Digital Manufacturing Software Market
The market research is offered along with information related to key drivers, restraints, and opportunities.
PORTLAND, PORTLAND, OR, UNITED STATES, January 12, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, the digital manufacturing software market was valued at $6.9 billion in 2022, and is estimated to reach $33.7 billion by 2032, growing at a CAGR of 17.4% from 2023 to 2032.
Digital manufacturing is the application of computer systems to manufacturing services, supply chains, products, and processes. Digital manufacturing technologies link systems and processes across all areas of production to create an integrated approach to manufacturing, from design to production and on to the servicing of the final products.
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Industrial machinery refers to equipment, machines, and tools that are used in the manufacturing, processing, and production of goods in different industries. Industrial machinery can be categorized into various types, such as material handling equipment, industrial robots, packaging machinery, machine tools, and printing equipment. These machines and equipment are designed to increase productivity, efficiency, and accuracy in production processes, leading to cost savings and improved quality of goods.
The digital manufacturing software market has been growing steadily over the years, driven by the demand for automation and the modernization of production processes. The market growth is also fueled by the growth of the manufacturing sector, especially in developing countries. The market growth of digital manufacturing software is also being driven by technological advancements in the industry. With the growth in demand for digital manufacturing software solutions, various companies have established partnership strategies to increase their offerings in digital solutions. For instance, In November 2023, Ansys partnered with Materialise, a global leader in 3D printing software and service solutions to deliver integrated digital solutions to help overcome workflow challenges in the AM industry. The partnership will seamlessly integrate Ansys Additive Suite into Materialise's data and build preparation tool, Magics. Thus, such strategies drive market growth.
Integration of advanced technologies such as service provider-based multicast live streaming, web based unicast only live and VoD streaming, and web-based multicast live and unicast video on demand (VoD) streaming is helping industries to improve various aspects of a company such as perception, information, over-the-top video content, and information about the businesses, which, in turn, is driving the growth of the market.
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Content providers are offering triple-play services, which allow users to experience broadband, telephone, and TV services on a single line. These digital manufacturing software providers are also offering mobility to customers along with triple-play services, to increase the market growth of digital manufacturing software as against satellite TV and cable TV. This, in turn, allows customers to utilize digital manufacturing software services for a multi-viewing experience. For instance, in July 2020, Orange Romania, a subsidiary of Orange SA, introduced the TV Go box. Therefore, advertisers are carefully aiming to use these services being offered by the digital manufacturing software providers, which, in turn, is expected to provide a lucrative opportunity for the growth of the global digital manufacturing software industry.
Depending on deployment, the on-premise segment holds the largest digital manufacturing software market, as it helps digital manufacturing software to improve efficiency and informatization based on the web kit layout and helps in cost management. However, the cloud segment is expected to grow at the highest rate during the forecast period, due to the increase in the adoption of cloud technologies and the global shift towards digital transformation.
Region-wise, the digital manufacturing software market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, as modern manufacturing facilities in the United States rely on new technologies and innovations to produce higher quality products at a significant rate with lower costs. However, Asia-Pacific is expected to witness significant growth during the forecast period, the growth of the market is attributed to a rise in industrial activities in the region.
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The digital manufacturing software market has witnessed stable growth during the COVID-19 pandemic, owing to increase in preference for video-on-demand (VoD) service, which is a key factor driving the growth of the digital manufacturing software market. In addition, the COVID-19 pandemic resulted in changes in model performance, as more continuous monitoring and validation are required to mitigate several types of risks, as compared to static validation and testing methods, which, in turn, drive the development of advanced IP multicasting with internet group management. In addition, with rapid digital transformation, various governments have introduced stringent regulations to protect end users' data such as the General Data Protection Regulation (GDPR), Digital Economy Act, and the California Consumer Privacy Act (CCPA).
Thus, governments in various countries have taken strict actions toward Illegal digital manufacturing software users and service providers, real-time messaging protocol and hypertext transfer protocol technology help to maintain persistent connections and allow low-latency communication to send as much data as feasible while maintaining seamless stream delivery However, the COVID-19 pandemic has made it harder for larger companies to keep pace, and even more difficult for midsize and smaller industries to adopt technologies, owing to long development timelines and high investment requirements.
The report delves into recent significant developments in the Digital Manufacturing Market, highlighting leading vendors and their innovative profiles. These include Aras Corporation, Autodesk Inc, Capgemini SE, Centric Software, Inc., Cogiscan Inc, Dassault Systèmes SE, Dreamztech Solutions Inc., DXC Technology Company, EOS GmbH, FMC Digital Manufacturing, Krontime SL, Mentor Graphics Corporation, Parametric Technology Corporation Inc, Romax Technology, SAP SE, Siemens PLM Software, Tata Technologies Limited, and Xerox Holdings Corporation.
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