Model-driven development (MDE) is a software development approach that uses abstract models of software systems to systematically transform them into concrete implementations. This paper provides an overview of current research in MDE and discusses the major challenges in realizing the MDE vision. The authors argue that full realization of the MDE vision may not be possible in the near to medium-term due to the complexity of the problems involved. However, attempting to realize the vision will provide insights that can significantly reduce the gap between evolving software complexity and the technologies used to manage complexity. The paper discusses the challenges of bridging the gap between the problem domain and the software implementation domain. This gap is often addressed through the use of models that describe complex systems at multiple levels of abstraction and from various perspectives, along with automated support for transforming and analyzing models. In the MDE vision, models are the primary artifacts of development, and developers rely on computer-based technologies to transform models into running systems. The paper also discusses the challenges associated with developing MDE technologies that automate significant portions of the software lifecycle. These challenges include the abstraction challenge, the formality challenge, and the challenges of modeling languages, separation of concerns, and model manipulation and management. The authors also discuss the relationship between MDE and other areas of software engineering research, such as formal methods, systematic reuse, and systematic software testing. The paper highlights the importance of industrial participation in MDE research and the need for technologies that developers can use to generate domain-specific software development environments. It also discusses the challenges of developing formal modeling languages and the need for rigorous assessment of model quality. The authors conclude that MDE research is a complex and challenging area that requires a multidisciplinary approach and significant investment in research and development.Model-driven development (MDE) is a software development approach that uses abstract models of software systems to systematically transform them into concrete implementations. This paper provides an overview of current research in MDE and discusses the major challenges in realizing the MDE vision. The authors argue that full realization of the MDE vision may not be possible in the near to medium-term due to the complexity of the problems involved. However, attempting to realize the vision will provide insights that can significantly reduce the gap between evolving software complexity and the technologies used to manage complexity. The paper discusses the challenges of bridging the gap between the problem domain and the software implementation domain. This gap is often addressed through the use of models that describe complex systems at multiple levels of abstraction and from various perspectives, along with automated support for transforming and analyzing models. In the MDE vision, models are the primary artifacts of development, and developers rely on computer-based technologies to transform models into running systems. The paper also discusses the challenges associated with developing MDE technologies that automate significant portions of the software lifecycle. These challenges include the abstraction challenge, the formality challenge, and the challenges of modeling languages, separation of concerns, and model manipulation and management. The authors also discuss the relationship between MDE and other areas of software engineering research, such as formal methods, systematic reuse, and systematic software testing. The paper highlights the importance of industrial participation in MDE research and the need for technologies that developers can use to generate domain-specific software development environments. It also discusses the challenges of developing formal modeling languages and the need for rigorous assessment of model quality. The authors conclude that MDE research is a complex and challenging area that requires a multidisciplinary approach and significant investment in research and development.