The latest report published by IMARC Group, titled “Digital Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the market, which comprises insights on the digital manufacturing industry share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global market size reached US$ 424.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,134.3 Billion by 2028, exhibiting a growth rate (CAGR) of 16.73% during 2023-2028.
Industry Definition and Application:
Digital manufacturing refers to the use of digital technologies to optimize and enhance the entire manufacturing process, including design, prototyping, production, and distribution. It encompasses a range of technologies, such as computer-aided design (CAD), computer-aided manufacturing (CAM), additive manufacturing (3D printing), robotics, and the Internet of Things (IoT).
Digital manufacturing aims to improve efficiency, reduce costs, and increase flexibility and customization in the manufacturing industry. One of the key characteristics of digital manufacturing is the integration of data and information across the entire manufacturing lifecycle. This allows for seamless communication and collaboration between different stages of production, thus leading to improved coordination and decision-making.
Digital manufacturing also enables real-time monitoring and analysis of production processes, thereby enabling faster identification of issues and more efficient problem-solving. Key features of digital manufacturing include virtual prototyping, which allows for the creation and testing of product designs in a virtual environment before physical production begins. It also includes advanced automation and robotics, which can enhance productivity and precision.
Additionally, digital manufacturing enables mass customization, where products can be tailored to individual customer needs without compromising the efficiency. Consequently, digital manufacturing finds its application in various industries, including aerospace, automotive, electronics, consumer goods, and healthcare.
Market Trends and Drivers:
Increasing digitization and automation across industries represents one of the key factors contributing to the market growth. In line with this, digital manufacturing techniques enable cost savings by streamlining processes, reducing material waste, and optimizing production.
Moreover, automation and real-time monitoring improve operational efficiency, thus reducing production time and improving overall productivity. This is contributing to the market growth significantly. Coupled with this, digital manufacturing allows for mass customization, thus enabling companies to cater to individual customer preferences and needs, which is acting as a major growth-inducing factor.
The flexibility provided by digital manufacturing enables quick adjustments to production processes, allowing for rapid response to market demands and digital technologies facilitate precise and accurate production, thereby leading to improved product quality and reduced defects. This is propelling the market toward growth.
Moreover, digital manufacturing enhances supply chain management by enabling better coordination, communication, and real-time visibility. It also enables rapid prototyping and shorter production cycles, thus reducing time to market for new products and digital tools while enabling the complex and innovative product designs that were previously difficult to achieve using traditional manufacturing methods. This is driving the market growth.
Digital manufacturing further enables remote collaboration and communication among designers, engineers, and manufacturers, thus facilitating global partnerships, which, in turn, is contributing to the market growth.
Other factors, such as significant technological advancements, the advent of industry 4.0, and extensive research and development (R&D) activities, are creating a positive outlook for the market further across the globe.
Competitive Analysis:
The competitive landscape of the digital manufacturing market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Autodesk Inc.
- Bentley Systems
- Incorporated CAD Schroer GmbH
- Dassault Systemes S.A.
- Mentor Graphics Corporation
- Siemens Aktiengesellschaft
- PTC Inc.
Key Market Segmentation:
The report has segmented the global digital manufacturing market based on component, process type, application and region.
Breakup by Component:
- Software
- Services
Breakup by Process Type:
- Computer-Based Designing
- Computer-Based Simulation
- Computer 3D Visualization
- Analytics
- Others
Breakup by Application:
- Automation and Transportation
- Aerospace and Defense
- Consumer Electronics
- Utilities and Processes
- Industrial Machinery
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/digital-manufacturing-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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