Smart Manufacturing Market to Grow at Breakneck Speed Amid Rising Inclination Towards Industrial Automation, Favorable Government Initiatives

Over the recent past, the smart manufacturing market has made major breakthroughs due to a consistent surge in supply chain complexities, rising significance of industrial automation, growing adoption of Industry 4.0, and soaring demand for advanced software systems. Seeing the promising potential of the smart manufacturing market, key industry players and governments around the world are poised to intensify their investments toward greater R&D in the smart manufacturing market. In addition to this, sophisticated technologies are being rapidly adopted and high-value mergers and acquisitions are on the rise in the smart manufacturing market. Consequently, the global smart manufacturing market is anticipated to steadily expand, creating lucrative business outcomes for manufacturers and other stakeholders across international markets.

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Novel Technologies Set to Unlock Favorable Economic Opportunities

Organizations are rapidly leveraging IoT-based applications in smart manufacturing. The incorporation of IoT across a broad spectrum of applications is creating more sophisticated use cases that require greater network capabilities. A few application scenarios of IoT include precision in device positioning, enhanced support for integrated sensors, and high-speed device mobility. The onset of 5G is set to radically improve the structure of IoT ecosystems. Major emphasis will be on the reformation of the connectivity parameters controlled by individuals, scalability, security, reliability, and latency of IoT devices. 5G is capable of handling 1000x more consumption than existing network technologies, offering an impeccable speed of multiple gigabits per second and latency in single milliseconds. Consequently, these advancements in 5G technologies and notable investments in the development and adoption of new network infrastructure are expected to augur well for the smart manufacturing market.

Greater Efficacy in Analysis and Lower Costs to Make Digital Twin a Preferable Choice

Based on enabling technology, digital twins are envisaged to gain strong momentum in the foreseeable future. Digital twins are progressively being used across engineering and other critical areas of businesses. This technology makes it easier to connect information about a physical product and its behavior in the real world and effectively present the data in a 3D digital representation. Enhanced visual analytics and insights associated with physical behaviors related to software and control systems enhance operational efficacy and product output at minimal costs. As a result, the application of digital twins can substantially reduce the time and costs engaged in the installation and validation of production systems. The cumulative force of these trends is likely to boost the adoption of digital twins during the forecast period, which is projected to create a positive impact across the global smart manufacturing market.

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Asia Pacific Ranks as the Most Favorable Region

The Asia Pacific garners a major share in the smart manufacturing market and is predicted to build on this momentum. This growth is mainly attributed to emerging SMEs that are opting for smart manufacturing solutions and a resonant ecosystem across countries such as India, Australia, and Japan. Furthermore, in APAC, the growing adoption of cutting-edge technologies viz. AI, ML, IoT, and AR is set to create strong headways of growth across its smart manufacturing market.

Prominent Market Players

Siemens, Rockwell Automation, Honeywell International Inc., IBM, ABB, Schneider Electric, General Electric, and Emerson Electric Co. are some of the competitive players in the global smart manufacturing market.

Global Smart Manufacturing Market is Segmented as Below:
By Information Technology:
• Human-Machine Interface
• Plant Asset Management
• Manufacturing Execution System
• Warehouse Management System Dual Frequency

By Enabling Technology:
• Industrial 3D Printing
• AI in Manufacturing
• Industrial Cybersecurity
• Industrial Machine Vision
• Industrial Sensors
• Digital Twins
• Robots
• Automated Guided Vehicles
• Machine Condition Monitoring
• Artificial Reality & Virtual Reality
• 5G Industrial IoT

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 Region
• North America
• Europe
• Asia Pacific
• LAMEA

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