DUBAI, U.A.E, June 30, 2021
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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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,
Some of the leading companies operating in the market profiled by FMI are:
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:
By Enterprise Size:
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