Increasing demand for innovating the design and manufacturing processes with evolving software capabilities is anticipated to be growth opportunity for the global MBD market
Growing prospects for digitalization of design and manufacturing processes in industries including automotive, aerospace, defense and others is boosting the global MBD market. In addition to this, the growing adoption of digital twin and digital thread is boosting the demand for model based development. As a result, the global MBD market is witnessing tremendous growth and is projected to reach close USD 30.45 billion until 2028.
The MBD offers many benefits over traditional and document oriented approach for high complex systems. Model based development like high efficiency close to 50% in development, reductions in errors faced during traditional and document based approaches, and rapid increase in maturity level of developed functions.
Model based development is a software development method based on V-cycle that enables developer to simulate the model in complex design and development processes. The model based development validates and verifies the working of embedded systems. Though the MBD market is experiencing tremendous growth it is facing several challenges like high investment costs, low resource utilization, safety requirements, lack of proper organizational structure are hampering the global MBD market growth.
Furthermore, new solutions coming up in the market for addressing above challenges, adoption of modern framework, new reporting systems, technological innovations are propelling the global MBD market. Companies are developing embedded software useful for the industries including aerospace, automotive, manufacturing, etc.
The model-based software developed by the companies are used by car manufacturers and suppliers worldwide for improving the area of mechanics, quality, and logistics area. The model based development offering several benefits is increasing its use in the engineering, automotive, and many other industries.
The Adroit Market Research attempts to offer better insights about the global MBD market. The report provides conceptual analysis, descriptive analysis of the market and discusses about the rapidly changing phases of MBD industry. The report gives detailed market insights, impact of covid on MBD market.
This report provides a holistic view of MBD market, study on segmentation, buying influencing factors. Finally it develops a model that helps market players to strategize in the market. The report gives brief description of the competitive environment detailing the key competitors, company profiles, new product launches, strategic initiatives, expansion strategies, etc. The report puts forward the major investment opportunities, challenges (near-term and long-term), and strategic recommendations to stay competitive in the global MBD market. Moreover, it evaluates the current position of the market, costs and benefits of model based development in various industries, and identification of criteria for cost optimization
The competitive landscape of the global MBD market is comprised of direct and indirect players. The companies to serve the global client base and stay ahead of the competitive landscape have invested heavily in technology innovation, up-skilling employees through conducting training programs, expansion in local and global markets, product innovation, and working effortlessly on other key areas.
Based on various approaches the MBD market is classified based on different segments. The MBD type segment is further categorised into on-premises and cloud. The on-premises segment is experiencing tremendous market growth and is expected to see substantial revenue growth due to rising on-premises model based development adoption in various industries. Key benefits offered by on-premise model based development are better control over system, better security to license and data, one-time investment, and many other benefits is boosting the global MBD market world over.
Global MBD market is segregated into a range of diverse application areas. Additionally, based on the type of MBD, global MBD market is classified into defense, medical equipment, electronics, and semiconductor besides others.
The automotive segment accounted for highest market revenue in the global MBD market due to rising digital technology adoption, growing demand for implementation of advanced design and manufacturing processes. MBD in automotive industry is offering reduction in system complexity, reduced design errors, and many other benefits over traditional models.
North America is the largest market shareholder in the global MBD market. Increasing adoption of advanced technologies, expansion of design and manufacturing processes across every industry especially in automotive, aerospace, medical equipment for advanced care, and rising investment are the key factors leading its market growth. Also,
The global model based development technology provider to the industries including engineering, aerospace, manufacturing, automotive, etc and dominating the global MBD market are Anark Corporation, Aras Corporation, Oracle Corporation, HCL Technologies, SAP SE, Autodesk, Dassault Systèmes, General Electric, and Siemens AG.
Key Segments of the Global MBD Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Electronics and Semiconductor
- Aerospace and Defence
- Medical Equipment
- Industrial Equipment
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa