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The Rise of Industry 4.0 has Created Enhanced Digitalisation, Driving Increased Manufacturing Flexibility, Speed, High Quality Control, Precise Customisation, and Improved Productivity
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In today’s competitive environment, companies are striving to use cutting-edge technology to stay ahead of the competition. Digital manufacturing is a subset of Product Lifecycle Management (PLM) and is an integrated approach to use computer technology for simulation, 3D visualization, and analytics to support manufacturing processes and improve the overall product efficiency. Digital manufacturing processes, coupled with digital manufacturing simulation, support process planning, streamlined simulation of operations, and collaborative communication. Digital manufacturing allows manufacturers to effectively plan production, thereby, decreasing production cost in a streamlined fashion.The concept of PLM has been widely accepted by manufacturers and is considered to be an important approach to product strategy. The proliferation of technologies and their applications within the shop floor processes have created a lot of excitement among the small- and medium-sized manufacturers. The global digital manufacturing market for discrete industries achieved a moderate growth of 7.48% in 2017. It is expected to grow at a CAGR of 8.04%, owing to the rapid pace of technological advancements.
The market is very competitive and in order to remain competitive, end users demand advanced manufacturing processes to minimize errors and improve product quality and lifecycle. The research aims to identify the various drivers and restraints impacting the digital manufacturing market for discrete industries. The study also provides information on key end users like automotive and transportation, aerospace and defence, heavy machinery, and hi-tech electronics and discusses opportunities for digital manufacturing in these industries. Growth opportunities and actions to capitalise on them have also been included in the study.
Companies such as Dassault Systèmes, Siemens PLM, Autodesk, and PTC dominate the digital manufacturing market in discrete industries. Their strong position in the market is attributed to diverse product portfolios, robust distribution networks, and diverse application coverage. Digital manufacturing applications are likely to increase during the forecast period, owing to companies looking for opportunities to increase profitability by decreasing lead times and improving production efficiency.
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