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.
WILMINGTON, Del., Jan. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Manufacturing Software Marketby Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium Enterprise), and Application (Automotive & Transportation, Aerospace & Defense, Consumer Electronics, Industrial Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the digital manufacturing software market was valued for $6,941.36 million in 2022 and is estimated to reach $33,729.68 million by 2032, exhibiting a CAGR of 17.4% from 2023 to 2032.
Prime determinants of growth
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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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $6,941.36 million |
Market Size in 2032 | $33,729.68 million |
CAGR | 17.4 % |
No. of Pages in Report | 239 |
Segments covered | Component, Deployment mode, Enterprise size, Application, and Region |
Drivers | The rising use of technological advancements and industry 4.0 Increase in complexity and globalization of supply chains Growing demand for improved operational efficiency and cost reduction |
Opportunities | Increasing priority for sustainable manufacturing techniques |
Restraints | The high cost of implementation Increasing security concerns and data privacy |
The service segment to maintain its leadership status throughout the forecast period.
Based on the component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global digital manufacturing software market revenue, owing to the increasing adoption of Industry 4.0 principles, where manufacturers leverage digital technologies for automation and data-driven decision-making. However, the service segment is projected to manifest the highest CAGR of 19.2% from 2023 to 2032, owing to the growing complexity of digital manufacturing solutions and the need for specialized knowledge during implementation, which boosts the global market.
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The cloud segment to maintain its leadership status throughout the forecast period
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.
The small and medium enterprise segment to maintain its leadership status throughout the forecast period
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.
Asia-Pacific to maintain its dominance by 2032
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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Leading Market Players: -
- Autodesk Inc.
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- Rockwell Automation Inc.
- SAP SE
- Schneider Electric SE
- General Electric Co.
- Siemens AG
- IBM Corporation
The report provides a detailed analysis of these key players of the global digital manufacturing software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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