Global Digital Manufacturing Market 2016-2020
About the Digital Manufacturing Market
Many manufacturing companies need product life cycle management (PLM) software because it deals with different functional levels of an organization such as product designing, design engineering, and manufacturing. The need for managing a product during the manufacturing process has led to the emergence of PLM software and services. The growing complexity of products and the increase in product portfolio across organizations has led to the demand for a system that can provide solutions to the production process across industries. The implementation of PLM in an organization provides higher revenue, reduces cost, and increases capital efficiency.
Technavio’s analysts forecast the global digital manufacturing market to grow at a CAGR of 7.6% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global digital manufacturing market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of DM software only. The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Digital Manufacturing Market 2016-2020
Technavio recognizes the following companies as the key players in the global digital manufacturing market: Siemens PLM Software, Dassault Systèmes, Autodesk, Mentor Graphics, and PTC.
Other Prominent Vendors in the market are: CAD Schroer, Open Factory 3D, and Bentley Systems.
Commenting on the report, an analyst from Technavio’s team said: “A trend which is boosting market growth is the introduction of cloud-based DM software. Vendors are focusing on reducing the cost of PLM, thereby leading to the wide-spread introduction of cloud-based PLM software. Various PLM service providers are implementing PLM on the cloud for end-users. For instance, Wipro, a global information technology, consulting, and outsourcing firm, is providing cloud-based PLM services for Siemens PLM Software's solution, Teamcenter. These services help electronics and semiconductor manufacturing companies to deploy Teamcenter on the cloud through infrastructure as a service. It also helps end-users to reduce upfront costs for implementation and the TCO.”
According to the report, a key growth driver is the use of DM as an essential link in manufacturing. DM is the connecting link that integrates actions of the three sections of manufacturing such as facility, production, and product design.
Further, the report states that one challenge that could restrict market growth is the threat from pirated software.
Siemens PLM Software, Dassault Systèmes, Autodesk, Mentor Graphics, PTC, CAD Schroer, Open Factory 3D, Bentley Systems.