Digital Thread Market is anticipated to grow at a high CAGR from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Digital Thread Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Digital Thread Market is anticipated to grow at a high CAGR from 2020 to 2030.
A digital thread refers to a data-driven structural design that relates the information that is generated across a product lifecycle. Digital threads aim to signify traceability and digitization throughout the lifespan of a product. They link digital twin capabilities such as the performance data, designs, supply chain data, product data, and software going into creating the product. The digital thread denotes a communication agenda that permits the integrated view and connected flow of the data assets throughout the lifecycle and across traditionally structured functional perceptions. The digital thread, in combination with digital twins, enable’s design requirements, records, and the data that is needed.
A digital thread is a single source of data truth creating collaboration, consistency, and alignment across purpose through the real-time data management of related downstream and upstream derivative information. This scalable common set of democratized data enables enterprise-wide accessibility and continuity across processes, products, and people. The digital thread market is projected to grow due to several major factors that include the implementation of emerging technologies such as additive manufacturing and 3D printing. A digital thread combines the interconnected data sets to uncover insights.
The history has shown that industry participants in the Aerospace & Defense (A&D) sector were among the initial ones to discover the concept of the digital thread. In manufacturing processes, huge amounts of data are produced and analyzed to obtain efficiencies and reduce defects. It is confirmed that the digital thread increases the supply chain efficiency by approximately 16%. Moreover, this new trend of manufacturing enables the delivery of new products to the market 20% faster.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Digital Thread Market By Type (Parts and System), By Application (Aerospace & Defense, Automotive & Transportation, Manufacturing, Energy & Utilities, and Others), By Sales Channel (OEMs and Aftermarket) – Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/digital-thread-market/397
The parts segment is anticipated to propel owing to several drivers such as the concept of digital thread and the digital twin that are gaining rapid importance in several sectors. The concepts of the digital thread and digital twin have been adopted by the military aircraft industry to enhance the performance of upcoming programs. Moreover, these digital thread concepts and technologies are gaining interest beyond the aerospace & defense industry. These are converging with digital manufacturing and cyber-physical system goals of Smart Manufacturing and Industry 4.0. According to the National Institute of Standards and Technology (NIST), the digital thread is supporting Industry 4.0 through the digital transformation of manufacturing & production in industries and value creation processes. It requires that product design ideas are accurately represented and communicated using 3D models. These models make it easier for engineers to identify optimal manufacturing methods. These optimized processes must be communicated back to designers to ensure that the proper specifications regarding function, form, fit, and inspection that will be accurately reflected in 3D models.
North America holds a major market share in the digital thread market due to the presence of major industry players in the region. The domination of the market by this region can be attributed to the presence of major players that hold a significant market share. The players in the region are entering into partnerships with regional players, which is significantly supporting the revenue share. For instance, in November 2018, PTC and Hortonworks announced a strategic relationship aimed at a digital transformation that includes improving the manufacturing quality, enhancing assets, and optimizing production flexibility. This will subsequently boost the digital thread market over the coming years. Additionally, the Asia Pacific region is anticipated to grow at the highest CAGR rate due to the presence of developing countries and increasing global industry players across the region.
Some of the prominent players in the Digital Thread market include General Electric, PTC, Siemens, Dassault Systems, IBM Corporation, ANSYS, Microsoft Corporation, Oracle Corporation, SAP SE, and Robert Bosch GmbH.
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