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Global Digital Transformation Market in Manufacturing, 2019-2024 - Market is Expected to Register a CAGR of Over 15.59%DUBLIN, April 17, 2019 /PRNewswire/ -- The "Digital Transformation Market in Manufacturing - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering. The Digital Transformation In Manufacturing Market is expected to register a CAGR of over 15.59% during the forecast period 2019 - 2024. With the advent of industry 4.0 in the manufacturing industry, various plants are fostering digital technologies to enhance, automate, and modernize the whole process. Digital transformation and automation reduce processing cost and enhances the cost efficiency in the manufacturing industry. Earlier, manufacturing companies used to focus less on the production cost of a product, which led to high end-product cost. However, with the rising integration of digital transformation, leading to automation has helped in reducing unnecessary cost. For instance, digital manufacturing can reduce development cycles and ascend the rate of product innovation; thus, mitigating the manufacturing cost. In addition, a few countries, such as South Africa, have an unemployment rate close to 25%, which propel the challenges associated with the adoption of digital transformation in the manufacturing industry in the region. Furthermore, the lack of skilled workforce may have a huge impact on business growth, in terms of revenue and production. Key Market Trends Robotics is Expected to Register a Significant Growth Improved efficiency, and a reduction in production costs, when compared to conventional manufacturing processes, are boosting the adoption of automation technology, which is driving the digital transformation across the manufacturing segment. The application of robots in manufacturing increases efficiencies from raw material handling, to finished product packing. These robots are programmed to operate 24/7, and also can be customized to perform complex functions. Highly trainable and collaborative robots, across the manufacturing sector, are being deployed in unsafe working environments. For instance, autonomous dump trucks used at mining sites can be remotely controlled by operators, eliminating the need for human drivers. According to Adobe's 2018 Digital Intelligence briefing, about 15% of businesses use AI today, and 31% plan to add support for it, over the forecast period. Therefore, the increasing adoption of AI is also aiding the adoption of modern robotics, through cobots. Cobots can help eliminate dangerous work, freeing humans for more satisfying jobs, and avoiding the risk of repetitive stress. The adoption of robots in manufacturing plants aids the smart machinery in identifying irregularities and can help fix mechanical issues without any human intervention, allowing the company to increase efficiency and minimize delays. North America is Expected to Hold Major Share Modern manufacturing facilities in the United States rely on new technologies and innovations, in order to produce higher quality products at a significant rate, with lower costs. In order to survive in the current competitive scenario, companies in the region are adopting sophisticated and intelligent solutions. Several government initiatives are aiding the transformation of the traditional manufacturing industry. For instance, the previous government proposed the National Network for Manufacturing Innovation (NNMI), which consist of regional hubs that are expected to accelerate the development and adoption of cutting-edge manufacturing technologies, for making new, globally competitive products. The formation of the Advanced Manufacturing Partnership (AMP) is an initiative undertaken to make the industry, universities, and the federal government invests in emerging technologies. Furthermore, the IoT-enabled manufacturing plants in the United States allow manufacturing companies to optimize their business operations, product and services innovations, and supply chain and logistics management. Thus, manufacturers from different end-user sectors, such as industrial equipment, defense, healthcare, and electronics, are seeking these IoT solutions. According to RIA estimates, about 250,000 robots are being used in the United States, behind only Japan and China. In the United States, manufacturing accounts for USD 2.17 trillion in annual economic activity, and more than 98% of US manufacturers qualify as small businesses. There have been a series of mergers, collaborations, and acquisitions, in the United States, aimed at taking advantage of the increasing adoption of digital solutions. The primary driver behind these investments has been the continuous evolution of new technologies applications, to unlock enormous volumes that were previously considered non-commercial. For instance, 7.ai partnered with Blue Prism, to deliver new AI-enabled automation capabilities, for virtual agents in digital process automation. Key Topics Covered: Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/global-digital-transformation-market-in-manufacturing-2019-2024---market-is-expected-to-register-a-cagr-of-over-15-59-300833756.html SOURCE Research and Markets |