DELRAY BEACH, Fla., Sept. 25, 2024 /PRNewswire/ -- The Digital Thread Market is expected to reach USD 36.81 billion by 2030 from USD 11.42 billion in 2024, at a CAGR of 21.5% during 2024-2030 according to a new report by MarketsandMarkets. The significant growth factor associated with the digital thread market is increasing demand for IoT and connected devices, the need for enhanced product quality and efficiency, and stringent regulatory compliance requirements. Advancements in AI and machine learning, trends toward customization and personalization, the rise of Industry 4.0, and a focus on sustainability also drive adoption. These elements make digital threads essential for optimizing operations, improving decision-making, and supporting agile, efficient, and sustainable production processes across various industries.
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Browse in-depth TOC on "Digital Thread Market"
211 - Tables
71 - Figures
264 - Pages
Digital Thread Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 11.42 billion |
Estimated Value by 2030 | $ 36.81 billion |
Growth Rate | Poised to grow at a CAGR of 21.5% |
Market Size Available for | 2020-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, Module, Deployment, Application, Vertical and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Data Silos and Heterogeneity |
Key Market Opportunities | Untapped value in existing data |
Key Market Drivers | Rising demand for product lifecycle transparency |
The Product lifecycle management (PLM) technology segment contributed highest market share in 2023.
Product Lifecycle Management is the most influential field in the Digital Thread industry, as it is a fundamental means of e-management for all stages of a product's life, from conceptualization and design to production chain, maintenance, waste management, and final processing. PLM solutions combine data, processes, and business systems to make possible the smooth coordination among departments and stakeholders. This will be critical in ensuring continuity and integrity of the digital thread, as it allows for real-time access to data, better decision-making, and quality products. Additionally, PLM enforces compliance to regulatory standards, optimizes resources, and time-to-market; thus, it is also an important building block toward adopting and ensuring the success of a digital thread.
Automotive segment expected to dominate the digital thread market during the forecast period.
The digital thread is increasingly used in the automotive industry to create a seamless flow of information throughout the entire lifecycle of a vehicle-from design and engineering to manufacturing, operation, and maintenance. In this industry, the digital thread connects various stages of production, ensuring that all data is integrated and accessible in real time. This connection enhances design collaboration, production efficiency, supply chain optimization, quality control, and life cycle management. The complexity of the sector, the requirement for increased integration, and the emphasis on innovation and quality make digital threads vital, resulting in automotive supremacy in the digital thread market.
Cloud-based deployment segment contributed highest market share in 2023.
The cloud-based digital thread segment leads the market due to its scalability, cost-effectiveness, and flexibility, which allow organizations to easily scale up and expand. They provide remote and collaborative cloud solutions, real-time data integration, and powerful analytics and AI toolkits. They also have robust security and compliance capabilities, making them great options for managing complex digital threads most efficiently and cost-effectively.
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North America accounted for the largest share of the digital thread market in 2023.
North America includes the United States, Canada, and Mexico. The region has the largest share of the digital thread industry owing to the early adoption of advanced technologies such as loT, Al, and cloud computing indispensable to deploying digital thread solutions. Innovation and technology-driven industries have a very high concentration in the region, and this encourages the use of digital threads. Added to that, the huge industrial and manufacturing base- aerospace, automotive, pharmaceuticals- continuously keeps demand high for digital threads given enhancements to be achieved in efficiency, quality, and integration of complex processes.
The report profiles key players in digital thread companies 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.
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