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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 -

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
Configuration Type
Enterprise Manufacturing Intelligence
Deployment Type
Plant Asset Management
Asset Type
Manufacturing Execution System
Deployment Type
Industrial Communication
Communication Protocol
Warehouse Management System
Implementation Type
Tiber Type

Segmentation by Enabling Technology

Industrial 3D printing
Collaborative robot
Payload Capacity
Device & Technology
AI in manufacturing
Machine condition monitoring
Monitoring Technique
Industrial machine vision
Industrial cybersecurity
Solution & Service
Digital twin
Automated guided vehicle
Navigation Technology
Blockchain in manufacturing
AR and VR in manufacturing
Augmented reality
Virtual reality
Device Type

Segmentation by Industry

Process Industry
Oil & Gas
Food & Beverages
Energy & Power
Metals & Mining
Pulp & Paper
Discrete Industry
Aerospace & Defense
Semiconductor & electronics
Medical Devices
Machine Manufacturing

Segmentation by Region

Asia Pacific
Rest of APAC

North America
United States of America

United Kingdom
Rest of Europe

South Africa
Saudi Arabia

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
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland

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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