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Model Based Enterprise Global Market Expected to hit $36.98 Billion by 2028, Top Factors Leading The Industry Worldwide
Model Based Enterprise Global Market
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According to The Business Research Company's, The model based enterprise market size has grown rapidly in recent years. It will grow from $16.44 billion in 2023 to $19.32 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to the integration of digital twin technology into manufacturing processes, industry 4.0 initiatives promoting digital transformation, the evolution of cad/cam software enhancing design capabilities, increasing emphasis on quality control and compliance standards and adoption of product lifecycle management (PLM) systems for efficiency.
The model based enterprise market size is expected to see rapid growth in the next few years. It will grow to $36.98 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to the expansion of the Internet of Things (IoT) ecosystems enabling data integration, greater emphasis on cross-functional collaboration across supply chains, growing demand for agile manufacturing strategies, the rise of augmented reality (AR) and virtual reality (VR) applications in product development and shift towards cloud-based platforms for collaboration and scalability. Major trends in the forecast period include increased adoption of model-based systems engineering (MBSE) practices, integration of blockchain technology for enhanced data security and traceability, the emergence of digital thread concepts for end-to-end visibility, continuous evolution towards autonomous and self-optimizing manufacturing systems and advancements in artificial intelligence (AI) for enhanced predictive analytics.
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Market Drivers and Trends:
Increasing adoption of cloud-based platforms is expected to propel the growth of the model based enterprise (MBE) market going forward. A cloud-based platform refers to an online infrastructure that provides access to computing resources and services on demand via the Internet. The adoption of cloud-based platforms is on the rise due to their scalability, cost-efficiency, accessibility, and ability to support remote work and digital transformation initiatives effectively. Cloud-based platforms are integral to model-based enterprise (MBE) as they facilitate seamless collaboration, data accessibility, and scalability for digital product development and lifecycle management. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of EU enterprises purchased cloud computing services, mostly to host their email systems, store electronic files, and accomplish other tasks. Purchases of cloud computing services by EU enterprises increased by 4.2% in 2023 compared to 2021. Therefore, the increasing adoption of cloud-based platforms is driving growth in the model based enterprise (MBE) market.
Major companies operating in the model based enterprise market are focusing on developing advanced technologies, such as Web-based technician dashboards, to gain a competitive edge in the market. Web-based technician dashboards related to Model-Based Enterprise (MBE) provide technicians with digital interfaces accessible via web browsers, enabling real-time access to digital models, technical documentation, and operational data. For instance, in November 2021, iBase-t, a US-based software company, announced the launch of a model-based enterprise (MBE) offering to accelerate manufacturers' Industry 4.0 journeys. The initial version of iBASEt's new MBE offering, based on the Solumina iSeries i050, enhances the suite's supplier quality management (SQM) capabilities to resolve quality issues more quickly throughout the supply chain. It also introduces supervisory and web-based technician dashboards for improved sign-on experiences and reporting features, along with a supplier quality portal for better visibility of key performance factors.
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Major Key Players of the Market:
Siemens AG, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., SAP SE, HCL Technologies Limited, Wipro Limited, Dassault Systèmes, Autodesk Inc., ITC Infotech India Ltd., Ansys Inc., PTC Inc., Bentley Systems Incorporated, Anaplan Inc., ATS Global, Dayton T. Brown Inc., iBase-t, Automotive Industry Action Group (AIAG), Aras, CoreTechnologie Group, Lattice Technology Inc., Anark Corporation, TFH technical services
Model Based Enterprise Market 2024 Key Insights:
• The model based enterprise market size is expected to see rapid growth in the next few years. It will grow to $36.98 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Cloud-Based Platforms Driving Growth In The Model-Based Enterprise (MBE) Market
• Development Of An Advanced MBE Solution To Enhance Industry 4.0 For Manufacturers
• North America was the largest region in the model based enterprise market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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