As cited by the research report titled ‘Global Computer Numerical Control Machines Market Size study, by Product Type (Lathe, Milling, Laser and Others), by End-Use (Automotive, Aerospace & Defense, Construction Equipment and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global computer numerical control machines market was worth USD 71.46 billion in 2020 and is projected to grow with a CAGR of 7.5% to accumulate USD 118.56 billion over 2021-2027.
 

Rapid expansion of industrial internet of things (IIoT) following increasing digitization coupled with growing technological advancements are the major factors driving global computer numerical control machines market growth.
 

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For instance, Shanthi Gears Ltd. inked a contract in April 2020 with Zyfra, a Finnish-Russian industrial digitalization solutions provider, to connect its local equipment to its MDCplus real-time machine monitoring & manufacturing data collection system, which also involves connection of over 100 computerized numerical control (CNC) machines at various facilities in India.
 

For the record, a computer numerical control machine is an electro-mechanical device used to operate machine shop tools using computer programming inputs. It is used to produce a stronger, and more durable finished product.
 

Growing automation in manufacturing industry and rising demand for mass production in industrial sector are likely to augment the demand for computer numerical control machines over the projected timeline.
 

On the downside, high cost of installation and complex machining software language are likely to hinder the market progression over the estimated timeline.
 

Based on product type, worldwide computer numerical control machines industry is segmented into lathe, laser, milling, and others. Considering end use range, the marketplace is categorized into automotive, construction equipment, aerospace & defense, and others.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are the major contributors to overall industry valuation. Experts cite that, Asia Pacific is currently leading in terms of market share and is poised to garner a remarkable CAGR over the assessment timeframe. This can be credited to  substantial presence of prominent manufacturers along with government initiatives for establishment of new manufacturing units across the region. Moreover, rising technological advancements and easy availability of affordable skilled labor are also likely to propel regional market remuneration.
 

Prominent companies influencing global computer numerical control machines industry trends are Hurco Companies Inc., Shenyang Machine Tool Co, Ltd., Okuma Corp., Haas Automation Inc., Dalian Machine Tool Group Corp., DMG Mori Aktiengesellschaft, Datron AG, Fanuc Corp., Amera-Seiki Corp., and Amada Co. Ltd.