Digital Transformation In Manufacturing Market Size (2024 - 2029)

The market size of digital transformation in manufacturing is projected to expand significantly, driven by the digitalization of the manufacturing sector impacting all aspects of operations and supply chains. IoT devices are transforming industrial processes, increasing productivity, enabling real-time monitoring and data analysis, and improving supply chain visibility. Despite the substantial initial costs, the acceleration of the sector's digital transition was expedited by the COVID-19 outbreak, as businesses sought technological solutions to improve operational effectiveness. This rapid digitization has paved the way for more integrated, efficient, and creative factories in the post-pandemic period.

Market Size of Digital Transformation In Manufacturing Industry

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Digital Transformation In Manufacturing Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 367.60 Billion
Market Size (2029) USD 876.10 Billion
CAGR (2024 - 2029) 19.40 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Digital Transformation In Manufacturing Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Digital Transformation in Manufacturing Market Analysis

The Digital Transformation In Manufacturing Market size is estimated at USD 367.60 billion in 2024, and is expected to reach USD 876.10 billion by 2029, growing at a CAGR of 19.40% during the forecast period (2024-2029).

  • The digitalization of the manufacturing sector impacts every aspect of operations and the supply chain. It begins with the design of the equipment and continues with the product design, production process development, and, finally, the monitoring and improvement of the end-user experience. Through cross-border collaboration, digital transformation is revolutionizing how manufacturers communicate and maintain product and engineering design specifications on the cloud.
  • In addition, the widespread use of Internet of Things (IoT) devices is transforming industrial processes and increasing productivity. IoT devices enable real-time monitoring, gathering, and analyzing data on various industrial processes. It enables preventative maintenance, reduces energy use, and boosts overall productivity.
  • With the help of these tools, stakeholders, systems, and machines can communicate and work together more easily, streamlining processes and decreasing downtime. By integrating IoT devices, manufacturers can improve quality control, manage inventories in real-time, and improve supply chain visibility.
  • However, there are significant up-front expenses related to digital transformation. Implementing new technologies, including IoT gadgets and automation systems, frequently necessitates large expenditures in hardware, training, software, and infrastructure, which can be financially challenging for certain businesses, impeding market expansion.
  • The COVID-19 outbreak expedited the manufacturing industry's digital transition. As supply chains and worker availability were disrupted, businesses sought technological solutions to reduce risks and improve operational effectiveness. Automation, remote monitoring, and data analytics were essential for streamlining manufacturing procedures, controlling inventory, and guaranteeing worker safety. Along with enhancing resilience and agility to facilitate real-time data analysis, remote collaboration, and predictive maintenance, manufacturers implemented cloud-based platforms, IoT gadgets, and artificial intelligence in the face of upcoming challenges. This rapid digitization also cleared the way for smarter, more integrated factories to boost efficiency and creativity in the post-pandemic period.

Digital Transformation in Manufacturing Industry Segmentation

The digital transformation market in manufacturing is defined based on the revenues generated from the technologies such as robotics, IoT, 3D printing and additive manufacturing, cybersecurity, and artificial intelligence, used globally. The analysis is based on the market insights captured through secondary research and the primaries. The market also covers the major factors impacting the market's growth in terms of drivers and restraints.

The Digital Transformation Market in Manufacturing is segmented by technology (robotics, Internet-of-Things, 3D printing & additive manufacturing, cybersecurity, and other technologies) and geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, and the rest of Europe), Asia-Pacific (China, Japan, India, and the rest of Asia Pacific), Latin America, Middle East & Africa). The market sizes and forecasts are in value (USD) for all the segments.

By Technology
Robotics
IoT
3D Printing and Additive Manufacturing
Cybersecurity
Other Technologies
By Geography
North America
United States
Canada
Europe
Germany
United kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Middle East and Africa

Digital Transformation In Manufacturing Market Size Summary

The Digital Transformation in Manufacturing Market is experiencing significant growth, driven by advancements in technology such as the Internet of Things (IoT), automation, and cloud computing. The digitalization of the manufacturing sector is revolutionizing every aspect of operations and the supply chain, from equipment design to product design, production process development, and end-user experience monitoring. However, the high upfront costs associated with implementing these new technologies can pose financial challenges for some businesses, potentially hindering market expansion. Despite these challenges, the COVID-19 pandemic has accelerated the industry's digital transition as businesses seek technological solutions to improve operational efficiency and mitigate risks. The market is expanding as IoT technology is increasingly used in manufacturing, driving the next industrial revolution of intelligent connectivity. The Internet of Things is transforming how businesses handle complex systems and machines, increasing productivity and minimizing downtime. Manufacturers worldwide are leveraging IoT technologies to optimize processes, improve productivity, and reduce costs, gaining a competitive edge in the rapidly evolving global manufacturing industry. The market's growth is expected to continue with the ongoing development of the manufacturing industry and the increasing adoption of IoT.

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Digital Transformation In Manufacturing Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Technology Snapshot

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Technology

      1. 2.1.1 Robotics

      2. 2.1.2 IoT

      3. 2.1.3 3D Printing and Additive Manufacturing

      4. 2.1.4 Cybersecurity

      5. 2.1.5 Other Technologies

    2. 2.2 By Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 United kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 Japan

        3. 2.2.3.3 India

        4. 2.2.3.4 Rest of Asia Pacific

      4. 2.2.4 Latin America

      5. 2.2.5 Middle East and Africa

Digital Transformation In Manufacturing Market Size FAQs

The Digital Transformation Market in Manufacturing Industry size is expected to reach USD 367.60 billion in 2024 and grow at a CAGR of 19.40% to reach USD 876.10 billion by 2029.

In 2024, the Digital Transformation Market in Manufacturing Industry size is expected to reach USD 367.60 billion.

Digital Transformation in Manufacturing Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)