Smart Manufacturing Market

Smart Manufacturing Market Size

             2022                         2023-2030      

Report	Details
Market Size Value	USD 168.4 Billion in 2022
Market Size Value	USD 538.1 Billion by 2030
CAGR	CAGR of 15.8%
Forecast Period	2023-2030
Historic Data	2022
Segments Covered	By Information Technology, Enabling Technology, Industry, and Region
Geographics Covered	North America, Europe, Asia Pacific, and RoW

Major players Smart Manufacturing Market include: IBM (US), Siemens (Germany), ABB (Switzerland), Rockwell Automation (US), Schneider Electric (France), Emerson Electric Co. (US), Honeywell International Inc. (US), General Electric (US), HP Development Company, L.P. (U.S.), Emerson Electric Co. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany) & others.

Smart manufacturing technologies such as robotics, artificial intelligence, and machine learning enable automation, which reduces the need for manual labor and improves production efficiency. For instance, robots can do repetitive tasks with more accuracy and speed, while artificial intelligence and machine learning can analyze data to optimize production processes and find areas for improvement.

The increasing demand for automation is one of the main drivers of the smart manufacturing market growth. Automation means using technology to do tasks that were previously done manually by humans. With the increasing need for productivity, efficiency, and cost savings, the demand is growing for automation in manufacturing. Automation also reduces the risk of human error, improves safety, and enables 24/7 production. Which helps manufacturers to increase productivity, reduce costs, and enhance the quality of their products. Moreover, automation is also driving the development of new business models, such as “lights out” manufacturing, where production runs with minimal human intervention. This enables manufacturers to reduce labor costs, increase efficiency, and improve flexibility, which is especially important in industries with rapidly changing demand. Smart manufacturing technologies often require significant investments in hardware, software, and infrastructure.

Smaller manufacturers may not have the resources to invest in such technologies, which can be a barrier. Smart manufacturing technologies also require skilled workers to design, implement, and maintain them. However, there is a shortage of workers with the necessary skills and experience to work with smart manufacturing technologies. This can make it hard for manufacturers to adopt and fully use smart manufacturing solutions. The IT industry is at the forefront of the market’s development and existence. Because of the widespread standardization and the recent implementation of the internet of things (IoT), the market has become more standardized. The Internet of Things (IoT) has standardized entry-level manufacturing, application, and implementation of market technology across the globe. To meet modern challenges and demands, the information technology industry uses augmented reality, virtual reality, machine learning, artificial intelligence, and various other modern solutions. The Industrial Internet of Things (IIoT) enables equipment, products, and machines to be connected to each other and to the internet, allowing for real-time control and monitoring. This gives manufacturers unprecedented visibility and control over their production processes, improving efficiency, reducing downtime, and enhancing product quality.

Enabling Technology Segment is dominated by the Industrial 3D Printing Segment in the Smart Manufacturing Market.

Based on Enabling Technology, Some of the smart manufacturing technologies have been used in the industries for a long time; however, segments such as industrial 3D printing have been getting more attention recently. Using machine learning and Artificial Intelligence (AI) as an additive manufacturing technology, design aid, or industrial 3D printing is moving the manufacturing sector towards automation. Also, 3D printing segment is expected to grow at the fastest rate during the forecast period because of its increasing adoption in agile product iterations and design process.

On the other hand, Machine Execution System (MES) has the leading market position in terms of revenue because of rising demand for streamlined workflow and reduced lead time. The application of MES provides a strong basis for the manufacturers to implement the IoT in their manufacturing facilities. Increasing demand for industrial automation and growing importance of regulatory compliance are likely to drive the market growth. For example, Microsoft Corporation along with Google, IBM, and Amazon has become one of the main contributors of Industrial IoT offerings that provide PaaS + IaaS platform offerings for smart manufacturing vendors

North America Dominates the Global Smart Manufacturing Market.

Based on the region, The Smart Manufacturing Market is dominated by the North America, the reason behind this dominance is the presence of number of multinational companies that support industrial technology research and development, industrial Internet of Things (IoT), and cloud technology. The strict government regulations and the growth of the industrial sector are the factors that will likely boost the growth of the smart factory market in the region during the forecast period. Asia Pacific will likely see significant growth in this market during the forecast period. Moreover, the industrial sector’s dedication to sustainability will likely dominate the market.

Smart Manufacturing Market Scope and Market Size

The Smart Manufacturing Market research report provides an in-depth overview of the industry including market segmentation by information technology, enabling technology, industry, and region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and top player’s rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions.

Smart Manufacturing Market is segmented by region and further by information technology, enabling technology, and industry. Players, stakeholders, and other participants in the global Smart Manufacturing Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, future plans, and Smart Manufacturing Market trends across the world. Also, it splits Smart Manufacturing Market Segmentation by information technology, enabling technology, industry, and region to deep dive research and reveals company profile and prospects.

Major Classifications are as follows:

• Smart Manufacturing Market, By Information Technology
  • Human-machine interface
  • Plant asset management
  • Manufacturing execution system
  • Warehouse management system Dual Frequency
• Smart Manufacturing Market, By Enabling Technology
  • Industrial 3D Printing
  • AI in Manufacturing
  • Industrial Cybersecurity
  • Industrial Machine Vision
  • Industrial Sensors
  • Digital Twins
  • Machine Execution System (MES)
  • Robots
  • Automated Guided Vehicles
  • Machine Condition Monitoring
  • Artificial Reality & Virtual Reality
  • 5G Industrial IoT
• Smart Manufacturing Market, By Industry
  • Process Industry
    • Oil & Gas
    • Food & Beverages
    • Pharmaceuticals
    • Chemicals
    • Energy & Power
    • Metals & Mining
    • Pulp & Paper
    • Others
  • Discrete Industry
    • Automotive
    • Aerospace & Defense
    • Semiconductor & Electronics
    • Medical Devices
    • Machine Manufacturing
    • Others
    • Mining
    • Construction
    • Oil & Gas
    • Others
• Smart Manufacturing Market, By Geography
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
    • Africa
      • South Africa
      • Rest of Africa      

Reason to purchase this Smart Manufacturing Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Smart Manufacturing Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different and Smart Manufacturing Market segments in the top spending countries across the world and identify the opportunities offered by each of them.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Smart Manufacturing Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Smart Manufacturing Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Smart Manufacturing Market providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.