Industry 4.0 Drives Global Digital Manufacturing Market Growth, Revolutionizing Production Processes

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Sep 26, 2023, 17:30 ET

DUBLIN, Sept. 26, 2023 /PRNewswire/ -- The "Digital Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global digital manufacturing market has witnessed significant growth, reaching a market size of US$ 424.7 billion in 2022. Looking ahead, the market is poised for robust expansion and is expected to reach US$ 1,134.3 billion by 2028, with a remarkable compound annual growth rate (CAGR) of 16.73% during the forecast period from 2023 to 2028.

Digital Manufacturing: Revolutionizing Production Processes

Digital manufacturing involves the creation of digital prototypes for products using Computer-Aided Design (CAD) software. These digital prototypes are often complemented by 3D visualization, simulation, analytics, and collaboration tools to streamline manufacturing processes.

Digital manufacturing solutions are widely utilized across various industries, including electronics, automotive, aerospace, and defense. They facilitate functions such as tooling, machining, assembly sequencing, and plant layout design. Furthermore, these solutions connect operators with smart machines, tools, and sensors, enabling real-time production data collection, inventory monitoring, and accurate testing.

Key Market Trends and Drivers

The growing trend of digitalization, coupled with the increasing adoption of product lifecycle management (PLM) systems, is a significant driver of market growth. PLM is a cloud-based digital manufacturing solution that assists in managing complex product information, manufacturing workflows, product engineering, and collaborations while providing remote access to authorized personnel.

The thriving automotive industry is also contributing to the positive market outlook. Automotive manufacturers are incorporating digital manufacturing solutions into their assembly lines to enhance design capabilities and adopt sustainable production methods.

Additionally, the development of advanced and innovative digital manufacturing tools is bolstering market growth. These tools offer direct connectivity with shop-floor hardware and platforms capable of managing data from both PLM and manufacturing execution systems. Other contributing factors include the implementation of the Internet of Things (IoT) and robotics for early error detection in manufacturing processes, as well as extensive research and development (R&D) in production technologies.

Market Segmentation and Regional Insights

The report provides a comprehensive analysis of key trends in each sub-segment of the global digital manufacturing market. Forecasts are available at the global, regional, and country levels from 2023 to 2028. Market segments are categorized based on component, process type, and application:

By Component:

Software
Services

By Process Type:

Computer-Based Designing
Computer-Based Simulation
Computer 3D Visualization
Analytics
Others

By Application:

Automation and Transportation
Aerospace and Defense
Consumer Electronics
Utilities and Processes
Industrial Machinery
Others

By Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

Key Players in the Market

The competitive landscape of the market includes prominent players such as Autodesk Inc., Bentley Systems, Incorporated, CAD Schroer GmbH, Dassault Systèmes S.A., Mentor Graphics Corporation, Siemens Aktiengesellschaft, and PTC Inc.

Key Questions Addressed

The report addresses crucial questions about the global digital manufacturing market:

Historical and future market performance.
Impact of COVID-19 on the market.
Key regional markets.
Market breakdown by component, process type, and application.
Stages in the industry's value chain.
Drivers and challenges in the market.
Structure of the global digital manufacturing market and key players.
Competitive landscape and level of competition in the industry.

For more information about this report visit https://www.researchandmarkets.com/r/s5287

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