According to the latest report by IMARC Group, titled “Digital Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global digital manufacturing market exhibited moderate growth during 2015-2020. Digital manufacturing involves the utilization of integrated, computer-based systems to improve products, processes and services. These solutions enable manufacturers to use real-time data analytics for optimizing the manufacturing process and increasing overall productivity. They also help boost efficiency, reduce commissioning costs and inventory, and provide insights and real-time visibility. As a result, their adoption is escalating across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Manufacturing Market Trends:
The increasing trend of digitization across various industries represents one of the key factors strengthening the growth of the market. Apart from this, several automotive manufacturers are incorporating digital manufacturing solutions in their assembly lines to adopt sustainable production methods and increase design capabilities. This, in confluence with the development of technologically advanced and innovative digital manufacturing tools, is impelling the market growth. These tools assist in establishing direct connectivity with the stop-floor hardware and platforms and managing data from the manufacturing execution systems. This, along with the growing utilization of the Internet of Things (IoT) and robotics to detect errors in the early stages of manufacturing, is creating a favorable market outlook. Other significant factors, including the flourishing automotive industry, and the ongoing research and development (R&D) activities in the field of production technologies, are anticipated to stimulate market growth. Looking forward, IMARC Group expects the market to expand at a CAGR of 7.3% during the forecast period (2021-2026).
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the process type, the market has been segregated into computer-based designing, computer-based simulation, computer 3D visualization, analytics, and others.
- Based on the application, the market has been segmented into automation and transportation, aerospace and defense, consumer electronics, utilities and processes, industrial machinery, and others.
- Region-wise, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Autodesk Inc., Bentley Systems, Incorporated CAD Schroer GmbH, Dassault Systemes S.A., Siemens Aktiengesellschaft, and PTC, Inc.
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