Latest News- Digital Manufacturing Market: Aerospace and defense is expected to lead the End-user segment during 2024-2028

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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Aerospace and defense
  • Automotive
  • Electrical and electronics
  • Others
• Revenue Stream
  • Software
  • Services
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased adoption of DM for improved traceability
• DM as essential link in manufacturing
• Benefits associated with adoption of DM

However, the market also witnesses some limitations, which are as follows:

• Threat of pirated software
• Low adoption of DM among SMEs
• High cost of implementation and complexity of processes

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Market Scope in Digital Manufacturing Market Research Report

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Research Analysis Overview

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.

Market Research Overview

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
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/