Press release
Smart Manufacturing Market Size to Reach US $ 261.6 Billion by 2028; Industry Compound Annual Growth Rate of 15.8%
Industry Development
March 2021: General Electric Company declared the introduction of intuitive software applications and skilled amenities known as Connectix. This service is intended for smart manufacturing applications.
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Companies Profiled in Smart Manufacturing Platform Market Report:
ABB, Schneider Electric, Siemens, Emerson Electric Co, General Electric Co, Amazon Web Services, Inc, Fujitsu Ltd, Hitachi, IBM and Microsoft Corporation.
Extending Perimeter of Big Data, Internet of Thing, 5G Network to Fuel Market Growth
Big data is among the vital applications among them and is measured as one of the developing trends for smart manufacturing market growth. The sturdy, rising volume of structured and unstructured data and information generates a great demand for big data applications. Likewise, the most important trend for the market is the Internet of Things (IoT). IoT involves smart devices, vehicles, sensors, and other connected factors on a single platform supported by artificial intelligence.
Vital Business-related Declarations by Prime Players to Sway Market Dynamics
Pivotal companies in the market often make critical declarations concerning a few business moves, which in turn impact the market either favorably or adversely. Players procure companies, unveil novel products, sign partnership contracts, engage in deals with government establishments, and so on.
Market Dynamics
The Smart Manufacturing Platform Market variables explored for estimating the market valuation are growth engines, hurdles, opportunities, and threats. These variables and their role in predicting the ups and downs of the industry make the majority of the report. They are used in sizing the value of segments and sub-segments of the market. Moreover, the insights gleaned through astute market research are based on proven methodologies such as Porter's Five Forces model and can prevent investment mistakes.
Market Segmentation
By Type: Device Management, Connectivity Management, Application Enablement Platform
By Process Industry: Oil And Gas, Power And Energy, Chemicals, Pharmaceuticals, Food & Beverages and Metals & Mining
Further Findings:
Based on the component, the market is categorized into solutions and services. The solution is expected to gain a major market share during the forecast period. Owing to the growth of industrial 3D printing which is attributed to increasing demand for IoT for advanced automation process in the manufacturing industry.
North America held the second-largest smart manufacturing market share. The growth of this region is accredited to the increasing spending on progressive manufacturing technologies in countries such as Canada and the U.S.
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Exactitude Consultancy follows a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country level is derived from the most credible published sources and through interviews with the right stakeholders.
Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
Secondary Research Is Conducted To Derive The Following Information:
• Details such as Smart Manufacturing Market share, revenues, strategies, growth rate, product & their pricing by region/country for all major companies
• Details in relation to product type, application, distribution channel, business strategies, etc.
• Estimating demand of end user by region/country and average IT spending on procuring different product type and services
• Market dynamics in relation market under focus - Drivers, restraints, opportunities and trends
• Smart Manufacturing Platform Market & technological trends, product pipeline, new product developments, etc.
Statistical Analysis
The data is generally gathered in various arrangements such as charts, graphs, infographics, trends, documents and records from various manufacturers and retailers. Our subject experts gather, collect, and interpret such data to form significant databases. Our team then works with large data volumes to analyze core developments, evaluate Smart Manufacturing Platform Market estimations, and identify trends.
We provide statistical modelling, inferential statistical analysis, descriptive statistical analysis, and predictive analysis among various other types of studies. Thus, we provide customized reports with data preparation, management, and analysis. We also have a continuous feedback system, wherein our team ensures that new market developments are accurately incorporated in the previous databases.
Surveys And Discussion With Industry Leaders
Conducting primaries of industrial experts and subject experts is one of the most important steps of our research analysis. It is a continuous process and is carried out at each level along the value chain. To ensure that the market estimates are unbiased and depict the actual market scenario, we carry out questionnaires-based research and telephonic discussions with raw material suppliers and manufacturers, product manufacturers and distributors. Additionally, we also cover insights from representatives of regulatory bodies and industry associations.
With the help of insights collected from industrial experts, we are able identify market segments and key parameters including spending habits of consumers, raw material and production trends, pricing mechanism, and expansion plans of Smart Manufacturing Platform Market players. This helps us in providing an-depth analysis of the concerned market.
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EMAIL ADDRESS: sales@exactitudeconsultancy.com
About Us
Exactitude Consultancy is a Market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our professional team works hard to fetch the most authentic research reports backed with impeccable data figures which guarantee outstanding results every time for you. So, whether it is the latest report from the researchers or a custom requirement, our team is here to help you in the best possible way.
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