Smart Manufacturing Market: Global Industry Analysis And Forecast (2022-2029)

Smart Manufacturing Market size was valued at US$ 263.59 Bn. in 2021 and the total Smart Manufacturingrevenue is expected to grow at 13.7 % from 2022 to 2029, reaching nearly US$ 736.23 Bn.

Smart Manufacturing Market Overview:

Smart manufacturing (SM) is a technology-driven strategy that monitors the manufacturing process using Internet-connected equipment. The purpose of SM is to explore possibilities for automating activities and improving manufacturing performance using data analytics. The Industrial Internet of Things is a specialized use of SM (IIoT). Sensors are embedded in industrial equipment to collect data on their operational state and performance throughout the deployment. Traditionally, the information was often stored in local databases on individual devices and was only utilized to determine the cause of equipment breakdown after they occurred. Smart Manufacturing Market To know about the Research Methodology :- Request Free Sample Report The report explores the Smart Manufacturing market's segments (Component, Deployment, Enterprises Size, Industry, Enabling Technology, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Smart Manufacturing market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Smart Manufacturing market's contemporary competitive scenario.

Smart Manufacturing Market Dynamics:

Increasing the Government's engagement in Smart Manufacturing Supports is the key driver for the smart manufacturing market. Governments around the world are becoming more aware of the huge potential of smart manufacturing technologies, and as a result, they are supporting and funding research and development for smart technologies such as IIoT and industrial 3D printing. The governments of various regions are encouraging IIoT innovation because they anticipate becoming future consumers of the technology. They are funding new IoT research projects and implementations to construct and operate smart cities in the future. Governments all over the world are launching projects and sponsoring educational institutions, research institutes, and research and technology groups to further investigate the potential of 3D printing technology. Countries such as the United States, the United Kingdom, and Canada have established national initiatives to promote university-level 3D printing research, drive technological improvements, and start generating multiple startup businesses. The rise of novel uses for 3D printing has also piqued the interest of companies and governments all around the world. APAC countries' governments are aggressively pursuing projects and efforts to digitalize manufacturing plants. Deploying smart manufacturing systems involves major investments and expenditures is a key restraint for the market. Setup and installation of smart manufacturing technologies such as Enterprise Manufacturing Intelligence (EMI), Automated Guided Vehicles (AGVs), Warehouse Management System (WMS),HMI, and PAM require significant investments. This may restrain enterprises from using manufacturing systems.In an organization, EMI (Enterprise Manufacturing Intelligence) is used to enable real-time planning, control, and execution of processes to increase productivity and operational effectiveness of the organization; but, this comes at a certain cost. The high implementation cost of information and enabling technology systems is related to the need for consulting, purchase, and implementation of these systems and services. Smart manufacturing results in the deployment of modern smart manufacturing equipment, such as smart field devices and industrial robots. To interface with these devices, technologies such as voice commands, gesture recognition, and multitouch displays must be more advanced. This raises the system's cost even further.These technologies are still relatively costly and may impose additional financial pressure on businesses operating in price-sensitive regions. Rapid industrialization in developing countries is an opportunity for the Smart Manufacturing market. Companies from developed economies are trying to expand their businesses in emerging economies due to reduced labor costs and real estate prices. Additionally, growing industrialization in developing countries like China, India, Africa, Brazil, Mexico, and Indonesia has resulted in major investments in infrastructure development, attracting global businesses to set up manufacturing operations in these regions. These changes have generated a need for innovative and sophisticated logistics facilities to connect and manage supply chains. Increasing Cyber security threats are a major challenge for the Smart Manufacturing Market. Due to the massive rising incidences of viruses and hackers, increased cyber security threats pose a significant challenge for the smart manufacturing market. Malicious viruses affecting computer systems can tamper with vital information, resulting in a significant loss. If communication software systems do not include adequate security measures, the entire information flow may be interrupted. There is a growing reliance on web-based communication, and off-the-shelf IT solutions are widely employed across businesses. As a result, many industries are vulnerable to malware aimed at industrial systems.

Smart Manufacturing Market Segment Analysis:

By Industry, The automotive industry segment is expected to grow at a CAGR of xx% during the forecast period because of evolving customer preferences and the inefficiencies of traditional processes.The increasing complexity of automotive manufacturing is due to shifting customer expectations, technological advancements, and the implementation of legislation related to the automotive sector. Automobiles are very complicated and technologically advanced accessories. They must be manufactured using advanced technological processes and techniques. Technological innovations such as electric and gas-powered vehicles cause infrastructural changes in the automotive industry; additionally, the latest machines and equipment replace the need for human operators in the majority of the automotive industry's critical processes, resulting in the adoption of smart manufacturing technologies. Smart Manufacturing Market By Component Segment, the software segment is expected to grow at a CAGR of xx% during the forecast period. The software segment acts as the industry's backbone due to its key role in supporting complete automation. Advanced software assists in running AI, drones, and other technologies without human intervention, lowering the possibility of errors. The market may make significant improvements in development and research for newer and more versatile solutions with the aid of software. The hardware segment is expected to grow at xx % CAGR during the forecast period. To run, the advanced technology requires high-level and compatible hardware. Modern hardware is required for complex software to be executed. Manufacturing plants employ hardware that consumes less electricity while being flexible and capable of operating without human intervention. Modern hardware must also be IoT-compatible to help the industry standardize. By Industry, Discrete Industry is expected to grow rapidly due to the Demand for smart manufacturing solutions in this industry. Manufacturers are increasing the amount of automation allowed by AI, machine vision, real-time data analytics, and high-speed computing in the cloud and at the edge, thus discrete manufacturing is a rapidly moving industry. Through IIoT, these and other modern technologies connect the digital and physical worlds. Beginning with data gathering and processing at the edge, the Internet of Things (IoT) enables a wide range of sophisticated industrial operations at the core of the Fourth Industrial Revolution, or Industry 4.0. Additionally, Because of the increasing need for superior hardware in sectors such as mining and metals, chemicals, and pharmaceuticals, the product industry is expected to grow at a substantial GAGR rate.

Smart Manufacturing Market Regional Insights:

The Latin Americanmarket is expected to grow at a considerable CAGR of 15.7%, during the forecast period. The Latin American market for innovation and automation is being rapidly penetrated, resulting in smart manufacturing becoming more prominent. Opportunities in smart manufacturing are rising since the current technology revolution has just recently begun in Latin America. The location is also near to and accessible to a variety of raw resources, which assists in smart manufacturing and drives the market growth. The APAC market is expected to grow at a CAGR of xx % during the forecast period. The rising demand for technological advancement due to increased AI in industries and increasing implementation of technology such as Industry 4.0, smart factory, IoT, and IIoT; and the increasing need to optimize productivity and reduce operational and maintenance costs are the major factors driving the growth of the APAC smart manufacturing market. Government support for industrialization in many APAC countries is one of the key elements that would increase demand for the smart manufacturing market. The governments in the region have adopted some efforts such as "Made in China 2025," in China, "Samarth Udyog Bharat 4.0," in India, etc. are likely to play significant roles in industrial advancement and, as a result, create growth opportunities for the smart manufacturing market. The objective of the report is to present a comprehensive analysis of the Smart Manufacturing market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Smart Manufacturing market dynamics, structure by analyzing the market segments and project the Smart Manufacturing market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Manufacturing market make the report investor’s guide.

Smart Manufacturing Market Scope: Inquire before buying

Global Smart Manufacturing Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 263.59 Bn.
Forecast Period 2022 to 2029 CAGR: 13.7 % Market Size in 2029: US $ 736.23 Bn.
Segments Covered: by Component • Hardware • Software • Solution o Industrial 3D Printing o Programmable Logic Controller (PLC) o Product Lifecycle Management (PLM) o Manufacturing Execution System (MES) o Robotic Process Automation (RPA) o Remote Monitoring software o Supervisory Controller and Data Acquisition (SCADA) o Others (Energy Management Systems, Fleet Management Solutions, etc.) • Services o Professional Services o Managed Services
by Deployment • Cloud • On-Premises
by Enterprises Size • Large Enterprises • Small & Medium Enterprises
by Industry • Process Industry o Oil & Gas o Food & Beverages o Pharmaceuticals o Chemicals o Energy & Power o Metals & Mining o Pulp & Paper o Others • Discrete Industry o Automotive o Aerospace & Defense o Semiconductor & Electronics o Medical Devices o Machine Manufacturing o Others o Mining o Construction o Oil & Gas o Others
by Enabling Technology • Industrial 3D Printing • AI in Manufacturing • Industrial Cyber security • Industrial Machine Vision • Industrial Sensors • Digital Twins • Robots • Automated Guided Vehicles • Machine Condition Monitoring • Artificial Reality & Virtual Reality • 5G Industrial IoT

Smart Manufacturing Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Smart Manufacturing Market Key Players

• Schneider Electric SE • ABB Ltd. • Cognex Corporation • Siemens AG • Emerson Electric Co. • Cisco Systems, Inc. • PTC, Inc. • Amazon Web Services, Inc. • SAP SE • Robert Bosch • IBM • Honeywell International Inc. • Rockwell Automation • General Electric • Hitachi • Plex FAQs: 1. Which is the potential market for Smart Manufacturing in terms of the region? Ans. APAC market is the potential market for Smart Manufacturing in terms of region. 2. What are the opportunities for new market entrants? Ans. Rapid industrialization in developing countries is an opportunity for the Smart Manufacturing market. 3. What is expected to drive the growth of the Smart Manufacturing market in the forecast period? Ans. Increasing the Government's engagement in Smart Manufacturing Supports is the key driver for the smart manufacturing market. 4. What is the projected market size & growth rate of the Smart Manufacturing Market? Ans. Smart Manufacturing Market size was valued at US$ 263.59 Bn. in 2021 and the total Smart Manufacturing revenue is expected to grow at 13.7 % from 2022 to 2029, reaching nearly US$ 736.23 Bn. 5. What segments are covered in the Smart Manufacturing Market report? Ans. The segments covered in the Smart Manufacturing Market report are Component, Deployment, Enterprises Size, Industry, Enabling Technology, and Region.
1. Global Smart Manufacturing Market: Research Methodology 2. Global Smart Manufacturing Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Smart Manufacturing Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Smart Manufacturing Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Smart Manufacturing Market Segmentation 4.1 Global Smart Manufacturing Market, by Component (2021-2029) • Hardware • Software • Solution o Industrial 3D Printing o Programmable Logic Controller (PLC) o Product Lifecycle Management (PLM) o Manufacturing Execution System (MES) o Robotic Process Automation (RPA) o Remote Monitoring software o Supervisory Controller and Data Acquisition (SCADA) o Others (Energy Management Systems, Fleet Management Solutions, etc.) • Services o Professional Services o Managed Services 4.2 Global Smart Manufacturing Market, by Enterprises Size (2021-2029) • Large Enterprises • Small & Medium Enterprises 4.3 Global Smart Manufacturing Market, by Deployment (2021-2029) • Cloud • On-premises 4.4 Global Smart Manufacturing Market, by Industry (2021-2029) • Process Industry o Oil & Gas o Food & Beverages o Pharmaceuticals o Chemicals o Energy & Power o Metals & Mining o Pulp & Paper o Others • Discrete Industry o Automotive o Aerospace & Defense o Semiconductor & Electronics o Medical Devices o Machine Manufacturing o Others o Mining o Construction o Oil & Gas o Others 4.5 Global Smart Manufacturing Market, by Enabling Technology (2021-2029) • Industrial 3D Printing • AI in Manufacturing • Industrial Cyber security • Industrial Machine Vision • Industrial Sensors • Digital Twins • Robots • Automated Guided Vehicles • Machine Condition Monitoring • Artificial Reality & Virtual Reality • 5G Industrial IoT 5. North America Smart Manufacturing Market(2021-2029) 5.1 North America Smart Manufacturing Market, by Component (2021-2029) • Hardware • Software • Solution o Industrial 3D Printing o Programmable Logic Controller (PLC) o Product Lifecycle Management (PLM) o Manufacturing Execution System (MES) o Robotic Process Automation (RPA) o Remote Monitoring software o Supervisory Controller and Data Acquisition (SCADA) o Others (Energy Management Systems, Fleet Management Solutions, etc.) • Services o Professional Services o Managed Services 5.2 North America Smart Manufacturing Market, by Enterprises Size (2021-2029) • Large Enterprises • Small & Medium Enterprises 5.3 North America Smart Manufacturing Market, by Deployment (2021-2029) • Cloud • On-premises 5.4 North America Smart Manufacturing Market, by Industry (2021-2029) • Process Industry o Oil & Gas o Food & Beverages o Pharmaceuticals o Chemicals o Energy & Power o Metals & Mining o Pulp & Paper o Others • Discrete Industry o Automotive o Aerospace & Defense o Semiconductor & Electronics o Medical Devices o Machine Manufacturing o Others o Mining o Construction o Oil & Gas o Others 5.5 North America Smart Manufacturing Market, by Enabling Technology (2021-2029) • Industrial 3D Printing • AI in Manufacturing • Industrial Cyber security • Industrial Machine Vision • Industrial Sensors • Digital Twins • Robots • Automated Guided Vehicles • Machine Condition Monitoring • Artificial Reality & Virtual Reality • 5G Industrial IoT 5.6 North America Smart Manufacturing Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Smart Manufacturing Market (2021-2029) 6.1. European Smart Manufacturing Market, by Component (2021-2029) 6.2. European Smart Manufacturing Market, by Enterprises Size (2021-2029) 6.3. European Smart Manufacturing Market, by Deployment (2021-2029) 6.4. European Smart Manufacturing Market, by Industry (2021-2029) 6.5. European Smart Manufacturing Market, by Enabling Technology (2021-2029) 6.6. European Smart Manufacturing Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Smart Manufacturing Market (2021-2029) 7.1. Asia Pacific Smart Manufacturing Market, by Component (2021-2029) 7.2. Asia Pacific Smart Manufacturing Market, by Enterprises Size (2021-2029) 7.3. Asia Pacific Smart Manufacturing Market, by Deployment (2021-2029) 7.4. Asia Pacific Smart Manufacturing Market, by Industry (2021-2029) 7.5. Asia Pacific Smart Manufacturing Market, by Enabling Technology (2021-2029) 7.6. Asia Pacific Smart Manufacturing Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Smart Manufacturing Market (2021-2029) 8.1 Middle East and Africa Smart Manufacturing Market, by Component (2021-2029) 8.2. Middle East and Africa Smart Manufacturing Market, by Enterprises Size (2021-2029) 8.3. Middle East and Africa Smart Manufacturing Market, by Deployment (2021-2029) 8.4. Middle East and Africa Smart Manufacturing Market, by Industry (2021-2029) 8.5. Middle East and Africa Smart Manufacturing Market, by Enabling Technology (2021-2029) 8.6. Middle East and Africa Smart Manufacturing Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Smart Manufacturing Market (2021-2029) 9.1. South America Smart Manufacturing Market, by Component (2021-2029) 9.2. South America Smart Manufacturing Market, by Enterprises Size (2021-2029) 9.3. South America Smart Manufacturing Market, by Deployment (2021-2029) 9.4. South America Smart Manufacturing Market, by Industry (2021-2029) 9.5. South America Smart Manufacturing Market, by Enabling Technology (2021-2029) 9.6. South America Smart Manufacturing Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Schneider Electric SE 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 ABB Ltd. 10.3 Cognex Corporation 10.4 Siemens AG 10.5 Emerson Electric Co. 10.6 Cisco Systems, Inc. 10.7 PTC, Inc. 10.8 Amazon Web Services, Inc. 10.9 SAP SE 10.10 Robert Bosch 10.11 IBM 10.12 Honeywell International Inc. 10.13 Rockwell Automation 10.14 General Electric 10.15 Hitachi 10.16 Plex

About This Report

Report ID 21436
Category Information Technology & Telecommunication
Published Date July 2022
Updated Date
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