The overall model based enterprise (MBE) is expected to grow from $ 8.1 billion in 2018 to $ 21.3 billion by 2023, growing at a CAGR of 21.17%. Majortechnology-based growth and development, evolution of software capabilities, and rising adoption of IoT and cloud-based platforms. A few key players offer cloud-based model based enterprise solutions to enhance business models of a variety of companies and increase the competitiveness in the market. For instance, in December 2015, Anark Corporation, a leading provider of automated MBE, MBEWeb launched. It is a customer-hosted software system using Windows or Linux servers using the cloud platform components. This product provides technical engineering and manufacturing solutions for the enterprise.

The model based on enterprise market based on services and services. Solutions include designing, processing, and management software. Software ecosystems are rapidly evolving with the availability of MBE solutions, along with enhanced capabilities and improved interoperability in best-in-class NX, Creo, and CATIA. New capabilities of software help companies to provide less expensive offerings. The software used in MBE provides comprehensive service provisioning, monitoring, and troubleshooting capabilities. The segment includes product management and software planning, and virtualization software with validation, processing, intelligence, and networking capabilities.

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Model based enterprise (MBE) solutions can be offered using either on-premise or cloud platform, on business requirements and infrastructure of an organization. The market for cloud-based MBE solutions is expected to grow at the highest rate in the coming years. One of the major advantages of cloud-based deployment is that it helps enterprises in understanding the real-time condition of an asset from a remote location.

The aerospace & defense industry is likely to dominate the model based on enterprise market in the coming years. Aircraft manufacturers and customers are increasingly involved in the product lifecycle and are continually investing in new technologies to further enhance their business. Hence, aerospace & defense is considered as a high-growth potential industry in the MBE market.

Emerging countries of APAC, including China and India, are witnessing dynamic changes in the adoption of new technologies and advancements in the manufacturing sector. Also, huge government initiatives for infrastructure infrastructure have been made. These factors lead to the highest growth rate of APAC in the model based enterprise market.

The region is highly focused on adopting new technologies in almost every business sector and is more technologically innovative, cost-effective solutions. Various countries are slowly adopting MBE solutions, economic globalization, and the need to reduce the capital expenditure factors APAC countries to implement MBE solutions. For instance, in October 2015, Infineon Technologies AG (Germany) announced the setup of a smart factory in Wuxi (China) to accelerate the Made in China initiative. As part of this establishment, Infineon has announced to invest approximately USD 300 million in building a smart factory, primarily focusing on manufacturing smart devices and IoT-based equipment.

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