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Smart Manufacturing Platform Market is estimated to reach USD 14,200 million by 2026 growing at 18% CAGR during 2019-2026 | Size, Share & Growth

09-24-2022 12:58 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Gmi Research

Smart Manufacturing Platform Market

Smart Manufacturing Platform Market

Smart Manufacturing Platform Market

The Smart Manufacturing Platform Market is expected to reach USD 14,200 million by 2026 and is estimated to grow at a CAGR of 18% over the forecast period (2019-2026).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-smart-manufacturing-platform-market/

The factors driving growth of the Smart Manufacturing Platform Market includes growing focus by companies on reducing manufacturing costs, Government initiatives to promote industrial automation, increasing popularity of intelligent machines, rapid digitalization and rise in the number of small- and medium-sized businesses around the world. Industrial automation systems eliminate human intervention, helps companies to minimizes labor costs, enhances productivity in the manufacturing process, optimizes resources, reduces downtime and inaccuracies and these systems record valuable information to identify pattern, are some of features accelerating the market growth. Moreover, growing adoption of Industry 4.0 and smart manufacturing technologies, rising demand for streamlined and automated data to enhance productivity, and increasing use of interconnected sensors and instruments in the manufacturing sector, 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 partnerships between key companies and rising disposable incomes are further propelling the Smart Manufacturing Platform Market share.

However, growth of the Smart Manufacturing Platform Market is hindered due to insufficient availability of skilled workforce.

The leading players operating in the market are ABB Group, Robert Bosch GmbH, Emerson Electric Co., Microsoft Corporation, IBM Corporation, PTC, Inc., Fujitsu Ltd., General Electric Company, Rockwell Automation, Inc., SAP SE, and Hitachi Ltd., among others.

Based on Type, the Device Management segment is predicted to grow at a significant CAGR during the forecast period

Device management systems helps in monitoring and tracking devices along with growing demand for connected devices, are some of the factors pushing growth of the segment.

Based on Application, the Performance Optimization segment is projected to expand at a remarkable CAGR over the forecast period

Increasing application of smart manufacturing platform solutions in Oil & Gas, Automotive and Consumer electronics, are propelling segment's growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Increasing number of start-ups and mid-sized companies, rapid digitalization, Government policies promoting industrial automation, improvements in the living standards, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In Apr 2019, Microsoft Corporation in partnership with BMW group inaugurated the open manufacturing platform to transform digital production efficiency across the industry, which will enable faster and more cost-effective advancement in the manufacturing sector.
In Dec 2018, Fujitsu partnered with Amazon Web Service, this partnership will allow Fujitsu's customers to move their IT estates to the AWS Cloud, to enhance business processes and speed up innovation.

Market Segmentation

Segmentation by Type

Device Management
Connectivity Management
Application Enablement Platform

Segmentation by Application

Performance Optimization
Asset and Condition Monitoring
Others

Segmentation by Industry

Process Industry
Oil & Gas
Power & Energy
Chemicals
Pharmaceuticals
Food & Beverages
Metals and Mining
Other
Discrete Industry
Automotive
Electronics and Semiconductor
Industrial Manufacturing
Medical Devices
Aerospace and Defense
Others

Segmentation by Deployment Type

Cloud
On-Premises

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

About GMI Research

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.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

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