Model-Based Enterprises Market to Reach USD 32.1 Billion by 2030 with 15.0% CAGR

NEW YORK - Aug. 27, 2024 - PRLog -- According to P&S Intelligence, the market for model-based enterprises (MBEs) is projected to generate USD 13.9 billion in revenue in 2024 and is predicted to grow at a CAGR of 15.0% from 2024 to 2030, reaching USD 32.1 billion. The primary drivers of this market's expansion are the changing demands and difficulties faced by businesses in meeting client expectations, which push them to accept new strategies and technological advancements to increase productivity and efficiency. The market is also driven by the expansion of high-quality industries, including aerospace and automotive, that must adhere to strict government safety regulations, as well as by consumers' growing awareness of improved products.

With its digital 3D models that offer information and a visual depiction of every step of a product's lifespan, the MBE technique is applied from manufacture to delivery. Adopting this approach will increase teamwork, reduce errors, improve traceability, and improve the accuracy of product data.

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Key Insights

• As Industry 4.0 continues to gain traction globally, manufacturers are actively devising strategies to integrate its guiding principles and gain long-term benefits. A key component of creating smart manufacturing is implementing the MBE approach.
• Developing smarter, more sustainable, and more efficient manufacturing and product development processes can emerge from this integration, which can lead to change in industries.
• The IoT adoption makes it easier to integrate developing technologies and provides large volumes of data for a variety of operational activities. This makes it possible to improve manufacturing, product development, and overall operational performance.
• The current procedures, processes, and work practices need to be modified in order to transition from traditional drawing methods to MBE.
• This involves modifying the company's practices and culture, which makes MBE implementation more difficult.
• The design category will hold 40.0% of the market share, which is the largest.
• Traditional 2D engineering drawings are mostly replaced by 3D computer-aided design (CAD) models as the source of all additional information throughout the product lifecycle.
• By 2024, North America will have the largest market share, at 45%. This is because the U.S. generally implements advanced technologies first worldwide.
• Some important aspects contributing to the growth of this market include the well-established aerospace sector, strong technological foundations, supporting laws, and strict product quality requirements.
• Prominent firms that provide MBE solutions that are easily integrated into industry 4.0 processes are based in this region, such as Autodesk, GE, and PTC.