The Latin America, Middle East and Africa Model Based Enterprise Market would witness market growth of 16.9% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Model Based Enterprise Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $780.2 million by 2031. The Argentina market is showcasing a CAGR of 17.6% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 16.5% during (2024 - 2031).
The automotive industry relies on MBE for product design, manufacturing, and supply chain management. MBE enables automotive manufacturers to design and simulate vehicle components, optimize manufacturing processes, and improve supply chain coordination. By leveraging digital models throughout the product lifecycle, automotive companies can reduce time-to-market, enhance product quality, and address sustainability challenges.
Furthermore, the electronics and semiconductor industry relies on MBE for product design, prototyping, and manufacturing process optimization. MBE enables electronics manufacturers to create digital models of electronic components, simulate circuit behavior, and optimize production processes. By leveraging MBE, electronics companies can reduce time-to-market, improve product reliability, and meet the demands of rapidly evolving technology trends.
As the UAE invests in digital transformation initiatives, there is a growing need for skills development and workforce training in MBE technologies and practices. The UAE has one of the biggest data center hubs in the Middle East, and more are on the horizon, according to the International Trade Administration (ITA). By 2026, additional investments of up to $1 billion are anticipated. Between 2022 and 2027, the UAE data center sector is predicted to expand at a rate of 3.43% on average. Similarly, Saudi Arabia is known for its extensive oil reserves and ongoing investment in mega oil projects, such as exploration, drilling, production, and refining initiatives. According to the ITA, Saudi Arabia is one of the world’s top exporters of petroleum products and holds around 17% of the world’s proven petroleum reserves. The world’s second-largest proven oil reserves are found in Saudi Arabia. In 2022, Aramco’s average hydrocarbon production was 13.6 mmbpd (million barrel per day), including 11.5 mmbpd of crude oil. Saudi Aramco boasts that it produces the lowest-carbon barrel of oil in the industry and has committed to achieve net-zero emissions by 2050, outstripping the government’s 2060 net-zero target. In conclusion, the increasing digital transformation and growing regional oil sector are driving the market’s growth.
Free Valuable Insights: The Worldwide Model Based Enterprise Market is Projected 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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