The latest report by IMARC Group, titled “Digital Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global digital manufacturing market size reached US$ 341.6 Billion in 2021. Digital manufacturing utilizes computer-based systems integrated with 3D visualization, simulation, analytics, and collaboration tools to streamline manufacturing processes and improve products, processes, and services. It enables manufacturers to collect production data, monitor inventory, facilitate accurate testing, and use real-time data analytics to optimize manufacturing processes. It helps improve efficiency, enhance overall productivity, cut commissioning costs, and offers insights and real-time visibility. It is widely used to perform factory-related functions, such as tooling, machining, assembly sequencing, and designing plant layouts. As a result, digital manufacturing finds extensive applications across numerous industries, including electronics, automotive, aerospace, and defense.
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:
Rapid digitization across various industries represents the primary factor driving market growth. Additionally, there has been widespread adoption of digital manufacturing solutions by automotive manufacturers in their assembly lines to adopt sustainable production techniques and enhance design capabilities. In line with this, the rising usage of the Internet of Things (IoT) and robotics technology to detect errors during the early manufacturing stages is another major growth-inducing factor. Besides this, the surging popularity of product lifecycle management (PLM) systems, a cloud-based digital manufacturing solution that helps manage complex product information, manufacturing workflows, and product engineering while providing remote access to the authorities, has accelerated the product adoption rate. Furthermore, the leading players are introducing innovative digital manufacturing tools that offer direct connectivity with the shop-floor hardware and platforms for managing data from PLM and manufacturing execution systems. Along with this, extensive investments in research and development (R&D) in the field of production technologies have catalyzed market growth. Other factors, including the advent of Industry 4.0, expanding automotive industry, development of artificial intelligence (AI)-based software systems, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 967.5 Billion by 2027, growing at a CAGR of 17.9% during 2022-2027.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the process type, the market has been classified into computer-based designing, computer-based simulation, computer 3D visualization, analytics, and others.
- The market has been segmented based on the application into automation and transportation, aerospace and defense, consumer electronics, utilities and processes, industrial machinery, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Autodesk Inc., Bentley Systems Incorporated, CAD Schroer GmbH, Dassault Systemes S.A., Mentor Graphics Corporation, PTC Inc., and Siemens Aktiengesellschaft.
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