The global Digital Thread market is valued at 86 million USD in 2017 and is expected to reach 1.798 billion USD by the end of 2023, growing at a CAGR of 65.91% between 2017 and 2023.
What are the benefits of Industrial Digital Thread for manufacturers?
- Improve product quality by avoiding mistakes in manual translations of engineering specifications along with the product value chain
- Improve the velocity of new product introductions (NPI) and the communication of engineering changes along the product value chain
- Increase the efficiency of digitally capturing and analyze data related to product manufacturing
- Allow manufacturers to deliver new services to customers along with physical product leveraging the digital data now available on the product
Which technologies help Digital Thread work?
- The connectivity technologies of the Internet of Things (IoT) are making it possible to collect data from factories with much less effort and cost than before.
- Machine learning and artificial intelligence (AI) technologies are making it possible to process large amounts of data and gain insights to further predict outcomes and potential issues such as machine failures, component shortages, and quality issues.
- Manufacturing processes are increasingly being integrated with other business applications to automate end-to-end business processes.