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Recent advancements in means of data collection and utilization have stepped forward to the realization of model-based definition approaches in product and production development processes. This realization is further facilitated by the presentation of open-source standards for model-based definition including STEP AP 242 and QIF 3.0. As a result, engineers are empowered with a significant amount of data to improve the development processes, particularly the tolerancing and metrology processes. This paper evaluates the opportunities enabled in the era of tolerance analyses, particularly computer-aided tolerance analyses by model-based design approaches particularly through the utilization of STEP AP 242 and QIF 3.0 standards. The main breakthrough in these standards is the semantic representation of tolerancing data in the models. However, the existing methods of modeling and analyzing tolerance information are diverse and not all these methods can utilize the new standards in the same manner. The potential usages of the new standards in different tolerance modeling techniques are reviewed. Furthermore, the research gaps and wishes for further improvements in the tolerance analysis era through model-based definition are discussed. [ABSTRACT FROM AUTHOR]