How much will the North America Digital Transformation in Manufacturing industry be worth in the Future????


The North America digital transformation in manufacturing market size is expected to reach USD 25.70 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 17.2% during the forecast period. The manufacturing industry is inclined towards deploying digital manufacturing solutions that offer greater efficiency and productivity and minimize manufacturing costs.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
Artificial Intelligence (AI) is the driving factor behind modernization of manufacturing procedures, which is being undertaken to help make smarter real-time production decisions. Integration of AI and robotics to improve productivity of manufacturing processes is a major trend that is being currently observed in the market.
Manufacturing companies in the region are shifting their focus from large-scale manufacturing to customized manufacturing. Since customers are increasingly demanding tailor-made products, manufacturing companies are making efforts to fulfill these demands in real time. In response to the growing trend, manufacturing companies are adopting Industry 4.0 standards that include cyber-physical systems to monitor processes in factories and make decentralized decisions.
Moreover, use of drones for product delivery is an emerging trend in the region. Drones are considered to be the future of last-mile delivery for consumer goods as they are cost effective and also assist in reducing delivery time. For instance, in December 2016, Amazon.com, Inc. launched the Amazon Prime Air project in the U.S., which involved use of drones for delivering products within 30 minutes.
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https://www.grandviewresearch.com/industry-analysis/north-america-digital-transformation-manufacturing-market/request/rs1
Further key findings from the report suggest:
·         The presence of a large number of key providers of digital transformation in the region is one of the key factors supporting the growth of the market
·         The solution segment is expected to account for the largest market share over the forecast period. On the other hand, the service segment is anticipated to register a CAGR of 18.3% from 2018 to 2025 owing to increasing demand for managed and professional services that offer information on new technologies introduced for production processes
·         The hosted deployment segment is expected to witness the highest growth over the forecast period. It is estimated to register a CAGR of 20.2% during the forecast period as it facilitates a virtual presence that enables organizations to access data across connected devices at any point of time
·         The large enterprise segment is expected to account for the largest market share over the forecast period and is anticipated to progress at a CAGR of 16.0% from 2018 to 2025 owing to huge investments of such enterprises in advanced technologies to cope with changing industry dynamics
·         The U.S. is anticipated to continue to dominate the market over the forecast period and is estimated to reach USD 19.53 billion by 2025 owing to increasing government initiatives for deploying digital manufacturing process in SMEs to increase production efficiency and gain a competitive edge
·         Key industry participants include ABB Ltd.; Dassault Systemes; Emerson Electric Co.; Fanuc Corporation; General Electric Company; Honeywell International, Inc.; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Robert Bosch GmbH; Schneider Electric SE; Siemens AG; and Yokogawa Electric Corporation.
The North America digital transformation in manufacturing market size was valued at USD 7.30 billion in 2017. It is anticipated to witness a CAGR of 17.2% over the forecast period. The market is expected to gain significant momentum over the coming years owing to surging demand for knowledge-based manufacturing equipment that feature simulation capabilities, advanced control, and sensing. Additionally, growing penetration of Internet of Things (IoT) and adoption of cloud platform in production processes are projected to spur the growth of the market over the forecast period.
Furthermore, IoT-enabled manufacturing plants allow manufacturing companies to optimize business operations, product and services innovation, and enhance supply chain and logistics management. Thus, manufacturers from different sectors such as industrial equipment, healthcare, defense, and electronics are seeking solutions that cater to specific needs.
Automation has been constantly evolving over the past few years, enabling manufacturers to simultaneously manage multiple tasks. Emergence of Artificial Intelligence (AI) is the major factor promoting industrial automation, where processes are restructured for smarter, real-time, and efficient decision-making in production. Growing penetration of IoT is enabling manufacturers to modernize their operations at two basic levels, namely in providing connected products and connecting supply chains.
Development of IoT-enabled sensors that provide various benefits such as digital network proficiency and self-diagnostics help the manufacturing industries to meet distinct industry requirements. Furthermore, increasing spending on research and development activities by sensor providers facilitates development of advanced sensors that meet requirements of different industrial plants.
Numerous initiatives at industry level have been promoting and advertising IoT applications and their use cases. For example, U.S. government launched a program called the National Network for Manufacturing Innovation (NNMI) that aimed to boost the adoption of advanced manufacturing technologies for manufacturing innovative products. Additionally, ecosystems of IoT solution providers, including hardware, software, and services vendors are working toward a unified and common goal of increasing awareness and adoption of IoT.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/north-america-digital-transformation-manufacturing-market-analysis
Grand View Research has segmented the North America digital transformation in manufacturing market on the basis of type, deployment, enterprise size, and country:
North America Digital Transformation in Manufacturing Type Outlook (Revenue, USD Billion, 2014 - 2025)
·         Solution
o    Analytics
o    Cloud Computing
o    Mobility
o    Social Media
o    Others
·         Service
o    Implementation and Integration Services
o    Professional and Consulting Services
North America Digital Transformation in Manufacturing Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
·         Hosted
·         On-premise
North America Digital Transformation in Manufacturing Enterprise Size Outlook (Revenue, USD Billion, 2014 - 2025)
·         Large Enterprise
·         Small & Medium Enterprise (SME)
North America Digital Transformation in Manufacturing Country Outlook (Revenue, USD Billion, 2014 - 2025)
·         U.S.
·         Canada

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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