The Smart Manufacturing Market was valued around USD 187 billion in 2019 and is predicted to grow at a CAGR of 12.8% CAGR over the forecast period (2020-2027).
The factors driving the growth of Smart Manufacturing Market includes Government policies supporting industrial automation, emerging focus by major companies on meeting regulatory compliance, rising complexities in the supply chains, commercialization of 5G technology and increasing labor costs around the world. According to the report published by Bureau of labor Statistics (BLS), wages and salaries in the United States the workers has risen by 3.2% for the 12-month period ending in June 2021, which is pushing companies across the globe to adopt smart manufacturing technologies. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) in the Information Technology (IT) Industry, proliferation of smart devices and increasing emphasis on improving manufacturing processes, are some of the additional factors supplementing the Smart Manufacturing Platform Market size. In addition, the increasing investments by leading players on research and development, strategic collaborations between key industry players, rapid urbanization and rising disposable incomes, are further propelling the Global Smart Manufacturing Market.
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However, growth of the Smart Manufacturing Market is hindered due to high investments for implementing smart manufacturing solutions.
The major players operating in the market are Mitsubishi Corporation, Rockwell Automation, Inc, Schneider Electric, Emerson Electric Co, ABB Ltd, Cisco Systems, Inc, Oracle Corporation, General Electric Company, Honeywell International Inc and IBM Corporation, among others.
Based on Enabling Technology, the IIOT segment is predicted to grow at a significant CAGR during the forecast period
IIOT technology helps in analyzing data gathered through multiple devices, thereby enhancing the decision-making process, is the major factor responsible for the segment’s growth.
Based on Industry, the Discrete Industry segment is projected to expand at a remarkable CAGR over the forecast period
Growing demand for delicate automation from end-use industries such as Automotive, electronics and heavy manufacturing, is propelling growth of the segment.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
Presence of the leading players such as IBM Corporation, Cisco Systems, Inc, and Oracle Corporation, growing demand for automated technology across industry verticals, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Developments
- In 2020, Mitsubishi Corporation collaborated with Oracle Corporation to use Oracle Corporation’s cloud technologies for development of factory automation platform named FA-IT Open Platform.
- In 2019, ABB Inc, and Ericsson Inc, signed Memorandum of Understanding (MoU) at Hannover Messe 2019., which focuses on improving manufacturing process and automation, and to discover new business opportunities for industrial ecosystem.
Market Segmentation
Segmentation by Information Technology
- Human-Machine Interface
- Offering
- Software
- Hardware
- Configuration Type
- Enterprise Manufacturing Intelligence
- Offering
- Deployment Type
- Plant Asset Management
- Offering
- Deployment
- Asset Type
- Manufacturing Execution System
- Deployment Type
- Offering
- Industrial Communication
- Offering
- Component
- Software
- Services
- Communication Protocol
- Warehouse Management System
- Offering
- Implementation Type
- Tiber Type
Segmentation by Enabling Technology
- Industrial 3D printing
- Offering
- Printers
- Materials
- Software
- Services
- Application
- Process
- Technology
- Collaborative robot
- Payload Capacity
- Application
- IIOT
- Device & Technology
- Software
- AI in manufacturing
- Offering
- Hardware
- Software
- Technology
- Application
- Machine condition monitoring
- Monitoring Technique
- Offering
- Hardware
- Software
- Deployment
- Industrial machine vision
- Component
- Hardware
- Software
- Product
- Application
- Industrial cybersecurity
- Type
- Product
- Solution & Service
- Digital twin
- Automated guided vehicle
- Type
- Navigation Technology
- Application
- Blockchain in manufacturing
- Application
- AR and VR in manufacturing
- Technology
- Augmented reality
- Virtual reality
- Offering
- Hardware
- Software
- Device Type
Segmentation 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
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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