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Model based enterprise market for services is expected to grow at faster rate
[151 Pages Report]The overall model based enterprise market is expected to reach USD 21.3 billion by 2023 from USD 8.1 billion by 2018, at a CAGR of 21.17%.
According to the new market research report on "Model Based Enterprise Market by Offering (Solutions, Services), Deployment Type (On-Premise, Cloud), Industry (Aerospace & Defense, Automotive, Construction, Retail, Power & Energy, Food & Beverages) and Geography - Global Forecast to 2023", This market is expected to reach USD 21.3 billion by 2023 from USD 8.1 billion by 2018, 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 a few key factors driving the growth of this market.
Model based enterprise market for services is expected to grow at faster 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 high requirement of services for the effective working of any software solution deployed by end users. Moreover, services are necessary to increase the efficiency of the entire process in product manufacturing. Companies such as Dassault Systèmes, Autodesk, Siemens, and PTC are a few leading service providers in the model based enterprise market.
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Aerospace & defense industry expected to hold largest share of overall model based enterprise market during forecast period
Aerospace & defense is one of the major industries investing aggressively in developing new technology solutions to anticipate and respond to changing customer requirements. To meet these demands, aerospace and defense companies adopt digital business models to accelerate product development, improve revenue generation, drive efficiency, and improve supply chain performance by managing the entire product lifecycle. MBE provides real-time design and analysis, collaborative process flow development, automated artifact creation, and full-process traceability to project participants. Hence, this industry is expected to hold the largest share of the overall model based enterprise market during the forecast period.
North America to account for largest size of overall model based enterprise market in 2018
North America is expected to continue to hold the largest size of the MBE market during the forecast period. It is one of the early adopters of MBE as most of the large MBE providing companies contributing to the growth of the market are located in this region. The market is growing steadily and has the potential to grow further in the region as several companies and a variety of industries are adopting MBE solutions and services at various product development stages to sustain in the market, increase productivity, and improve their manufacturing processes. Moreover, the increased R&D activities in the field of IoT and IIoT and escalated demand for efficient and cost-effective technologies for product manufacturing are the factors driving the MBE market growth in this region.
The report profiles the most promising players in the model based enterprise market. The competitive landscape of the market presents an interesting picture of strategies adopted by a large number of players. Siemens AG (Germany), General Electric (GE) (US), PTC, Inc. (US), Dassault Systèmes SE (France), Autodesk, Inc. (US), SAP SE (Germany), HCL Technologies Ltd. (India), Oracle Corporation (US), Aras Corporation (US), and Anark Corporation (US) are the key players in the said market.
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