The global digital transformation in the manufacturing market was estimated to reach a valuation of US$ 491.09 billion in the year 2022. With a robust CAGR of 21.2% from 2023 to 2033, this market is anticipated to reach US$ 595.2 billion by 2023 and US$ 4.07 trillion by 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 595.2 Billion |
| Expected Market Value in 2033 | US$ 4.07 Trillion |
| Growth Rate (2023 to 2033) | 21.2% |
Manufacturing has seen a significant effect from digital transformation, which has improved safety, throughput, quality, efficiency, income, and sustainability while lowering costs to stay competitive in the market. The effects are significant, but this change is necessary to keep up with changing customer requirements and fierce rivals. Such benefits have been propelling the growth of digital transformation in the manufacturing market over the forecast period.
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Some Key Developments in Digital Transformation in Manufacturing
Companies are launching an advanced platform to hasten the adoption of robotics in factories and stores.
Principal Consultant
The digital transformation in the manufacturing market is projected to grow US$ 550 Bn by 2031, at an expected CAGR of more than 17% during the forecast period 2023 to 2033. Due to Covid-19, there is a shift from traditional to new digitalized business models and this has led to the 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 to the guidelines of Covid-19 for following social distancing. People are using online services for their essential and non-essential needs. This has resulted in 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.
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.
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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 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.
A significant rise of digital transformation technologies in the United Kingdom, 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.
The United Kingdom is expected to hold a major share as there are several initiatives taken by the 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.
Key players such as
are actively involved in offering digital transformation solutions and services in the manufacturing sector for different applications.
The report is a compilation of first-hand information, qualitative and quantitative assessments 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.
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Digital Transformation in Manufacturing Market
