further, The automotive sector is currently in a state of flux with rapidly emerging technology and rapidly blurring boundaries between the stakeholders, which is rapidly transforming the industrial landscape. Moreover, the increasing demand for personalized products and rich experience, increasing quality standards, and the reduction of operating costs are the significant challenges faced by the industry.
The several players in the market are facing an ongoing challenge primarily to remain competitive and to set themselves apart to move ahead of the competitors. Automotive manufacturers can currently adopt technology and improve their business processes, driving the market.
North America is Expected to Hold a Significant Market Share
The North American region is anticipated to hold a significant share of the overall model-based enterprise market, primarily owing to the presence of various major players in the region that includes GE, PTC, Autodesk, Aras, among others. These companies have been adopting various growth strategies that are majorly focused on strengthening their position in the market.
Moreover, institutes such as the digital manufacturing and design Innovation Institute (DMDII) possess the ability, innovative spirit, and collaborative expertise that is being used to transform the American manufacturing sector by aiding the organizations and helping in the digital revolution.
Modern manufacturing facilities in the United States have been relying on newer technologies and innovations to produce high-quality products at a faster rate, with lower costs. Owing to the early adoption of these advanced technologies, such as IoT, big data, 3D modeling, DevOps, and Mobility, manufacturers in the country have been integrating these advanced technologies in order to streamline their processes and use their deeper insights.
The United States is also one of the biggest automotive markets across the world and is home to more than 13 major automotive manufacturers. Automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector, further helping the market to grow in the region.
Canada is also a major country taking significant steps towards implementing industry 4.0, thereby contributing to the market growth rate during the forecast period.
As stated by the government of Canada, the country aims to increase manufacturing sales by 50%, to USD1 trillion by 2030, and exports by 50%, reaching USD 540 billion by 2030. This is analyzed to boost the manufacturing sector; therefore, the penetration of advanced automated technologies is set to boost the market growth rate.
Competitive Landscape
The Model-Based Enterprise Market is competitive owing to the presence of several large players operating in domestic as well as in the international markets. The market appears to be moderately concentrated, with the major players in the market adopting strategies like product innovation, mergers and acquisition, and strategic partnerships primarily to enhance their product offerings, extend their geographical reach and stay ahead of the competition. Some of the major players in the market are Siemens AG, Dassault Systèmes SE, SAP SE, Autodesk, Inc., among others.
February 2022 - Siemens Digital Industries Software launches the latest release of its industry-leading NX software, part of the Xcelerator portfolio of software and services. The new NX Topology Optimizer helps to create parts based purely on functional and design space requirements, resulting in fully editable convergent bodies that would be almost impossible to design and engineer manually.
November 2021 - In Formnext 2021, GE Electric Company announced the Amp process management software platform. From mid-November 2021, the company also announced a limited release of print models, simulations, and corrections for the first two modules for the Concept Laser M2 machine. A broader release is planned for the second quarter of 2022.
November 2021 - iBASEt, an Indian company, announced the launch of a Model-based Enterprise (MBE) offering that could accelerate a manufacturer’s Industry 4.0 journey. The first version, based on Solumina iSeries i050, provides a way for manufacturers to start operating as a "Validated, Model-Centric"enterprise.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06241304/?utm_source=GNW
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