Digital Transformation in Manufacturing Market
Market Insights on Digital Transformation in Manufacturing covering sales outlook, demand forecast & up-to-date key trends
Digital Transformation in Manufacturing Market : Global Industry Analysis 2016 - 2020 and Opportunity Assessment 2021 - 2031
Digital Transformation in Manufacturing Market Overview
The digital transformation in manufacturing market is projected to grow US$ 550 Bn by 2031, at an expected CAGR of more than 17% during the forecast period 2021-2031. Due to Covid-19, there is a shift from traditional to new digitalized business models and this has led to introduction of more technologically advanced products and services.
Digital transformation in manufacturing can reduce processing costs and enhance cost efficiency. Those days are gone, when manufacturing companies used to focus less on the production cost of a product and which led to high-end product costs. However, with the help of digital transformation, unnecessary costs can be reduced.
Companies across different sectors are working remotely due the guidelines of Covid-19 for following social distancing. People are using online services for their essential and non-essential needs. This has resulted into the demand for robust cloud infrastructure. As everyone is working remotely, cloud computing is playing an important role in making manufacturing processes and activities more seamless.
What is Driving Demand for Digital Transformation in Manufacturing?
Continuous advancement in technology is adding opportunities for digital transformation in manufacturing. IoT is playing an important role in manufacturing industry for improved efficiency and a reduction in production costs. This has resulted in contributing to the market growth.
Advanced data analytics is one of the major driver, which will also keep the market future robust. There are various components of the Industrial Internet or Industry 4.0 space, which are further driving the digital transformation across the manufacturing sector.
There is an increase in number of industrial robots used by organizations for eliminating the need for human drivers, this too is likely to garner demand in the global digital transformation in manufacturing market. The demand for more developments in robotics, internet of things has further led to the rise global digital transformation in manufacturing industry.
What are the Key Trends for Digital Transformation in Manufacturing?
Different industries are moving towards the application of robotics for improved efficiency and a reduction in production costs, which leads the way for growth of digital transformation in manufacturing. Robots can be programmed to operate 24*7 and this is anticipated to be a major trend driving growth of the digital transformation in manufacturing.
Robots can also be customized to perform complex functions. This significant factor is further impelling the need for digital transformation solutions. Industries are using robots for material handling to product packing, this will also keep the market future robust.
There are highly trainable and collaborative robots, which can be remotely controlled by operators. Industries are using them at mining sites and unsafe working environments, as well. This is further impelling many industries for the need of digital transformation.
With the help of robotics technology, industries can help fix mechanical issues and this can minimize the delays. This major trend also contributes to market of digital transformation in manufacturing.
United States Demand Outlook for Digital Transformation in Manufacturing
United States has majority of the key vendors of digital transformation in manufacturing sector. All the major industries like government, defense, healthcare and others are moving towards the adoption of digital transformation technologies and services, for improved efficiency.
There is an increase in adoption of robotics technology in the country and there is a large implementation for industrial robotics and process automation. This can impel the expansion of the digital transformation in manufacturing, in the United States. Further, United Sates is allowing manufacturing companies optimize their business operations with IoT-enabled manufacturing plants, which will again add growth to the market.
UK Demand Outlook for Digital Transformation in Manufacturing
Due to significant rise of the digital transformation technologies in the UK, it will attribute to the availability of more technical solutions in the upcoming years. The country is dependent on new technologies and innovations to produce higher quality products with lower costs and to achieve this goal, companies in the country are adopting intelligent solutions.
UK is expected to hold a major share as there are several initiatives taken by government to aid the transformation of the traditional manufacturing industry. The manufacturing plants with IoT technology in the country are allowing manufacturing companies to optimize their product and service innovations, supply chain and logistics management and business operations.
Who are the Key Solution Vendors in Digital Transformation in Manufacturing?
Key players such as
- Microsoft, SAP
- Dell EMC
- HCL Technologies
- Tibco software
- Alcor Solutions
- Yash Technologies
- Happiest Minds
- Aexonic Technologies
are actively involved in offering digital transformation solution and services in manufacturing sector for different applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments of Digital Transformation in Manufacturing Market
- Cloud-based MES Platform
- AI-enabled Predictive Maintenance
- Manufacturing Analytics Solution
- Threat Intelligence platform
- IIoT Platform
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
- Food & Beverages
- Pharma & Medical Devices
- Chemicals & Materials
- Paper & Pulp
- Electronics & Electricals
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa