The 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%. Major factors driving the growth of the said market are wide-ranging applications of digital technologies in design and manufacturing, evolving software capabilities, and rising adoption of IoT and cloud-based platforms.
The model based enterprise market is dominated by several established players, such as 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). Partnerships, collaborations, acquisitions, and product launches are among a few major strategies adopted by market players to grow in the market, as well as to expand their global presence and increase their market share.
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Dassault Systèmes strongly focuses on investments in research and development and targets acquisitions. This allows the company to deepen and broaden its product and service offerings, as well as to innovate new products that can serve other target domains and industries. The company has been adopting both organic and inorganic growth strategies such as acquisitions and product launches to expand its portfolio of digital tools that support end-to-end industrial processes. For instance, in June 2018, the company acquired No Magic, Inc., a model-based systems engineering (MBSE) software provider headquartered in Allen. This acquisition would strengthen Dassault Systèmes’ industry solution experiences based on the 3DEXPERIENCE platform by generalizing systems engineering for developing the smart and autonomous experiences that are digitally connecting products, nature, and life in the physical world.
PTC is one of the leading providers of computer software and services. The company offers a wide range of innovative products, such as computer-aided design (CAD) modeling software, PLM, and service lifecycle management (SLM) solutions. Various manufacturers use these solutions to create, operate, and service their products. The company also offers a suite of IoT solutions that enable a secure connection with smart devices, management and analysis of data, and quick creation of an application to its customers. For instance, in May 2017, PTC and ANSYS, Inc. (US) partnered to allow integration of ThingWorx into ANSYS simulation models. Thus, the combination of the ThingWorx platform capabilities with ANSYS simulation models is expected to enable companies to deploy powerful applications that can analyze current operating conditions, rapidly identify and diagnose operations issues, predict future operating conditions, and improve product performance.
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
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