Model-based Enterprise Market Size

Model-Based Enterprise Market Analysis

The Model-based Enterprise Market size is estimated at USD 20.76 billion in 2024, and is expected to reach USD 42.51 billion by 2029, growing at a CAGR of 15.42% during the forecast period (2024-2029).

The increasing adoption of 3D technology across multiple industry verticals to cater to the increasing demand for emerging applications, varying from shape analysis to 3D modeling, has given rise to developing and adopting model-based enterprise solutions that gauge product shapes in real-time. The technology offers many opportunities to design, produce, and perform novel architectural forms, construction systems, etc. It is an innovative, faster, and more agile product development and production method.

• Diverse manufacturing industries are adopting digital technologies due to the rapidly growing capabilities of the software used, boosting market growth. With the introduction of CAD, 3D models have become the new industry standard for designing products, tooling, and manufacturing processes.

• Industry 4.0 adopted digital technologies to enhance, automate, and modernize processes. Integrating different technologies, such as 3D technologies, is prevalent, as these technologies provide exceptional benefits, especially in the discrete manufacturing sector. The consumer product manufacturing industry is transforming from mass production to an industry indicated by mass customization. The process of how products are designed and delivered needs a new level of sophistication and metric that analyzes a complex set of data for deep insights.

• Industries are witnessing increased adoption of reverse engineering for its fast-rapid prototyping abilities and accuracy associated with producing new parts. Reverse engineering requires a strong, robust image acquisition system to acquire data accurately.

• Deployment of 3D technology and solutions could enable manufacturers to achieve such objectives, boosting market growth. Most OEMs and many larger suppliers are now model-centric, where 3D models are created and used downstream. As the automotive industry transitions to the 3D environment, virtual product models offer them the opportunity to promote reuse, improve design efficiency, improve quality, and reduce cost across the enterprise.

• Some challenges the market faces are a shortage of skilled workers, data security concerns, and the initial investment costs hindering business operations. Addressing these challenges is essential for companies to fully realize the benefits of model-based enterprise and stay competitive in today's digital manufacturing landscape.

• The state of the world economy significantly shapes the demand for model-based enterprise (MBE) solutions across industries. Businesses' decisions to invest in digital transformation projects, including adopting MBE practices, are influenced by economic factors such as GDP growth, industrial production, and capital expenditure. Businesses are more inclined to devote money to innovation and efficiency improvement projects during economic expansion, which raises the need for MBE solutions.

• For instance, according to a World Bank estimate, the North American GDP, which was USD 32.32 trillion in 2023, is predicted to increase by 1.5% in 2023-24, suggesting that corporate activity and possible model-based enterprise solutions investments are projected to flourish.