The digital transformation in manufacturing market was valued at USD 263.93 billion in 2019 and is expected to reach USD 767.82 billion by 2025, at a CAGR of 19.48% over the forecast period 2020 - 2025.
The United States and China were the two largest geographic markets for Digital spending, delivering more than half the worldwide total in 2019.
- Definition / Scope
- Market Overview
- Key Metrics
- Market Risks
- Market Trends
- Industry Challenges
- Technology Trends
- Market Size and Forecast
- Market Outlook
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
Digital trends in manufacturing mean using new technologies like data analytics, cloud computing, and the Internet of Things (IoT) to enables manufacturers to increase productivity across their entire value chain, from design and engineering to production, sales, and service.
In concrete terms, this means faster time-to-market, greater flexibility and enhanced availability of systems on the plant floor.
Digitization can take any form with a manufacturing industry including operation and supply chain applications, software, and hardware. Factory automation and social media for marketing are just two examples of digital trend happening across manufacturing industry.
Digital transformation and automation reduce processing cost and enhance the cost efficiency in the manufacturing industry. Earlier, legacy manufacturing used to focus less on the production cost of a product, which led to high end-product cost.
However, with the rising integration of digital transformation, leading to automation has helped in reducing unnecessary cost. For instance, digital manufacturing can reduce development cycles and ascend the rate of product innovation; thus, mitigating the manufacturing cost.
Furthermore, the enhancement of a product through low-cost manufacturing also helps in the quicker launch of the product and high revenue generation.
The implementation of IoT in the manufacturing industry helps in detecting any error at an early stage, which further lessens errors and mistakes, which in turn mitigates the number of products returned to the company.
Additionally, cloud computing enables functional jobs to be operated simultaneously from multi-platforms. Also, digital marketing helps in closely engaging with the customers about the product offering.
One of the major benefits of integrating digital transformation, such as robotics and IoTs, is that the robots can work 24x7, wherein it can work without having any glitch or error.
In addition, on-demand manufacturing trend is expected to grow and the industry 4.0 is expected to help in making efficient decisions and enhance supply chain operations.
The fourth industrial revolution encompasses a wide array of technologies across the value chain, wherein it is considered as the information and automation hub.
However, the rapid adoption of automation and digital transformation in the manufacturing industry is demanding high skilled labors to handle big data and operate required machinery.