The global market for digital manufacturing is expected thrive due to the nascent need for technological savviness within companies. Digital manufacturing is the process of designing a layout of the manufacturing process. This is done by integrating several tools such as 3D visualization, analytics, and simulation. The need to enhance the overall efficiency of industrial and commercial units has been at the back of market growth. Digital manufacturing is a segment of the product lifecycle management (PLM) process and analyses several aspects within the production process. A report by Transparency Market Research (TMR) elucidates several dynamics that prevail in the market and quantifies market growth with the help of various parameters. The report is titled, ‘Digital Manufacturing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024’.
The reduction of time-to-market for a product is an important concern for companies and production houses. Since digital manufactures speeds up the production efficiency, it is extensively employed by various companies. The automation and robotics setup can be validated virtually with the deployment of digital manufacturing. Moreover, the labor can be trained towards enhancing the efficiency of the processes, which is another propeller for the market. The costs incurred by the company are also reduced once digital manufacturing is employed during the production process. The dimensional variation can also be controlled under this system, thus, bolstering market growth.
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The Small- and Medium-Size Enterprises (SME) cannot afford this technology due to the heavy initial investment. This poses a major threat to the market and is a loophole that needs to be fixed. Moreover, digital manufacturing requires external partners to be made by companies. This discourages firms to take up the technology. North America and Europe have seen a rapid rise in adoption of this technology.
The leading market players include TATA Consultancy Services, Autodesk Inc., Aras Corporation,Krontime SL, Dassault Systemes, SAP SE, Mentor Graphics Corporation, Parametric Technology Corporation Inc, Siemens AG, and Cogiscan Inc.