Model Based Enterprise Market worth $27.1 billion by 2029 at a CAGR of 14.9%

(IT-NEWSWIRE.COM, April 20, 2024 ) The Global Model Based Enterprise Market size is expected to grow from USD 13.6 billion in 2024 to USD 27.1 billion by 2029, at a CAGR of 14.9% from 2024 to 2029. Model based enterprise contains product and manufacturing information (PMI) that includes 3D design annotations, specifications, tolerance levels, tool paths, and reporting standards. MBD provides interoperability, standardized methods and processes, and information efficiencies across design, supply chain, manufacturing, and quality assurance over a global network.

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By offering, services is expected to grow at an impressive CAGR during the forecast period. The model based enterprise market for services offered by various players has been classified into 2 main groups: professional services and managed services. The market for services is expected to grow at a higher rate than that of the solutions during the forecast period owing to the benefits for end users for the effective working of any software solution, services need to be provided. Moreover, services are necessary to increase the efficiency of the entire process in product manufacturing. Companies such as Dassault Systèmes (France), Siemens (Germany), and PTC (US) are a few leading service providers in the model-based enterprise market.

By deployment type, cloud segment is expected to grow at an impressive CAGR. The market for cloud-based MBE solutions is expected to grow at the highest rate in the coming years. One of the major advantages of cloud-based deployment is that it helps enterprises in understanding the real-time condition of an asset from a remote location. Further, it has no capital expenses as nothing has to be stored in-house. Additionally, this approach is suitable for organizations that are planning to expand and outgrow their infrastructure because remote monitoring of the critical equipment at a competitive price is possible with this method. Moreover, in the case of industrial applications, cloud-based solutions would go beyond on-premise solutions in terms of functional extension or scalability including integrated analytics and in-memory technologies in the near future.

The construction segment is expected to be one of the major adopters of model based enterprise software. At present, construction companies are looking for new digital technologies to reduce manufacturing and supplier response time, achieve substantial cost saving, streamline processes, and increase revenue while meeting regulatory requirements. Major challenges faced by this industry is the lack of a single system for handling structured information and documents, particularly the time organization takes to create and maintain paper-based model drawings, as well as effectively collaborate with architects, consultants, sub-contractors, and suppliers in a multi-CAD environment where the design is re-drawn in each step of the process. These challenges are overcome by the adoption of MBE, which offers the capability to reuse project information and processes between projects although each project is considered to be unique.

Europe is showing significant growth in the adoption of MBE due to strong technical expertise and substantial revenue of various industries. The region is one of the initial adopters of MBE. European countries that contribute to the MBE market and covered in this report include France, Germany, the UK, and Rest of Europe. The market in Rest of Europe has been further classified into Spain, Netherlands, Norway, Italy, and Sweden. The main concerns raised by European countries are data privacy and compliance with country-specific regulation, which generated demand for various 3D modeling tools, PLM solutions, ERP solutions, and so on.

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Model Based Enterprise Market worth $27.1 billion by 2029 at a CAGR of 14.9%