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Global Digital Manufacturing Market to Exhibit 7.60% CAGR 2016-2020 owing to Rising Adoption of Cloud-based DM Systems
MarketResearchReports.Biz has announced addition of new report “Global Digital Manufacturing Market to Exhibit 7.60% CAGR 2016-2020 owing to Rising Adoption of Cloud-based DM Systems ” to its database.Recently, ManpowerGroup and the Digital Manufacturing and Design Innovation Institute (DMDII) announced their collaboration in Chicago. This new partnership is meant to map and define the roles, skills, and processes required by companies to manage advanced digital manufacturing systems. The collaboration is a part of an initiative by federal agencies to propel the growth of new-generation digital manufacturing and production capacities in the United States. This has inspired many companies to adopt new-age digital manufacturing technologies, state a new report added by MarketResearchReports.biz to its online databank.
The report, titled ‘Global Digital Manufacturing Market 2016-2020,’ states that the market will exhibit a 7.60% CAGR from 2016 to 2020. Many organizations have started using digital manufacturing (DM) as a vital link in their manufacturing procedures. This is credited to be the key factor driving the global digital manufacturing market. However, pirated digital manufacturing systems and software will always remain a threat to the leading players. Even though the growth of the market is restricted by the entry of pirated software, the introduction of cloud-based digital manufacturing software can boost the demand for digital manufacturing software and systems.
The study highlights the changing trends in the adoption of digital manufacturing software and systems. Many manufacturing organizations require product lifecycle management software to deal with product designing, manufacturing, and design engineering. The rising need to effectively manage products throughout the manufacturing process has led to the introduction of product lifecycle management software. Revenue management, increased capital efficiency, and cost reduction are the benefits that can be credited for the growing implementation of product lifecycle management software in organizations. In today’s digital era, even manufacturing procedures have gone digital. Thus, cloud-based digital manufacturing systems have gained tremendous acceptance.
Digital manufacturing finds application in the automotive industry, the electrical and electronics industry, and the aerospace and defense industry. As per the findings of the research, the rising application of digital manufacturing in developing nations is expected to propel the global market. The growing awareness about the many benefits of digital manufacturing software is expected to propel the market, predicts the analysts. However, the high switching costs of DM software and low adoption of DM software by SMEs are two of the challenges expected to hamper the global market.
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By region, the global digital manufacturing market is divided into the Americas, Europe, the Middle East and Africa, and Asia Pacific. The report also lists all leading companies operating in the global digital manufacturing market. Siemens PLM Software, Dassault Systmes, Autodesk, Mentor Graphics, PTC, CAD Schroer, Open Factory 3D, and Bentley Systems are some of the key companies listed in the report on the global digital manufacturing market.
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