Digital Manufacturing Software Market to Reach $33,729.68 million globally, by 2032 at 17.4% CAGR: Allied Market Research

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Jan 17, 2024, 02:07 ET

WILMINGTON, Del., Jan. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Manufacturing Software Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium Enterprise), and Application (Automotive & Transportation, Aerospace & Defense, Consumer Electronics, Industrial Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the digital manufacturing software market was valued for $6,941.36 million in 2022 and is estimated to reach $33,729.68 million by 2032, exhibiting a CAGR of 17.4% from 2023 to 2032.

Prime determinants of growth

The rising use of technological advancements and industry 4.0 and the increase in complexity and globalization of supply chains are boosting the growth of the global digital manufacturing software market. In addition, the growing demand for improved operational efficiency and cost reduction positively impacts the growth of the digital manufacturing software market. However, the high cost of implementation, increasing security concerns, and data privacy hamper the digital manufacturing software market growth. On the contrary, increasing priority for sustainable manufacturing techniques is expected to offer remunerative opportunities for the expansion of the digital manufacturing software market during the forecast period.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$6,941.36 million
Market Size in 2032	$33,729.68 million
CAGR	17.4 %
No. of Pages in Report	239
Segments covered	Component, Deployment mode, Enterprise size, Application, and Region
Drivers	The rising use of technological advancements and industry 4.0 Increase in complexity and globalization of supply chains Growing demand for improved operational efficiency and cost reduction
Opportunities	Increasing priority for sustainable manufacturing techniques
Restraints	The high cost of implementation Increasing security concerns and data privacy

The service segment to maintain its leadership status throughout the forecast period.

Based on the component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global digital manufacturing software market revenue, owing to the increasing adoption of Industry 4.0 principles, where manufacturers leverage digital technologies for automation and data-driven decision-making. However, the service segment is projected to manifest the highest CAGR of 19.2% from 2023 to 2032, owing to the growing complexity of digital manufacturing solutions and the need for specialized knowledge during implementation, which boosts the global market.

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The cloud segment to maintain its leadership status throughout the forecast period

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than three-fifths of the global digital manufacturing software market revenue, owing to an increase in the adoption of on-premise deployment by most enterprises due to its high data transfer speed and security driving the market growth. However, the cloud segment is projected to manifest the highest CAGR of 18.4% from 2023 to 2032. This is attributed to the rise in adoption of cloud-based digital manufacturing software among both large and mid-sized enterprises majorly driving market growth.

The small and medium enterprise segment to maintain its leadership status throughout the forecast period

Based on enterprise size, the large enterprise segment held the highest market share in 2022, accounting for more than two-thirds of the global digital manufacturing software market revenue, owing to an increase in the adoption of integration of Industry 4.0 technologies, such as IoT and AI, to create smart and connected factories. However, the small and medium enterprise segment is projected to manifest the highest CAGR of 23.1% from 2023 to 2032, due to several factors. As digital manufacturing solutions become more affordable and accessible, SMEs are increasingly adopting them to stay competitive.

Asia-Pacific to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global digital manufacturing software market revenue. This is attributed to implementation of the Internet of Things (IoT) and Artificial intelligence (AI) in the manufacturing sectors such as automotive & transportation. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.5% from 2023 to 2032 and is likely to dominate the market during the forecast period. The growth of the manufacturing industry is mainly delivered by the rise in per capita income, increasing urbanization, and the high adoption of technologies.

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Leading Market Players: -

Autodesk Inc.
Intel Corporation
Microsoft Corporation
Oracle Corporation
Rockwell Automation Inc.
SAP SE
Schneider Electric SE
General Electric Co.
Siemens AG
IBM Corporation

The report provides a detailed analysis of these key players of the global digital manufacturing software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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