The Digital Manufacturing Market is being driven by Increased adoption of DM for improved traceability
The Digital Manufacturing Market is expected to grow at a CAGR of 15.66% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 69957.7 million. The digital manufacturing market is experiencing significant growth due to the integration of advanced technologies such as Industry 4.0, IoT, and AI. This transformation enables increased efficiency, productivity, and flexibility in manufacturing processes. Companies are investing in digital solutions to optimize production, reduce costs, and enhance customer experience. The market is projected to reach substantial value by 2025, driven by the rising demand for smart factories and Industry 4.0 initiatives.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
195 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.66% |
Market growth 2024-2028 |
USD 69957.7 million |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
14.68 |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Digital manufacturing is the integration of information technology (IT) and operations technology (OT) in factory processes to optimize production, improve product quality, and enhance customer satisfaction. This transformation involves the implementation of digital manufacturing technologies such as smart machines, sensors, and real-time feedback systems. The use of digital technologies in manufacturing leads to the creation of smart factories, where tooling and production lines are monitored and controlled in real-time. This enables predictive maintenance, reducing downtime and increasing the service life of machinery. Digital manufacturing also impacts sourcing, engineering design, and value chain management. With digital technologies, manufacturers can quickly identify and source the right resources for their needs, design products more efficiently, and manage their supply chain more effectively. Moreover, digital manufacturing technologies enable product innovation and customization, allowing manufacturers to produce final products that meet the unique requirements of each customer. The entire product life cycle, from design to servicing, is optimized through digital manufacturing, ensuring high-quality and efficient production. In conclusion, digital manufacturing is revolutionizing the manufacturing industry by integrating IT and OT, enabling real-time monitoring and control of production processes, optimizing resource utilization, and improving customer satisfaction. It is transforming manufacturing services, from engineering design to maintenance requirements, and creating new opportunities for product innovation and value creation.
The Digital Manufacturing Market falls under the expansive umbrella of the global IT software industry, encompassing organizations specializing in the creation and manufacturing of application and systems software, as well as database management solutions. The Systems Software Market segment specifically caters to businesses involved in the development and management of application software, cloud computing, data centers, hosting, IT management, mobility, networking, security, and storage solutions. Excluding home entertainment software developers, this market's size is determined by the consolidated revenue generated from the provision of all aforementioned types of systems software, including cloud-based offerings.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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