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We expect the global digital manufacturing market to exhibit a CAGR of 7.3% during 2021-2026.
The rising penetration of digitization trends across diverse industrial verticals, along with the increasing adoption of Product Lifecycle Management (PLM) systems, is currently catalyzing the global digital manufacturing market.
The sudden outbreak of the COVID-19 pandemic has led to a significant rise in the adoption of the digital manufacturing system as it remotely connects operators with smart machines, tools and sensors to gather production data, monitor inventory in real-time, and facilitate accurate testing. This system has offered numerous benefits to the manufacturing units by maintaining their production capacities and reducing the dependence on workforce.
Based on the component, the global digital manufacturing market can be segmented into software and services. Currently, software holds the majority of the total market share.
Based on the application, the global digital manufacturing market can be categorized into automation and transportation, aerospace and defense, consumer electronics, utilities and processes, industrial machinery, and others. Among these, the automation and transportation sector accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global digital manufacturing market include Autodesk Inc., Bentley Systems, CAD Schroer GmbH, Dassault Systemes Simulia Corp., Mentor Graphics Corporation, PTC Inc., Siemens Industry Software Inc., etc.
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