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Global Model-Based Enterprise Market to Reach $21.3 Billion by 2023
January 14, 2019 | PRNewswireEstimated reading time: 2 minutes
The overall model-based enterprise market is expected to grow from $8.1 billion in 2018 to $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 and 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.
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