openPR Logo
Press release

Smart Manufacturing Market hit USD 187 billion in 2019 and will grow at 12.8% CAGR during 2020-2027 | Size, Share & Trends

09-27-2022 01:06 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Gmi Research

Smart Manufacturing Market

Smart Manufacturing Market

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.

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.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Smart Manufacturing Market hit USD 187 billion in 2019 and will grow at 12.8% CAGR during 2020-2027 | Size, Share & Trends here

News-ID: 2750447 • Views: 1103

More Releases from Gmi Research

Europe AI-Powered Storage Market is estimated to rise at a significant CAGR duri …
The Europe AI-Powered Storage Market is expected to grow at a faster CAGR over the forecast period (2020-2027). For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/europe-ai-powered-storage-market/ The factors driving growth of the Europe AI-Powered Storage Market includes increasing penetration of connected devices across Untied Kingdom, France, and Germany, rising application of AI-powered storage solutions across end-use industries such as Media and Entertainment and Healthcare and Manufacturing and Government policies encouraging
Egypt Cloud Computing market is predicted to reach a higher CAGR during 2020-202 …
The Egypt Cloud Computing market is estimated to grow at a higher CAGR over the forecast period (2020-2027). For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/cloud-computing-market-in-egypt-analysis-industry-research/ The factors driving growth of the Egypt Cloud Computing market includes increase in the number of Healthtech start-ups across Egypt such as Smart Medical Services, Yodawy and Rology, Government initiatives to build Data center clusters, growing popularity of video streaming platforms and improvements in
Paper Packaging Market is expanding at a compound annual growth rate of 3.6% dur …
The Global Paper Packaging Market is Market is estimated to grow at a robust CAGR of 3.6% during the forecast period 2021-2028. For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/paper-packaging-market-analysis-industry-research/ The factors driving growth of the Paper Packaging Market includes rising demand for environment friendly packaging solutions, increase in the production of corrugate boxes, ban imposed by Governments worldwide on single-use plastics, emerging trend of online shopping and improvements in
E-Bike Market is projected to rise at 11.1% during 2022-2029, reaching USD 97.7 …
E-Bike Market was valued at USD 42.1 billion in 2021 and is estimated to register a double digit CAGR of 11.1% during the Forecast period 2022-2029 and is projected to reach USD 97.7 billion in 2029. For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/e-bike-market-growth-analysis-industry-research/ The factors driving growth of the E-Bike Market includes increasing focus on reducing carbon emissions around the world, rise in Government's expenditure on expand the cycling

All 5 Releases


More Releases for Manufacturing

Global Miscellaneous Market by Types (Gasket, Packing, and Sealing Device Manufa …
The global Miscellaneous market was valued at xx million in 2020 and is projected to reach US$ xx million by 2027, at a CAGR of xx% during the forecast period. Global Miscellaneous Market overview Miscellaneous Market research report offers great insights into the market and consumer data and their interpretation through various figures and graphs. Miscellaneous markets have experienced significant growth in recent years. The main reason for this is the increasing
Smart Factory Transforming from “Manufacturing” to “Intelligent Manufactur …
The concept of “Industry 4.0” was officially announced by the German government in 2013 at the Hannover Messe. Since then, its influence has taken the world by storm. From steam mechanization to power automation to data informatization, the Industry 4.0, driven by “intelligentization”, will completely subvert the expectations, changing perceptions of productivity and production relations in the traditional manufacturing industry by way of qualitative change – an immortal monument, perhaps,
Additive & Conventional Manufacturing – Hybrid Manufacturing Techniques From C …
Croft Filters, based in Warrington, England, have been supplying custom filtration and separation solutions for over 31 years. Over this time, Croft has developed a reputation for their quality, bespoke service through manufacturing a variety of products for specific requirements. These products have included Filtration Cones, Baskets & Screens, Disc Filters and Filtration Housings amongst others, and they are made with Wire Mesh, Wedge Wire and Perforated Plate, depending on
Storage Hopper Market 2017 - HES Manufacturing, Meridian Manufacturing Inc
Apex Research, recently published a detailed market research study focused on the "Storage Hopper Market" across the global, regional and country level. The report provides 360° analysis of "Storage Hopper Market" from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global Storage Hopper industry, and estimates the future trend of Storage Hopper market
Digital Meter Market 2017 - Al-Jon Manufacturing, Environmental Manufacturing, H …
The Global Digital Meter Market 2017 Industry Research Report focused on global and regional market, major manufacturers, as well as the current state of the Digital Meter industry. First, "Global Digital Meter Industry 2017" report analyzed the basic scope of this industry like definition, specification, classification, application, industry policy, news analysis and Digital Meter industry chain structure. Major Companies Covered in this report:- Al-Jon Manufacturing Heitman Laboratories Kws Manufacturing Company Kmb Systems Obvius Holdingd Llc Lubecorp Manufacturing Quadlogic
Competitive Segmentation of Global Mixed-mode Manufacturing Market 2016 Industry …
The market research report titled Mixed-mode Manufacturing Market Research Report 2016 provides a detailed overview of the global Mixed-mode Manufacturing market, in terms of crucial market factors such as the demand drivers, challenges, market segments, key companies, and the recent market trends. The quantitative and the qualitative information presented in this research study is based on primary and secondary sources of information. Moreover, much of the information contained in this