The North America Model Based Enterprise Market would witness market growth of 13.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America Model Based Enterprise Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8,557.5 million by 2031. The Canada market is experiencing a CAGR of 16.2% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 15.2% during (2024 - 2031).
The applications of model based enterprise span a wide range of industries and functions, revolutionizing how organizations design, manufacture, and deliver products and services. Throughout the design and development process, MBE makes it easier to create digital models that are a reliable source of product information. MBE tools, including computer-aided design (CAD) software, are used by engineers and designers to build 3D models of parts, assemblies, and systems. These digital models enable virtual prototyping, simulation, and optimization of product designs, leading to faster time-to-market, reduced costs, and improved product quality.
Furthermore, MBE facilitates collaboration and information sharing across the supply chain, from suppliers to customers. Digital models are a common language for communicating product requirements, specifications, and changes throughout the supply chain network. This streamlines procurement, inventory management, and logistics processes, improving supply chain visibility, efficiency, and responsiveness to customer demand.
The food & beverage industry in Canada is expanding, and with it, there is a need for cutting-edge technologies to boost output, effectiveness, and product quality. According to the Government of Canada, with sales of items manufactured valued at $156.5 billion in 2022, the food and beverage processing sector was Canada’s largest manufacturing industry in production value. With a 14.1% growth from 2021 to 2022, processed food and beverage exports reached a record value of $54.3 billion, or 34.7% of the output value. With the oil industry’s expansion in Mexico, there is a growing demand for advanced technologies to optimize exploration, production, and refining processes, translating into a higher demand for MBE solutions. As per the International Trade Administration (ITA), Mexico ranks 13th globally in crude oil production, 21st in crude oil reserves, 16th in refined capacity, and 5th in logistics infrastructure in 2021. Mexico is one of the world’s top oil producers, producing 1.6 million barrels daily in 2022. Therefore, the increasing food & beverage industry and expansion of the region’s oil sector are driving the market’s growth.
Free Valuable Insights: The Model Based Enterprise Market is Predict to reach USD 34.5 Billion by 2031, at a CAGR of 14.5%
Based on Offering, the market is segmented into Solution and Services. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Vertical, the market is segmented into Aerospace, Electronics & Telecommunications, Construction, Healthcare & Lifesciences, Food & Beverages, Marine, Oil & Gas, Automotive and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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