Digital manufacturing software market
The consumer electronics segment is expected to experience the fastest growth in the coming years
WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 4, 2024 /EINPresswire.com/ — The global was valued at $6.9 billion in 2022, and is projected to reach $33.7 billion by 2032, growing at a CAGR of 17.4% from 2023 to 2032. The rising use of technological advancements and industry 4.0 and the increase in complexity and globalization of supply chains are boosting the growth of the global digital manufacturing software market. In addition, the growing demand for improved operational efficiency and cost reduction positively impacts the growth of the digital manufacturing software market. However, the high cost of implementation, increasing security concerns, and data privacy hamper the digital manufacturing software market growth. On the contrary, increasing priority for sustainable manufacturing techniques is expected to offer remunerative opportunities for the expansion of the digital manufacturing software market during the forecast period.
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Digital manufacturing is the application of computer systems to manufacturing services, supply chains, products, and processes. Digital manufacturing technologies link systems and processes across all areas of production to create an integrated approach to manufacturing, from design to production and on to the servicing of the final products.
Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than three-fifths of the global digital manufacturing software market revenue, owing to an increase in the adoption of on-premise deployment by most enterprises due to its high data transfer speed and security driving the market growth. However, the cloud segment is projected to manifest the highest CAGR of 18.4% from 2023 to 2032. This is attributed to the rise in adoption of cloud-based digital manufacturing software among both large and mid-sized enterprises majorly driving market growth.
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Depending on deployment, the on-premise segment holds the largest digital manufacturing software market, as it helps digital manufacturing software to improve efficiency and informatization based on the web kit layout and helps in cost management. However, the cloud segment is expected to grow at the highest rate during the forecast period, due to increase in adoption of cloud technologies and global shift towards digital transformation.
Based on enterprise size, the large enterprise segment held the highest market share in 2022, accounting for more than two-thirds of the global digital manufacturing software market revenue, owing to an increase in the adoption of integration of Industry 4.0 technologies, such as IoT and AI, to create smart and connected factories. However, the small and medium enterprise segment is projected to manifest the highest CAGR of 23.1% from 2023 to 2032, due to several factors. As digital manufacturing solutions become more affordable and accessible, SMEs are increasingly adopting them to stay competitive.
Autodesk Inc., Intel Corporation, Microsoft Corporation, SAP SE, General Electric Co., IBM Corporation, Siemens AG, Rockwell Automation Inc., Oracle Corporation, Schneider Electric SE
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Region-wise, the digital manufacturing software market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, as modern manufacturing facilities in the United States rely on new technologies and innovations to produce higher quality products at a significant rate with lower costs. However, Asia-Pacific is expected to witness significant growth during the forecast period, the growth of the market is attributed to a rise in industrial activities in the region.
Integration of advanced technologies such as service provider-based multicast live streaming, web based unicast only live and VoD streaming, and web-based multicast live and unicast video on demand (VoD) streaming is helping industries to improve various aspects of a company such as perception, information, over-the-top video content, and information about the businesses, which, in turn, is driving the growth of the market.
Content providers are offering triple-play services, which allow users to experience broadband, telephone, and TV services on a single line. These digital manufacturing software providers are also offering mobility to customers along with triple-play services, to increase the market growth of digital manufacturing software as against satellite TV and cable TV. This, in turn, allows customers to utilize digital manufacturing software services for a multi-viewing experience. For instance, in July 2020, Orange Romania, a subsidiary of Orange SA, introduced the TV Go box. Therefore, advertisers are carefully aiming to use these services being offered by the digital manufacturing software providers, which, in turn, is expected to provide a lucrative opportunity for the growth of the global digital manufacturing software industry.
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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global digital manufacturing software market revenue. This is attributed to implementation of the Internet of Things (IoT) and Artificial intelligence (AI) in the manufacturing sectors such as automotive & transportation. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.5% from 2023 to 2032 and is likely to dominate the market during the forecast period. The growth of the manufacturing industry is mainly delivered by the rise in per capita income, increasing urbanization, and the high adoption of technologies.
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David Correa
Allied Market Research
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