Ongoing expansion of manufacturing activities propelling the demand for model-based manufacturing technologies
DUBAI, U.A.E, June 30, 2021 /PRNewswire/ — As per a report by Future Market Insights (FMI), the global model-based manufacturing technologies market is projected to grow at a robust CAGR of 8.2% over the forecast period 2021-2031 in comparison to the growth at a CAGR of 6.5% registered during 2016 to 2020.
Increasing adoption of advanced model-based technologies such as enterprise resource planning (ERP), manufacturing execution systems (MES), product lifecycle management (PLM) software, material requirement planning (MRP), and other for numerous applications within the manufacturing industry are driving the market.
Some of the industries are capitalizing on the strength of cloud-based ERP solutions by implementing them in various verticals such as aerospace, automotive, and oil & gas. For instance, a leading enterprise software providing company ePROMIS Solutions Inc. offers customized ERP solutions in various verticals such as manufacturing, healthcare, transportation, automobile, and others. The increase in use of ERP across these verticals is anticipated to spur the market growth.
However, the coronavirus outbreak has negatively impacted the market for model-based manufacturing technologies. The epidemic has resulted caused several manufacturing units across the world to stay shuttered. It also disrupted the supply chain due to the lockdown imposed in various countries. Nevertheless, the reopening of manufacturing facilities is estimated to help the market recover from the effect.
«Emerging solution vendors operating are aiming at expanding their technological delivery centers across the globe, to expand their revenue share and market reach,» says the FMI analyst.
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- The U.S. is leading the global model-based manufacturing technologies market and is anticipated to account for around 82% of the market share in North America in 2021.
- Driven by the presence of modern manufacturing industries and the development of information technology, the market in the U.K. is likely to grow at a CAGR of 10% over the forecast period.
- South Africa is expected to project a rapid growth at a CAGR of robust 10.8% within the Middle East & Africa (MEA) region, favored by the decline in inventory costs and rise in plant productivity.
- Owing to the initiatives taken by the Indian government, the market in India is estimated to account for around 39% of sales in the South Asia and Pacific region.
- ERP manufacturing software is predicted to dominate the segment with around 27% of the market share in the year 2021.
- Increasing adoption of advanced technologies such as ERP, CAD, and others in the manufacturing sector will propel the demand for the model-based manufacturing technologies market.
- Wide range of applications in design and manufacturing processes will drive market growth.
- Continuous optimization of manufacturing processes will spur the growth of the market.
- High investment costs is hampering the growth of the model-based manufacturing technologies market.
- The outbreak of COVID-19 is a factor posing a challenge for the market growth.
Discover more about the model-based manufacturing technologies market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-1575
Key players operating in the model-based manufacturing technologies market are engaging in strategic partnerships and collaborations with other technology vendors to strengthen their footprint and expand their manufacturing capabilities. For instance,
- SAP SE announced the acquisition of Signavio, one of the leading vendor of business process Management software in March 2021. The acquisition assisted SAP SE to enhance its business process intelligence portfolio.
- In April 2021, Siemens Digital Industries Software and SAP collaborated with each other to deliver new solutions for the asset and service lifecycle.
Some of the leading companies operating in the market profiled by FMI are:
- Oracle Corporation
- SAP SE
- Dassault Systèmes
- Honeywell International, Inc.
- Siemens Digital Industries Software
- Rockwell Automation, Inc.
- Autodesk, Inc.
- Aspen Technology, Inc.
- iBASEt Inc.
- Schneider Electric
- General Electric
- Sepasoft, Inc.
- Hexagon AB
More Insights on FMI’s Model-Based Manufacturing Technologies Market
The latest market study on global model-based manufacturing technologies market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of various criteria. These include:
- Manufacturing Execution Systems (MES) Software
- Material Requirements Planning (MRP) Software
- Product Lifecycle Management (PLM) Software
- CAD/CAM Software
- Manufacturing ERP Software
- Professional Services
- System Integration & Implementation
- Security Consulting
- Support & Maintenance
- Managed Services
By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- Electronics and Semiconductors
- Aerospace and Defense
- Oil & Gas
- Healthcare & Pharmaceuticals
- Food & Beverages
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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