The report forecasts the global digital manufacturing market to grow at a CAGR of 7.6% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend which is boosting market growth is the introduction of cloud-based DM software. Vendors are focusing on reducing the cost of PLM, thereby leading to the wide-spread introduction of cloud-based PLM software. Various PLM service providers are implementing PLM on the cloud for end-users. For instance, Wipro, a global information technology, consulting, and outsourcing firm, is providing cloud-based PLM services for Siemens PLM Software's solution, Teamcenter. These services help electronics and semiconductor manufacturing companies to deploy Teamcenter on the cloud through infrastructure as a service. It also helps end-users to reduce upfront costs for implementation and the TCO.
According to the report, a key growth driver is the use of DM as an essential link in manufacturing. DM is the connecting link that integrates actions of the three sections of manufacturing such as facility, production, and product design.
Further, the report states that one challenge that could restrict market growth is the threat from pirated software.