Digital transformation in manufacturing is a process of using digital technologies to create new- or modify existing- business processes, culture, and customer experiences to meet changing business and market requirements in manufacturing. Industry 4.0 is the major revolution in manufacturing and is expected to transform production and reshape businesses, creating greater efficiency and better relationships between producers, suppliers, and customers.
Competition among players operating in the global manufacturing sector has increased. Cost and production efficiency is the key to penetrate the market specifically in Asia Pacific, due to price-conscious consumer behavior. The importance of offering products at competitive prices has increased across industries, with China being the world-leading manufacturer of inexpensive products. In order to efficiently manage the production, deployment of digitization in manufacturing is driving the growth of the digital transformation in manufacturing market.
In the competitive market scenario, SMEs are adopting automation in their manufacturing process. Small & medium enterprises (SMEs), specifically those in North America and Europe, are adopting digitized software within the manufacturing process. The evolution and investment in Industry 4.0 by governments is driving the growth of the digital transformation in manufacturing market.
Incorporation of digitization in the manufacturing process leads to increase in system downtime. This can hamper the global digital transformation in manufacturing market during the short-term forecast period. In several countries of Asia Pacific, production systems are not compatible with automated manufacturing process. This can increase the cost incurred to the manufacturer to deploy compatible systems in the organization.
In terms of region, the global digital transformation in manufacturing market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global digital transformation in manufacturing market during the forecast period, as adoption of multiple and advanced digital technologies by SMEs and large enterprises manufacturing units is higher in the region compared to other regions.
The COVID-19 pandemic is expected to adversely impact the global digital transformation in manufacturing market for a short-term period. This is attributable to lockdown in countries of Europe, North America, and Asia Pacific, which hold 75%–85% share of the global manufacturing industry. Major applicability of digital transformation in manufacturing highly relies on a 24 hour production process. The pandemic is projected to hamper the global digital transformation in manufacturing market for the next 1–2 years with the shutdown of manufacturing units across the globe.
Established in 1981, AspenTech is headquartered in Bedford, Massachusetts (the U.S.). It is a leading supplier of software used for optimizing asset performance. AspenTech uniquely combines the process modeling expertise with Big Data machine-learning. The company majorly provides the solution to oil & gas, chemical, engineering & construction, pharmaceutical, food, beverage, and consumer packaged goods industry
The global digital transformation in manufacturing market can be segmented based on:
Based on enterprise size, the global digital transformation in manufacturing market can be divided into:
In terms of industry, the global digital transformation in manufacturing market can be segregated into:
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