The Latest Digital Manufacturing Industry Statistics Explained
The digital manufacturing market is projected to grow from USD 14.86 billion in 2020 to USD 24.80 billion by 2026, at a CAGR of over 7.5%.
The statistic indicates the projected growth of the digital manufacturing market from USD 14.86 billion in 2020 to USD 24.80 billion by 2026, representing a Compound Annual Growth Rate (CAGR) of over 7.5%. This growth rate signifies a steady increase in the market size over the specified period. The CAGR of 7.5% reflects the average annual growth rate of the market, highlighting the market’s potential for expansion and the increasing adoption of digital manufacturing technologies within various industries. It suggests a positive outlook for the digital manufacturing sector, with opportunities for innovation, investment, and technological advancement in the coming years.
On average, companies are expected to increase their digital manufacturing spending by 21% by 2023.
This statistic signifies that there is a forecasted uptrend in the investment by companies in digital manufacturing technologies over the upcoming time frame until 2023. The average projected increase of 21% indicates a significant growth trend in spending in this sector across a broad spectrum of companies. This likely reflects the increasing recognition of the benefits and efficiencies that digital manufacturing solutions can offer, such as automation, data analytics, and interconnected systems. The statistic suggests a proactive approach by companies to embrace technological advancements and digital transformation strategies in manufacturing processes to enhance productivity, competitiveness, and innovation in the evolving business landscape.
95% of manufacturers are investing in predictive and prescriptive analytics, big data, and internet of things (IoT) technology.
The statistic “95% of manufacturers are investing in predictive and prescriptive analytics, big data, and internet of things (IoT) technology” indicates a high level of adoption of advanced technologies within the manufacturing industry. These technologies enable manufacturers to harness vast amounts of data to make informed decisions and optimize operations. Predictive analytics allows for anticipating future trends and outcomes, while prescriptive analytics offers recommendations for actions to improve processes. Big data enables the storage and analysis of large datasets for valuable insights, and IoT technology facilitates the connection of devices and equipment to enhance monitoring and control capabilities. This widespread investment in cutting-edge technologies signifies a strategic push towards data-driven decision-making and operational efficiency within the manufacturing sector.
The adoption and implementation of digital manufacturing solutions can reduce time-to-market by 50%.
The statistic suggests that incorporating digital manufacturing solutions into a company’s processes can lead to a significant reduction in the time it takes to bring a product to market. Specifically, businesses that adopt digital manufacturing technologies may experience a 50% decrease in their time-to-market timeline compared to traditional manufacturing methods. This implies that leveraging advanced digital tools and technologies in manufacturing processes can streamline operations, improve efficiency, and ultimately expedite the product development cycle. By embracing digital manufacturing solutions, organizations stand to benefit from faster production processes, reduced lead times, and a competitive edge in delivering products to market more quickly and efficiently.
9 out of 10 manufacturers plan to invest in predictive analytics and simulation software in the next five years.
The statistic that 9 out of 10 manufacturers plan to invest in predictive analytics and simulation software in the next five years signifies a growing trend towards adopting advanced data analytics technologies within the manufacturing industry. This indicates a recognition among manufacturers of the value that predictive analytics and simulation software can bring in terms of enhancing operational efficiency, improving decision-making, and ultimately gaining a competitive edge in the market. By investing in these technologies, manufacturers aim to leverage data-driven insights to optimize processes, mitigate risks, and drive innovation. The high proportion of manufacturers planning to make such investments points towards a transformation in the industry towards greater digitalization and utilization of data analytics tools to drive business growth and improve overall performance.
Up to 45% of activities in the manufacturing industry can be automated with currently available technologies.
The statistic “Up to 45% of activities in the manufacturing industry can be automated with currently available technologies” indicates the potential for automation within the manufacturing sector using existing technological capabilities. This statistic suggests that nearly half of the tasks and processes involved in manufacturing operations could be performed by automated systems, such as robotics and artificial intelligence. Automation is envisioned to enhance efficiency, reduce labor costs, increase productivity, and improve quality in manufacturing processes. The figure of 45% highlights the substantial impact that automation could have on the industry, leading to significant changes in how work is carried out and potentially reshaping the workforce requirements in manufacturing settings.
Industrial IoT (IIoT) is expected to add $14.2 trillion to the global economy by 2030.
The statistic that Industrial IoT (IIoT) is projected to contribute $14.2 trillion to the global economy by 2030 highlights the anticipated economic impact of leveraging IoT technologies within industrial settings. IIoT involves the integration of sensors, data analytics, and connectivity within manufacturing processes and other industrial sectors to improve efficiency, productivity, and decision-making. The projected economic value reflects the potential benefits of IIoT in optimizing operations, reducing costs, enhancing product quality, and enabling new business models. This statistic underscores the significant opportunities for economic growth and innovation that IIoT can bring to industries worldwide over the next decade.
The digital transformation of the manufacturing industry could lead to a productivity gain of between 6.3% to 9.8% over the next 10 years.
This statistic indicates that the digital transformation of the manufacturing industry has the potential to significantly boost productivity levels over the next decade. Specifically, it suggests that embracing digital technologies and processes within manufacturing operations could result in a productivity increase ranging from 6.3% to 9.8%. This gain in productivity is attributed to the efficiency improvements, automation capabilities, and data-driven decision-making facilitated by digital transformation initiatives. By leveraging technologies such as Internet of Things (IoT), artificial intelligence (AI), and cloud computing, manufacturers can streamline operations, optimize resource allocation, and enhance overall performance, leading to substantial productivity gains within the industry.
70% of manufacturing businesses prefer cloud-based applications for their production processes.
The statistic “70% of manufacturing businesses prefer cloud-based applications for their production processes” indicates that a significant majority of manufacturing businesses in the industry choose to utilize cloud-based applications for managing their production procedures. This preference suggests a growing trend towards cloud technology adoption, which may be driven by factors such as cost-effectiveness, scalability, accessibility, and collaboration benefits that cloud-based solutions offer. By opting for cloud-based applications, manufacturing businesses can potentially streamline their production operations, enhance data security, and improve overall efficiency, reflecting a shift towards modern technological solutions within the manufacturing sector.
Over 60% of manufacturers are already using digital tools in their plants today.
This statistic indicates that a majority, specifically over 60%, of manufacturers are currently utilizing digital tools within their manufacturing plants. This suggests a notable trend towards digital technology adoption in the manufacturing industry, showing a shift towards more automated and connected processes. The use of digital tools can offer various benefits such as improved efficiency, productivity, and quality control in manufacturing operations. This statistic highlights the importance for manufacturers to embrace digital transformation to stay competitive in the rapidly evolving landscape of modern manufacturing.
Sensors in the manufacturing industry will generate 5% more data per year on average.
The statistic suggests that sensors in the manufacturing industry are expected to produce an increased amount of data each year, with an average growth rate of 5%. This growth in data generation can be attributed to the rising adoption of sensor technologies in manufacturing processes, which allows for more comprehensive monitoring and analysis of various operational metrics and variables. The increase in data generation is likely to lead to a greater understanding of production processes, improved efficiency, better quality control, and enhanced decision-making capabilities within the manufacturing industry. Overall, the statistic signifies a trend towards leveraging data-driven insights to optimize operations and drive innovation in the manufacturing sector.
By 2025, the market opportunity for IoT in manufacturing is estimated to reach $310 billion.
This statistic states that by 2025, the potential market size for IoT (Internet of Things) technology specifically within the manufacturing industry is projected to grow to $310 billion. This figure represents the total value of opportunities, including sales of IoT devices, software, and services tailored for manufacturing processes. The significant growth in this market reflects the increasing adoption of IoT solutions in factories and production facilities to enhance efficiency, productivity, and overall performance. The expanding use of IoT devices for data collection, communication, and automation in manufacturing is paving the way for new business models, improved decision-making processes, and optimized operational workflows within the industry.
Real-time monitoring can reduce maintenance costs by up to 40%.
The statistic that real-time monitoring can reduce maintenance costs by up to 40% suggests that utilizing advanced monitoring technologies can lead to significant cost savings in maintenance activities. Real-time monitoring systems allow for continuous data collection and analysis, enabling early detection of potential issues or abnormalities in equipment or infrastructure. By detecting problems before they escalate and implementing timely maintenance actions, organizations can avoid costly downtime, prevent equipment failures, and optimize their maintenance activities. Ultimately, the 40% cost reduction claims underscore the potential benefits of proactive maintenance strategies enabled by real-time monitoring technologies in enhancing operational efficiency and saving resources in the long run.
More than half of manufacturers (55%) are making substantial investments in smart factory technology.
The statistic indicates that a majority of manufacturers, specifically 55%, are heavily investing in smart factory technology. This suggests that a significant portion of manufacturers are adopting advanced technologies like automation, robotics, Internet of Things (IoT), and artificial intelligence to digitize and optimize their production processes. These investments in smart factories aim to enhance efficiency, productivity, and competitiveness by enabling real-time data monitoring and analysis, improving decision-making, reducing operational costs, and increasing flexibility and customization capabilities. Overall, this statistic highlights a trend within the manufacturing industry towards embracing digital transformation through the implementation of smart technologies to drive innovation and modernize operations.
85% of manufacturers are currently implementing or planning to implement Industry 4.0 solutions.
The statistic stating that 85% of manufacturers are currently implementing or planning to implement Industry 4.0 solutions indicates a widespread adoption and recognition of the importance of embracing advanced technologies within the manufacturing sector. Industry 4.0 refers to the integration of automation, data exchange, and technologies such as Internet of Things (IoT) and artificial intelligence to create smart factories and improve operational efficiency. The high percentage suggests that a majority of manufacturers are proactive in adapting to the evolving industrial landscape by leveraging technological advancements to enhance productivity, product quality, and competitiveness. This trend underscores the industry’s recognition of the potential benefits and transformative impact that Industry 4.0 can bring to manufacturing processes and operations.
The top three priorities for manufacturers are analytics (65%), cybersecurity (53%) and IoT (46%).
The statistic indicates that among manufacturers, the top three priorities that they are focusing on are analytics, cybersecurity, and the Internet of Things (IoT). Approximately 65% of manufacturers consider analytics as a key area of focus, indicating a significant emphasis on leveraging data-driven insights to inform decision-making and improve operational efficiency. Cybersecurity follows closely behind at 53%, reflecting the growing concern and importance of protecting sensitive information and critical infrastructure from cyber threats. Lastly, 46% of manufacturers prioritize IoT, highlighting a strong interest in adopting connected technologies to enhance productivity, optimize processes, and enable new capabilities within their operations. Overall, these priorities suggest a strategic alignment towards harnessing technology to drive innovation and competitiveness in the manufacturing industry.
Asia-Pacific is projected to have the highest CAGR of 9.53% in the digital manufacturing market from 2021 to 2026.
This statistic indicates that the Asia-Pacific region is expected to experience the highest Compound Annual Growth Rate (CAGR) of 9.53% in the digital manufacturing market between 2021 and 2026. The CAGR measures the rate at which the market is anticipated to grow over a specific period, in this case, the next five years. A CAGR of 9.53% suggests that digital manufacturing technologies are forecasted to gain significant traction and adoption in the Asia-Pacific region during this period, potentially driven by factors such as technological advancements, increasing demand for automation, and evolving manufacturing practices. This growth rate highlights the region’s potential to become a key player in the digital manufacturing industry and signals opportunities for businesses and investors looking to capitalize on this emerging market trend.
Manufacturers expect to achieve a 10-20% increase in operations efficiency through digital manufacturing systems by 2023.
The statistic stating that manufacturers expect to achieve a 10-20% increase in operations efficiency through digital manufacturing systems by 2023 indicates the anticipated impact of leveraging technology in the manufacturing sector. By implementing digital manufacturing systems such as automation, data analytics, and artificial intelligence, manufacturers aim to streamline processes, improve productivity, and reduce costs. This projection highlights the growing recognition of the potential benefits of digital transformation in optimizing operations and staying competitive in the rapidly evolving manufacturing landscape. Successful adoption of these technologies is expected to lead to significant efficiency gains, ultimately driving better performance and profitability for manufacturers.
Early adopters of smart manufacturing and digital technologies are reporting efficiency increases of 17–20%.
The statistic ‘Early adopters of smart manufacturing and digital technologies are reporting efficiency increases of 17-20%’ indicates that companies who have embraced advanced technologies in their manufacturing processes are experiencing a significant improvement in efficiency levels. This suggests that by incorporating smart manufacturing practices and digital tools such as automation, data analytics, and Internet of Things (IoT) devices, these companies are able to streamline their operations and achieve productivity gains of approximately 17-20%. This statistic highlights the potential benefits of investing in technology-driven solutions for manufacturing businesses, as it can lead to enhanced operational efficiency and ultimately contribute to overall business success and competitiveness in the industry.
Major manufacturing sectors are expecting to double their levels of digitization to 72% by 2020, compared to 33% in 2015.
The statistic highlights a significant trend within major manufacturing sectors, indicating a sharp increase in the adoption of digital technologies. From 2015 to 2020, there is a projected doubling of the level of digitization to 72%, reflecting a substantial growth from the previously recorded 33% in 2015. This shift is indicative of the industry’s recognition of the benefits and efficiencies that digitization can offer, such as improved productivity, streamlined operations, and enhanced innovation. The data suggests that manufacturing companies are increasingly leveraging digital tools and platforms to stay competitive and drive transformation within their operations.
References
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