The North America Digital Transformation in Manufacturing Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The North America digital transformation in manufacturing market size is estimated to reach USD 25.70 billion by 2025 and is projected to grow at a CAGR of 17.2% from 2018 to 2025, according to a new report by Million Insights. The increase in demand for digital solutions in manufacturing due to high productivity and efficiency is expected to increase the demand for digital solutions in the next few years.
Key Players:
- ABB
- Dassault Systemes
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Honeywell International, Inc.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Robert Bosch GmbH
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Growth Drivers:
Furthermore, the increasing trend of robotics and artificial intelligence in the automation industry is supporting market growth. These solutions offer real-time, smart decision-making options that are useful in industrial operations. Additionally, the IoT enables all devices to be connected at one level and also links with the supply chain. Moreover, IoT-enabled devices such as sensors provide a self-diagnostic approach in the manufacturing industry. In addition, growing investment in R&D activities is encouraging manufacturers to develop advanced sensor technologies to optimize and increase the operational efficiency of the plant or manufacturing units.
Type Outlook:
- Solution
- Analytics
- Cloud Computing
- Mobility
- Social Media
- Service
- Implementation and Integration Services
- Professional and Consulting Services
Deployment Outlook:
- Hosted
- On-premise
Country Outlook:
The growing penetration of enterprise resources planning (ERP), big data, and IoT solution in North America are expected to bolster the demand for digital solutions in the market. Moreover, the manufacturers invest in developing digital technologies to improve operational efficiency.
In North America, the government authorities also invest in R&D activities to develop data analytic solutions, advanced networks, and process control to increase productivity and efficiency of manufacturing units. In Canada, the manufacturers focus on robotics, automation, and supply chain processes. This trend is anticipated to propel the growth of the digital manufacturing industry.
Impact of COVID-19
COVID-19 pandemic is projected to accelerate the digital transformation in manufacturing industries. Coronavirus has disrupted the supply chain and production process in manufacturing facilities. Additionally, lockdown is causing a lack of workforce at manufacturing sites.
However, the companies are focusing on improving their productivity and employee engagement through initiatives such as remote working. Thus, manufacturing companies are exploring different ways of translating in-person events into digital experiences. Various digital technology solutions including artificial intelligence (AI), robotic process automation (RPA), virtual reality (VR), and IoT devices are expected to play a key role in digital transformation.
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