Portland,OR, July 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global digital manufacturing market generated $276.5 billion in 2020, and is estimated to garner $1,370.3 billion by 2030, witnessing a CAGR of 16.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, value chain, key segments, regional scenario, top investment pockets, and competitive landscape.
Efficient safety management and increased efficiency and productivity at manufacturing sites drive the growth of the global digital manufacturing market. However, surge in security threats in connected devices restrains the market growth. On the other hand, robotics in manufacturing and increase in awareness in emerging countries present new opportunities in the coming years.
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Covid-19 Scenario:
- Owing to lockdown measures, manufacturing facilities have been closed down partially or completely, which in turn, reduced the implementation of digital manufacturing technologies.
- The pandemic enforced manufacturers find smart and safe ways for smooth and effective operations in manufacturing industries. There has been implementation of new and innovative technologies to enable organizations continue their operations in digital and virtual environment.
- The demand from automotive, transportation, aerospace, and consumer electronics sectors reduced initially during the lockdown. However, the demand is expected to recover during the post-lockdown.
The report offers detailed segmentation of the global digital manufacturing market based on component, technology, application, and region.
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Based on component, the hardware segment accounted for the largest market share in 2020, contributing to more than two-fifths of the total share, and is projected to continue its lead position during the forecast period. However, the services segment is expected to manifest the fastest CAGR of 17.3% from 2021 to 2030.
Based on technology, the internet of things (IoT) segment contributed to the highest share in 2020, holding around three-fifths of the global digital manufacturing market, and is expected to maintain its leadership status during the forecast period. However, the 3D printing segment is estimated to portray the highest CAGR of 17.6% from 2021 to 2030.
Based on region, North America held the largest share in 2020, accounting for around two-fifths of the total market share, and is estimated to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is expected to register the fastest CAGR of 18.0% during the forecast period.
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Leading Players:
Leading players of the global digital manufacturing market analyzed in the research include Dassault Systems, Siemens AG, Tata Consultancy Services, Mentor Graphics Corporation, Autodesk Inc., SAP SE, Parametric Technology Corporation Inc., Cogiscan Inc., ARAS Corporation, and Bestplant.
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