The North America digital transformation in manufacturing market size was valued at USD 16.14 Billion in 2022 and is likely to reach USD 67.34 Billion by 2031, expanding at a CAGR of 17.2% during 2023 – 2031. The growth of the market is attributed to rising demand for knowledge-based manufacturing equipment that features sensing, advanced control, and simulation capabilities.
Digital transformation in manufacturing is the process of leveraging digital technology to adapt existing or develop new business culture, processes, and customer experiences in order to satisfy changing business and market demands. Industry 4.0 is a massive manufacturing revolution that is projected to alter production and reconfigure enterprises by increasing efficiency and improving interactions among producers, suppliers, and customers. The impact of COVID-19 pandemic has been positive on the digital transformation in manufacturing market due to a shift from traditional to new digitalized business models, which led to introduction of more technologically advanced products & services.
North America Digital Transformation in Manufacturing Market Trends, Drivers, Restraints, and Opportunities
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Growing implementation of the Internet of Things (IoT) and the adoption of cloud platforms in production processes is one of the key factors driving the market growth.
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Increasing number of industrial robots used by organizations for eliminating the need for human drivers is expected to boost the market growth in the coming years.
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Issues concerning to cyber-attacks presents a major restraining factor, which is anticipated to hamper the market expansion during the projected period.
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Lack of skilled personnel and expertise is likely to hinder the market growth during the forecast period.
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Rising demand for personalized digital transformation is projected to create a significant growth opportunity for the market in the near future.
Scope of North America Digital Transformation in Manufacturing Market Report
The report on the North America digital transformation in manufacturing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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North America Digital Transformation in Manufacturing Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Deployments (On-premise and Hosted), Types (Service [Professional & Consulting Services and Implementation & Integration Services] and Solution [Social Media, Cloud Computing, Analytics, Mobility, and Others]), and Enterprise Sizes (Small & Medium Enterprise and Large Enterprise)
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Geographical Scope
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The U.S. & Canada
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ABB Ltd.; General Electric Company; Dassault Systems; Emerson Electric Co.; Fanuc Corp.; Yokogawa Electric Corp.; Honeywell International, Inc.; Mitsubishi Electric Corp.; Robert Bosch GmbH; Schneider Electric SE; Siemens AG; and Rockwell Automation, Inc.
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North America Digital Transformation in Manufacturing Market Segment Insights
Hosted segment is expected to grow at a rapid pace
Based on deployments, the North America digital transformation in manufacturing market is divided into on-premise and hosted. The hosted segment is expected to grow at a rapid pace during the forecast period owing to benefits, such as easy accessibility & deployment, cost efficiency, and minimal upgrade & maintenance requirement. However, the on-premise segment is anticipated to hold a key share of the market in the coming years due to the widely preferred option of deployment among small & medium enterprises.
Digitalization to drive the solution segment growth
In terms of types, the market is bifurcated into service and solution. The service segment is further bifurcated into professional & consulting services and implementation & integration services, while the solution segment consists of social media, cloud computing, analytics, mobility, and others. The solution segment is projected to expand at a considerable CAGR during the forecast period attributed to several benefits offered by digitalization, including optimizing return on investment, reducing cost for businesses across the manufacturing sector, and improving productivity. Moreover, it can be used for predictive maintenance systems in the manufacturing sector can be utilized to reduce downtime and boost output, which is further expected to drive the segment growth.
Small & medium enterprise segment is anticipated to hold significant market share
On the basis of enterprise sizes, the North America digital transformation in manufacturing market is bifurcated into small & medium enterprise and large enterprise. The small & medium enterprise segment is anticipated to hold significant market share in the coming years owing to increasing government funding for the segment to deploy digital manufacturing solutions. On the other hand, the large enterprise segment is expected to register a considerable CAGR during the forecast period due to numerous strategic initiatives, such as mergers & acquisitions and partnerships to adopt new technologies for increasing the efficiency of production processes.
The U.S. is anticipated to constitute a key market share
In terms of geography, the North America digital transformation in manufacturing market is classified as the U.S. & Canada. The U.S. is expected to constitute a key share of the market during the projected period attributed to increasing investments in IoT, big data, and enterprise resource planning across the region. However, the market of Canada is anticipated to expand at a rapid pace during the forecast period owing to investment in R&D activities to set up process controls, advanced sensors network, and data analytics in manufacturing companies to improve productivity and energy-efficiency in the region.
Segments
The North America digital transformation in manufacturing market has been segmented on the basis of
Deployments
Types
- Service
- Professional & Consulting Services
- Implementation & Integration Services
- Solution
- Social Media
- Cloud Computing
- Analytics
- Mobility
- Others
Enterprise Sizes
- Small & Medium Enterprise
- Large Enterprise
Geography
Key Players
- ABB Ltd.
- General Electric Company
- Dassault Systems
- Emerson Electric Co.
- Fanuc Corp.
- Yokogawa Electric Corp.
- Honeywell International, Inc.
- Mitsubishi Electric Corp.
- Robert Bosch GmbH
- Schneider Electric SE
- Siemens AG
- Rockwell Automation, Inc.
Competitive Landscape
Key players competing in the North America digital transformation in manufacturing market are ABB Ltd.; General Electric Company; Dassault Systems; Emerson Electric Co.; Fanuc Corp.; Yokogawa Electric Corp.; Honeywell International, Inc.; Mitsubishi Electric Corp.; Robert Bosch GmbH; Schneider Electric SE; Siemens AG; and Rockwell Automation, Inc. Some of these players are actively engaged in various market development strategies, such as capacity expansion, new product launches, acquisition, partnership, collaboration, and mergers to increase their market share.
For instance, in June 2018, ABB Ltd. released a commercial process automation solution with flexible capabilities. The approach allows process companies to cut costs while increasing flexibility and adapting to changing consumer needs.
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