Digital Transformation in Manufacturing Market Statistics
Digital transformation is a combination of traditional manufacturing processes enhanced with new advanced technologies such as cloud, industry 4.0, and internet of things (IoT). One of the biggest benefits of digital transformation is that robotics and IoTs can manufacture goods 24/7 without any human error at a reduced cost. It helps companies in quicker launch of products and generation of high revenue. Furthermore, it helps to streamline business processes, which ultimately results in more efficiency and productivity. All these benefits make industries to shift from conventional manufacturing to the digital transformation, which is expected to boost growth of the market in the future.
COVID-19 Scenario Analysis:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the digital transformation in manufacturing market in 2020.
- The healthcare and pharmaceutical sector is also expected to support the market growth during the pandemic as there is a high need for medicines across the globe and for this companies would invest in digital transformation solutions to make their manufacturing units run more efficiently and to increase productivity.
- Though governments have imposed lockdowns to contain spread of the virus, digital transformation would ensure that companies function efficiently without having people in the office or manufacturing units to following social distancing norms.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Surge in automation among various manufacturing industries and digital transformation across the globe are the major key factors that boost growth of the market. In addition, need for operations to be more agile and lean for enterprises is expected to supplement the market growth. However, lack of industry expertise and huge capital required for implementing digital transformation solutions hampers the market growth. Furthermore, rise in adoption of internet of things (IoT), artificial intelligence, and machine learning across industries is expected to provide lucrative opportunities for the global digital transformation in the manufacturing market.
The market trends for digital transformation in manufacturing market are as follows:
Improved efficiency and reduction in production costs:
Digital transformation aids to reduce production costs as robots assist in every task of a manufacturing process, such as from raw material handling to finished product packing. They are programmed to operate 24/7 and can work without any glitch or error. Furthermore, with the help of digital transformation solutions an error can be detected at a very early stage in the manufacturing process, which improves the overall efficiency and the productivity of the plant. As a result, digital transformation is expected to be a major part of manufacturing industries, which drives the market growth.
Asia-Pacific expected to lead the market:
Asia-pacific is expected to dominate the market and contribute for the largest market share during the forecast period, owing to increase in number of SMEs in the region. Vast features of digital transformation in manufacturing encourages enterprises to invest in these solutions, which fuels the market growth. In addition, countries in these regions such as India and China act as manufacturing hubs, hence companies are looking to set up manufacturing plants in the region, which is expected to support the market growth in the future. Existing companies are also changing their strategies and adopting digital transformation to streamline business process and reduce cost for their operations.
Key benefits of the report:
- This study presents analytical depiction of the global digital transformation in manufacturing market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global digital transformation in manufacturing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Digital Transformation in Manufacturing Market Report Highlights
By Deployment Model
By Organization Size
Key Market Players
VMware, Inc, SAP SE, IBM Corporation, Microsoft Corporation, Amazon Web Services, Google LLC, Citrix Systems, Inc., Oracle Corporation