New York, United States, July 25, 2022 (GLOBE NEWSWIRE) -- The use of digital technology, such as software and services, in manufacturing industries like automotive, aerospace, and defense is known as "digital manufacturing." Technologies like asset tracking, fleet management, and machine learning are all part of digital manufacturing. The reduction of waste in manufacturing industries has also decreased accidents and fatalities on industrial sites due to IoT, sensors, BIM software, smart wearables, and RFID monitoring. The digital manufacturing market is expanding due to remote monitoring and data collecting, which has enhanced productivity and optimized financial resources. The digital manufacturing demand is increasing due to the industrial sectors' adoption of IoT, remote monitoring, and 5G technologies.
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Efficient Safety Management on Manufacturing Sites Propels the Global Digital Manufacturing Market
According to the Occupational Safety and Health Administration (OSHA), a part of the US Department of labor, around 252,000 manufacturing industries in the US employ approximately 6.5 billion people. Fatal injuries in the manufacturing sector are higher than the national average of any other industry in the US. Manufacturing industries are prone to falls, trench collapse, repetitive motion injuries, unavailability of proper protective equipment, and scaffold collapse. Including digital technologies such as IoT and machine learning with smart wearables such as wearable sensors, smart glasses, wearable hero-skeletons, safety vests, and smart helmets enable real-time safety management on sites.
Moreover, around 83% of contractors are convinced that wearable technologies can boost site safety and thereby reduce fatal injuries on job sites, including fall prevention, which accounts for around 30% of all manufacturing injuries. Therefore, benefits associated with digital technologies such as smart monitoring of hazardous gases, fall prevention, microsleep prevention, and vital sign tracking boost demand for digital technologies in manufacturing sites, which drives the growth of the digital manufacturing market.
Underlying Market Opportunities Amid Growing Awareness in Emerging Countries
Most developing countries such as India, Brazil, and Russia are more focused on adopting new technologies such as IoT, robots, and BIM to assess knowledge about digital manufacturing industries. Rise in adoption of digital technologies in manufacturing activities, owing to features such as limited repetitive work and human error. New technologies such as 3D scanning, building information modeling, augmented reality, and drones used in construction activities drive the growth of the digital manufacturing market. The rise in government initiatives such as smart advanced manufacturing and rapid transformation hub (SAMARTH), Udyog Bharat 4.0 in India to keep the competition fuels the market's growth.
Report Scope:
| Report Metric | Details |
| Market Size | USD 1,370 Billion by 2030 |
| CAGR | 16.5% (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Application, and Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Dassault Systems, Siemens AG, Autodesk Inc, Tata Consultancy Services, Mentor Graphics Corporation, Parametric Technology Corporation Inc, SAP SE, ARAS Corporation, Cogiscan Inc, and Best plant. |
| Key Market Opportunities | Growing Awareness in Emerging Countries |
| Key Market Drivers | Efficient Safety Management on Manufacturing Sites |
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Regional Insights
North America holds the highest market share and is estimated to grow at a CAGR of 15.8% during the forecast period. The implementation of the Internet of Things (IoT) and Artificial intelligence (AI) in the manufacturing sectors such as automotive & transportation fuels the growth of the digital manufacturing market. Furthermore, the regional market is likely to grow rapidly with technical development. Overcoming challenges such as poor finish for 3D printing and technical expertise for material handling has also anticipated a rise in automation in the manufacturing industry in the US.
Asia-Pacific is the fastest-growing region. It has the largest manufacturing market globally. The growth of the manufacturing industry is mainly delivered by the rise in per capita income, increasing urbanization, and the high adoption of technologies. Developing nations such as Myanmar, Thailand, the Philippines, and Vietnam are highly committed to improving local infrastructure and manufacturers. In addition, urbanization boosts renovation and reconstruction projects, which, in turn, is expected to increase the demolition industry. Therefore, the use of automation and robotics is anticipated to propel the growth of the Asia-Pacific digital manufacturing market during the forecast period.
Europe is the second-largest region. It is projected to reach USD 372.7 billion by 2030, growing at a CAGR of 16.2%. The high focus of government in Europe on supporting digitization and innovation in the fields of IoT, Big data, Edge computing, and other technologies to transform the value chain promotes the use of digital technologies in manufacturing-related activities. For instance, in June 2020, Parrot, a drone manufacturer, launched a new drone ANAFI USA, which can be used for aerial surveying and 3D mapping for manufacturing purposes.
Key Highlights
- The global digital manufacturing market was valued at USD 320 billion in 2021. It is expected to reach USD 1,370 billion by 2030, growing at a CAGR of 16.5% during the forecast period (2022–2030).
- Component-wise, the global digital manufacturing market is segmented into Hardware, Software, and Services. Hardware is the highest shareholder and is estimated to grow at a CAGR of 16% during the forecast period.
- Technology-wise, the global digital manufacturing market is segmented into robotics, 3D printing, the internet of things (IoT), and others. The Internet of Things (IoT) is the highest shareholder and is estimated to grow at a CAGR of 16.2% during the forecast period.
- Application-wise, the global digital manufacturing market is segmented into Automation & Transportation, Aerospace & Defense, Consumer Electronics, Industrial Machinery, and Others. The Industrial Machinery application is the highest shareholder and is estimated to grow at a CAGR of 15.5% during the forecast period.
- Region-wise, the global digital manufacturing market has been analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America is estimated to grow at a CAGR of 15.8% during the forecast period.
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Key players in the global digital manufacturing market are
Dassault Systems,
Tata Consultancy Services
Siemens AG
Autodesk Inc
Mentor Graphics Corporation
Parametric Technology Corporation Inc
SAP SE
ARAS Corporation
Cogiscan Inc
Best plant.
Global Digital Manufacturing Market: Segmentation
By Component
- Hardware
- Software
- Services
By Technology
- Robotics
- 3D Printing
- Internet of things (IoT)
- Others
By Application
- Automation & transportation
- Aerospace & defense
- Consumer Electronics
- Industrial Machinery
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Digital Manufacturing Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Component Overview
- Introduction
- Market Size & Forecast
- Hardware
- Market Size & Forecast
- Software
- Market Size & Forecast
- Introduction
- Technology Overview
- Introduction
- Market Size & Forecast
- Robotics
- Market Size & Forecast
- 3D Printing
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Component
- By Technology
- Canada
- By Component
- By Technology
- Mexico
- By Component
- By Technology
- Latin America
- By Component
- By Technology
- Europe
- Market Size & Forecast
- Germany
- By Component
- By Technology
- France
- By Component
- By Technology
- U.K.
- By Component
- By Technology
- Italy
- By Component
- By Technology
- Spain
- By Component
- By Technology
- Rest of Europe
- By Component
- By Technology
- Asia Pacific
- Market Size & Forecast
- Japan
- By Component
- By Technology
- China
- By Component
- By Technology
- Australia
- By Component
- By Technology
- India
- By Component
- By Technology
- South Korea
- By Component
- By Technology
- Rest of Asia-Pacific
- By Component
- By Technology
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Component
- By Technology
- South Africa
- By Component
- By Technology
- Kuwait
- By Component
- By Technology
- Rest of Middle East & Africa
- By Component
- By Technology
- Introduction
- Company Profile
- Dassault Systems
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Siemens AG
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Autodesk Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Dassault Systems
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/digital-manufacturing-market/toc
Market News
- In June 2022, Tata Consultancy Services launched the TCS Servitization Engine on Oracle Cloud to help customers create subscription-first business models and provide outcome-based solutions with intelligent service capabilities. The engine offers an industry package with bundled combinations of products, services, support, self-service, and a knowledge base that companies can leverage to add value to their core product offerings and robust front-end customer-facing solutions.
- In June 2022, Tata Consultancy Services was recognized as a Leader in The Forrester Wave: Robotic Process Automation Services, Q2 2022.
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