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Description
Digital Manufacturing Market size was valued at USD 338 billion in 2021. It is expected to reach a value of USD 910.09 billion by 2028, growing at a CAGR of 15.2% during 2022-28. The process of creating items virtually as digital prototypes with the use of Computer-Aided Design (CAD) software is known as “digital manufacturing.” To simplify the production processes, the software is frequently coupled with 3D visualisation, simulation, analytics, and collaboration tools. Additionally, a number of factory-related tasks like tooling, machining, assembly sequencing, and plant layout planning are carried out using digital manufacturing systems. In order to collect production data, track inventories in real-time, and assist proper testing, they also link operators with intelligent devices, tools, and sensors. Because of this, it has a wide range of applications in many different industries, including electronics, automotive, aerospace, and military. Digital Manufacturing Market Increased adoption of digital manufacturing technology for improved traceability, increasing adoption of internet of things in manufacturing industries, demand to reduce capital expenditure and shorten lead times are some key factors fueling the market growth. However, factors such as high costs of investments are hampering the market growth. Further, increasing R&D investment in automotive industry provides huge growth opportunity for the market growth.
