The digital transformation market in manufacturing is expected to register a CAGR of 19.4% over the forecast period. 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. Further, in digital transformation, such as robotics and IoT, robots can work 24x7 without causing glitches or errors, positively impacting market growth over the forecast period.
Digital transformation in the manufacturing market is highly competitive and consists of several major players. In terms of market share, few significant players currently dominate the market. The market appears to be moderately concentrated. The major players leverage strategic collaborative initiatives to increase their market shares and profitability. The companies operating in the market are also acquiring start-ups working on digital transformation in manufacturing technologies to strengthen their product capabilities.
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