Asia-Pacific likely to emerge an innovation hub in the next decade, finds Frost & Sullivan
SANTA CLARA, Calif., July 12, 2019 /PRNewswire/ -- Industrial Internet of Things (IIoT) in discrete manufacturing is transforming the entire manufacturing value chain, with manufacturers leveraging digital technologies to streamline their production planning. The higher demand for advanced product lifecycle management (PLM) solutions and the proliferation of technologies and their applications within shop floor processes are expected to drive the $2.05 billion market toward $3.09 billion by 2022, at a compound annual growth rate of 8.5%.
"Manufacturers are actively looking to incorporate advanced technologies such as Big Data Analytics and 3D printing in their production and assembly line," said Karthik Sundaram, Program Manager, Industrial Automation & Process Control. "Furthermore, rising customer demand for reduced time to market and mass customization are prompting vendors to accelerate their manufacturing capabilities through system engineering and configuration management."
Frost & Sullivan's recent analysis, Global Digital Manufacturing Market in Discrete Industries, Forecast to 2022, examines the evolution of discrete industries and the resulting rise in opportunities for digital manufacturing. It identifies the key end-user industries and the strategies needed to succeed in them. The study covers the main regions of North America, Europe, Asia-Pacific, and Rest of the World (RoW).
For further information on this analysis, please visit: http://frost.ly/3k6
"The US manufacturing industry, especially automotive, is an enthusiastic adopter of advanced technologies such as Artificial Intelligence and Digital Twin," noted Sundaram. "Meanwhile, Asia-Pacific is positioning itself as a digital manufacturing hub on the strength of rapid urbanization, industrialization, and the economy's shift to value-added manufacturing. Countries like Singapore, Japan, Thailand, and Hong Kong are especially exhibiting high industrial growth."
PLM vendors are adopting various strategies for incorporating digital manufacturing products to remain competitive. Successful solutions providers will look to make the most of the growth opportunities offered by:
- Partnering with companies providing digital solutions and collaborating with government agencies to unlock opportunities within discrete manufacturing.
- Altering traditional pricing models so industrial manufacturers can penetrate niche markets.
- Complying with regulatory standards to leverage disruptive technologies and adopting new business models that improve efficiency and factory performance.
- Upgrading their technical capabilities to improve customer retention and foster long-term customer engagements.
Global Digital Manufacturing Market in Discrete Industries, Forecast to 2022 is part of Frost & Sullivan's global Industrial Automation & Process Control Growth Partnership Service program.
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Global Digital Manufacturing Market in Discrete Industries, Forecast to 2022
SOURCE Frost & Sullivan