Dublin, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The "Digital Thread Market by Technology (PLM, SLM, CAD, MES, IoT, ERP, Edge Computing, Digital Twin, ALM, SCADA), Module (Data Collection, Data Management & Integration), Deployment, Application, Vertical, Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The increasing demand for real-time data analytics, automation, digitization, asset performance optimization, and predictive maintenance is driving the digital thread market, which is expected to grow from USD 11.42 billion in 2024 to USD 36.81 billion by 2030, with a 21.5% CAGR
The report will help the market leaders/new entrants with information on the closest approximate revenues for the overall digital thread market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
Advancements in IoT, AI, and cloud computing, the emergence of Industry 4.0 and smart manufacturing, and the demand for increased PLM are all key drivers of this expansion. Furthermore, regulatory compliance, the demand for customization, sustainability considerations, and the complexities of global supply chains are major drivers in the industry.
Edge computing segment is expected to grow with highest CAGR during forecast period
Edge computing is a networking technology that moves data storage and computing closer to the source of data. Edge computing technology segment in digital thread market is expected to grow with highest CAGR during forecast period. Edge computing uses digital threads to process data in real time. It combines data from edge devices into centralized systems, allowing for localized decision-making. It improves predictive maintenance, bandwidth optimization, and data security. By doing so, the digital thread with edge computing reduces latency and simplifies compliance, ensuring the system's overall efficiency for responsive and intelligent operations in remote environments.
Automotive segment holds the largest market share of digital thread market in 2023
The automotive industry holds the largest share in digital thread market, as it requires the management of very complex manufacturing processes with extended supply chains and tight regulatory compliance. With digital threads, fully integrated data across a vehicle's lifecycle-from design and production onwards-fosters innovation, personalization, and efficiency. This also enables the industries to meet the standards of safety requirements, efficient supply chains, and cost economy; thus, digital threads are indispensable for automotive processes.
Cloud-based digital thread segment is expected to grow with highest CAGR during the forecast period
The digital thread market is segmented into two deployment types such as on-presmises and cloud-based. The cloud-based digital thread category is predicted to develop at the highest CAGR due to its scalability, cost-effectiveness, and flexibility. Cloud solutions include real-time data processing and integration, remote access and collaboration, and powerful analytics and AI tools.
These advantages encourage the spread of cloud-based digital threads because they offer a more adaptive and cost-effective solution to managing and optimizing complicated data across industries. These advantages encourage the spread of cloud-based digital threads because they offer a more adaptive and cost-effective solution to managing and optimizing complicated data across industries.
The US in holds the largest market share of digital thread market in 2023.
North America comprises the US, Canada, and Mexico. Of these, the US captures the maximum market share of North America. The US is expected to contribute significantly to market growth due to the enhanced adoption of technology and product development. Being a global leader in innovation, particularly in precision engineering and manufacturing, the digital thread market of the United States is on a surge.
The growth of the market in US is also attributed to presence of prominent market players such as PTC (US), IBM (US), Rockwell Automation (US), Autodesk, Inc. (US), Oracle (US), General Electric (US).
Competitive Landscape
Major players in the digital thread market include The report profiles key players such PTC (US), IBM (US), Siemens (Germany), Dassault Systemes (France), Rockwell Automation (US), Autodesk, Inc. (US), Oracle (US), AVEVA Group Limited (UK), SAP (Germany), General Electric (US), Accenture (Ireland), and others.
The report provides insights on the following pointers:
- Analysis of critical drivers (Growing Demand for Real-Time Data Analytics, Growing emphasis on automation and digitization, Increasing demand for asset performance optimization and predictive maintenance.), restraints (Data Silos and Heterogeneity, Cyber security and Data Privacy Concern), opportunities (Building Digital Threads with Enterprise Integration Platform as a Service (PaaS), Advancements in Artificial Intelligence (AI) and Machine Learning), challenges (Complexity and Cost of Implementation, Unplanned downtime due to malfunctioning or failure of valves) influencing the growth of the digital thread market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the digital thread market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the digital thread market across various regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the digital thread market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 265 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $11.42 Billion |
| Forecasted Market Value (USD) by 2030 | $36.81 Billion |
| Compound Annual Growth Rate | 21.5% |
| Regions Covered | Global |
Companies Featured
- Siemens
- Ptc
- Dassault Systemes
- IBM
- SAP
- Rockwell Automation
- Autodesk Inc.
- Oracle
- Aveva Group Limited
- General Electric Company
- Accenture
- Ansys, Inc.
- Tata Consultancy Services Limited
- Hexagon Ab
- Cognizant
- Dxc Technology Company
- Bosch Global Software Technologies Private Limited
- Bentley Systemes, Incorporated
- Matterport Inc.
- Hitachi Vantara LLC
- Prostep Inc
- Aras
- Altair Engineering Inc.
- Razorleaf
- Capgemini
For more information about this report visit https://www.researchandmarkets.com/r/hh0wks
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