According to the research report titled ‘Global Model Based Enterprise Market Size, by Offering (solution and service), by Deployment Type (On-premises and Cloud), by End-use Industries (Aerospace & Defense, Automotive, Construction, Retail, Food & beverage, Electronics & Telecommunication and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global model based enterprise (MBE) market reached a valuation of USD 9.82 billion in the year 2019 and is expected to showcase a y-o-y growth rate of 21.20% between 2020 and 2027.
 

Booming manufacturing sector and increasing awareness pertaining to the benefits of MBE are prime factors propelling the expansion of global model based enterprise market. According to United Nations Statistics Division, China accounted for 28.4% share of worldwide manufacturing sector, amounting to approximately USD 4 trillion in 2018.
 

Likewise, the World Bank stated that Germany manufacturing industry was worth USD 718 billion in the year 2016, which represented 23% of the country’s total GDP and is expected to expand by 4.3% to reach USD 928.2 billion by the year 2022.
 

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For those uninitiated, machine based enterprise is basically an engineering approach aimed at simplifying the manufacturing process using a 3D model-based illustration which comprises of all the information associated with the production procedure of the product. MBE not only helps in reducing the manufacturing cost and improving efficiency, but also ensures high product quality, which in turn is driving the growth of global model based enterprise industry.
 

Inclination towards adopting cloud-based platforms and IoT (Internet of Things) is also stimulating the market dynamics. However, relatively slow transition to cloud solutions from on-premise models may arrest worldwide model based enterprise market outlook.
 

From the regional point of view, North America currently holds the largest share in worldwide model based enterprise industry and is slated to display similar growth trends in the forthcoming years, primarily due to widespread adoption of advanced technologies such as cloud-based systems and IoT.
 

On the other hand, Asia-Pacific market is estimated to record highest CAGR through 2027. Rapid digitalization in aerospace and defense sector have impelled the demand for MBE solutions, which in turn is facilitating the business scenario in Asia-Pacific.
 

The major contenders in global model based enterprise market sphere are Accenture plc, Oracle Corp., HCL Technologies Ltd., Autodesk Inc., SAP SE, Dassault Systèmes SE, General Electric Co., Siemens AG, and PTC Inc. among others.