Digital Manufacturing Market Forecasts to 2030 – Global Analysis By Component (Hardware, Software, Services, and Other Components), Product (Cloud-based design and manufacturing, and On demand), Process Type, Technology, Application and By Geography

Digital Manufacturing Market Forecasts to 2030 – Global Analysis By Component (Hardware, Software, Services, and Other Components), Product (Cloud-based design and manufacturing, and On demand), Process Type, Technology, Application and By Geography

According to Stratistics MRC, the Global Digital Manufacturing Market is accounted for $400.38 billion in 2023 and is expected to reach $1267.87 billion by 2030 growing at a CAGR of 17.9% during the forecast period. The process of developing products virtually as digital prototypes with the use of Computer-Aided Design (CAD) software is known as ""digital manufacturing."" Digital systems and cutting-edge technology are used in digital manufacturing to manufacture goods and products. It includes a number of specialised tools and technologies, which includes computer-aided design (CAD), computer-aided manufacturing (CAM), and three-dimensional (3D) printing, which can design, develop, and create items more quickly and effectively.

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.

Market Dynamics

Driver

Increasing in implemention of digital manufacturing

Digital manufacturing is helping to validate robotics and automation programmes, aiding in the acceleration of the factory manufacturing process, assisting in the implementation of Six Sigma and other lean operation management, making the production process easier, helping to smoothen the flow of product and plant information during modifications without losing consistency in product design, machining and tooling information, and 3D information of the product that can be viewed at the same time. Therefore, during the forecasting period, these factors will have a favourable effect on the expansion of the worldwide Digital Manufacturing Market.

Restraint

High cost of implementation and complexity of processes

The electronics industry is quickly embracing and integrating modern innovations to improve operational effectiveness and lower overall development costs.From product and process design through customer feedback, Digital Manufacturing has evolved into a crucial component of the overall design and development system. Meanwhile, the significant initial expenditure required for the Digital Manufacturing and communication infrastructure. A comprehensive list of business requirements must be defined as part of the costly process of deploying Digital Manufacturing software. Thus, the high cost of implementation and complexity of processes will negatively impact the growth of the global market during the forecast period.

Opportunity

Rising use of product lifecycle management

The market's expansion is primarily being driven by the new trend of digitalization and the rising use of product lifecycle management (PLM) systems. A cloud-based digital manufacturing solution known as product lifecycle management assists in managing complicated product information, manufacturing workflows, product engineering, and collaborations while affording authorities flexibility.

Threat

Increasing Security Threats in Connected Devices

Most third-party-businesses engaged in business operations maintain the information-technology systems and networks. Robotics and IoT-connected devices that process and maintain data are vulnerable to coordinated and targeted cyber attacks. The security and integrity of data are at risk because of this. Additionally, these cyber-attacks harm consumers' reputations in addition to their information, which could result in fines, legal action from the government, and litigation with other parties. Such Flaws pose a serious risk to IoT Implementation, particularly in the manufacturing-production-sector. Therefore, the expansion of the digital manufacturing market is constrained by the growing security risks in linked devices.

Covid-19 Impact

The COVID-19 epidemic had a mixed impact on the development of the digital manufacturing sector because of the widespread adoption of advances in technology that made it possible for projects to continue in a virtual and digital environment, even when participants was unable to gather. The pandemic has compelled manufacturers to create safer and more efficient methods to run their businesses. On the other hand, because of the lockdown, there was less production activity, which hampered the market.

The robotics segment is expected to be the largest during the forecast period

The robotics segment is expected to be the largest during the forecast period. Robotics assists a manufacturing site's operational vehicles to connect to one another. It provides every day information on Fabrication, manufacturing processes, weak points, equipment outages, and impending tasks, reducing vehicle downtime and maximising vehicle productivity with the least amount of fuel consumption. Additionally, this involves planned maintenance that prevents project delays brought through inadequate service and unavoidable breakdowns. Acquisitions are being made by major organisations like Siemens AG and Aras Corporation, in order to expand their product lines of robots for the manufacturing sector.

The 3D Printing segment is expected to have the highest CAGR during the forecast period

The 3D Printing segment is expected to have the highest CAGR during the forecast period. The market for 3D designing printing is driven by an increase in demand for customised products. 3D-Printers are employed in the precise manufacturing processes of the complicated construction. The market is growing as a result of the expanding infrastructure development in numerous nations. In addition, the 3D-Printing-Technologie aids in reducing time and waste during product manufacturing and minimising the expenses associated with the manufacturing process. It is preferable to older technology, which has expensive labour requirements. The market for digital manufacturing is driven by several industrial businesses' increased use of 3D-Printing Technology.

Region with largest share

The Asia-Pacific region is expected to have the largest share during the forecast period, owing to the rising urbanisation and rapid technological usage. Developing countries with robust manufacturing sectors include Vietnam, Myanmar, Thailand, the Philippines, and Thailand. Urbanisation also increases the number of renovation and building projects, which is anticipated to grow the demolition sector. Therefore, it is projected that the adoption of automation and robotics will lead to market expansion.

Region with highest CAGR

The Europe region is expected to have the highest CAGR during the forecast period. The use of digital technology in manufacturing-related operations is encouraged by the European Union's major focus on fostering digitalization and innovation in the fields of IoT, Big Data, Edge Computing, and other technologies to transform the economic value chain. For instance, in June 2020, the drone company Parrot unveiled the new drone ANAFI USA, which can be used for 3D manufacturing mapping and aerial surveying.

Key players in the market

Some of the key players in Digital Manufacturing market include Autodesk Inc., BobCAD-CAM Inc., Dassault Systemes SE, HCL Technologies Ltd., Makino Inc., PTC Inc., Tebis Technische Informationssysteme AG, CNC Software LLC, MecSoft Corp., Bentley Systems Inc., CAD Schroer GmbH, Graebert GmbH, Hexagon AB, NTT DATA Corp., Siemens AG, SolidCAM GmbH, ZWSOFTA Co. Ltd., OPEN MIND Technologies AG and Makino Inc.

Key Developments

In August 2023, TCS launches neural manufacturing solutions on Microsoft Cloud. The cloud combines various Microsoft technologies, linked by a common data model to build resiliency and sustainability through operational visibility, data integration, and digital collaboration.

In July 2023, TCS partners Microsoft for generative AI solutions. Tata Consultancy Services has deepened its partnership with Microsoft by announcing plans to significantly scale its Azure Open AI expertise, and launching its new Generative AI Enterprise Adoption offering on Microsoft Cloud to help customers jumpstart their generative AI journey.

Components Covered
• Hardware
• Software
• Services
• Other Components

Products Covered
• Cloud-Based Design and Manufacturing
• On Demand

Process Types Covered
• Computer-Based Designing
• Computer 3D Visualization
• Computer-Based Simulation
• Analytics
• Other Process Types

Technologies Covered
• Robotics
• Internet of Things (IoT)
• 3D Printing
• Other Technologies

Applications Covered
• Automotive and Transportation
• Consumer Electronics
• Aerospace and Defense
• Industrial Machinery
• Utilities and Processes
• Hi-tech Electronics
• Assembly Sequencing
• Factory Layout
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements Show more