Press release
Smart Manufacturing Market hit USD 187 billion in 2019 and will grow at 12.8% CAGR during 2020-2027 | Size, Share & Trends
Smart Manufacturing Market
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).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/smart-manufacturing-market/
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.
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
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.
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Contact Person: Sarah Nash
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