Authored By: Sarah
13 Aug 2024

 Digital Manufacturing Market Size to grow by USD 69957.7 million between 2024-2028

According to a research report “ Digital Manufacturing Market” by End-user (Aerospace and defense, Automotive, Electrical and electronics, Others) Revenue Stream (Software, Services) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 69957.7 million, at a CAGR of 15.66% during the forecast period. The digital manufacturing market is experiencing significant growth, driven by the integration of advanced technologies such as Industry 4.0, IoT, and AI. This transformation enables increased efficiency, flexibility, and productivity in manufacturing processes. Companies are investing in digital solutions to streamline operations, reduce costs, and improve product quality. The market is projected to reach substantial growth in the coming years, with a focus on smart factories and real-time data analytics..

Browse market data tables, figures, and in-depth TOC on “Digital Manufacturing Market” by End-user (Aerospace and defense, Automotive, Electrical and electronics, Others) Revenue Stream (Software, Services) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

By End-user, the Aerospace and defense segment is projected to dominate the market size in 2024

The aerospace and defense industry is undergoing significant transformations due to technological advancements, with digitalization being a key driver. This has led to the implementation of Industry 4.0 and Digital Manufacturing (DM) in the sector, benefiting both original equipment manufacturers and small suppliers. DM enables greater agility, data utilization, on-demand production, and reduced discovery and prototyping times, addressing the increasing demand for new aircraft. Furthermore, the adoption of DM is expected to mitigate recruitment and retention challenges, leading to an increased demand for electrical and software engineering expertise.

By Revenue Stream, Software  segment is expected to hold the largest market size for the year 2024

In the global Digital Manufacturing (DM) market, the software segment held the largest market share in 2022. Digital manufacturing is the process of transforming physical goods and tangible services into digital twins, which are exact replicas of the physical product. This digitalization, a key component of Industry 4.0, aims to enhance competitiveness by reducing production costs, improving product quality, and increasing production scalability. Manufacturers are increasingly adopting Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) software for prototype and finished product design and manufacture. The integration of CAD and CAM systems allows operators to develop initial concepts in a matter of days instead of months, streamlining the production process.

North America is forecasted to hold the largest market size by region in 2024

The Digital Manufacturing Market is experiencing significant growth due to the integration of advanced technologies such as IoT, AI, and 3D printing. This transformation enables increased efficiency, flexibility, and agility in manufacturing processes. Companies are leveraging these technologies to optimize production, reduce costs, and improve product quality. The market is projected to reach substantial growth in the coming years, making it an attractive investment opportunity for businesses seeking to enhance their manufacturing capabilities.

The Digital Manufacturing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aras Corp.
  • Autodesk Inc.
  • AVEVA Group Plc
  • Bentley Systems Inc.
  • Capgemini Service SAS
  • Cisco Systems Inc.
  • Dassault Systemes SE
  • DREAMZTECH SOLUTIONS INC.
  • Durr AG
  • Hewlett Packard Enterprise Co.
  • Intel Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • PTC Inc.
  • QAD Inc.
  • SAP SE
  • Siemens AG
  • Tata Consultancy Services Ltd.
  • TXT eSolutions Spa
  • XenonStack
.

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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

Digital Manufacturing Market: Streamlining Production Processes with Industry 4.0 The Digital Manufacturing Market is experiencing significant growth as industries seek to streamline production processes and gain real-time manufacturing visibility through the implementation of Industry 4.0 technologies. Traditional manufacturing processes such as lathing, milling, and CNC cutting are being automated and integrated with cloud computing and open access information to optimize production flows and factory floor layouts using 3D modelling software. Industry 4.0 technologies, including simulation, sensors, smart machines, and virtual manufacturing processes, offer numerous advantages for industries in different sectors such as defence, aerospace, and industrial use. These technologies enable critical decisions to be made in real-time, reducing costs, increasing efficiency, and decreasing inventories. Cloud-based manufacturing and virtual manufacturing processes provide access to critical information and design changes, allowing for quicker turnaround and reduced resources. The pace of innovation in digital manufacturing technologies is accelerating, with tools such as real-time feedback, reconfigurable production lines, and service life prediction becoming increasingly important for product managers and customer satisfaction. The Digital Manufacturing Market also offers advantages for engineering design, value chain management, and maintenance requirements throughout the product life cycle. By leveraging digital tools and manufacturing services, industries can optimize performance, reduce maintenance costs, and improve product quality. The integration of information technology and operations technology in digital manufacturing enables real-time feedback and control over factory processes, allowing for optimal process management and resource utilization. With the increasing importance of customer data and physical execution, digital manufacturing is transforming the manufacturing landscape and providing new opportunities for innovation and cost savings.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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