Smart Manufacturing Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

The global smart manufacturing market is growing at a significant CAGR of around 12.8% during the forecast period. The market is driven by the rising acceptance of automation in the manufacturing processes, backed by the increasing complexities in supply chain in the industries. In addition, increasing adoption of AI, IoT, industry 4.0, is offering growth opportunity to the smart manufacturing market. The market players are investing a huge amount in a wide range of innovative technologies such as robotic automation, autonomous vehicles, assistance technology, and quality control and predictive analysis. For instance, Siemen's robotic prototype automatically reads and follows Computer-Aided Design (CAD) instructions to build the products without programming and is used in shop floor work.

A significant rise in big data has contributed to the adoption of big data analytics in manufacturing. With the growing digitalization across the globe, big data is on a continuous rise. Big data is quickly becoming a significant element of the fourth generation of ERP technology. According to the World Economic Forum, the connected world is producing data at a pace that is unprecedented in human history. Manufacturers expect big data analytics to have a huge impact on company's performance. To remain competitive, manufacturers are embracing big data analytics, which is driving significant growth to the market.

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Smart Manufacturing Market Segmentation

By Component

· Hardware

· Software & Services

By Technology

· Programmable Logic Controller (PLC)

· Supervisory Controller and Data Acquisition (SCADA)

· Machine Vision

· Distributed Control System (DCS)

· Product Lifecycle Management (PLM)

· Others (3D Printing)

By End-Use Industry

· Healthcare

· Automotive

· Aerospace & Defense

· Oil & Gas

· Food & Beverages

· Others (Chemical and Metals and Mining)

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Regional Analysis

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· ABB Ltd.

· Cisco Systems, Inc.

· DXC Technology Co.

· Emerson Electric Co.

· Fanuc Corp.

· Fujitsu Ltd.

· General Electric Co.

· Honeywell International, Inc.

· IBM Corp.

· Intel Corp.

· Larsen & Toubro Infotech Ltd.

· Mitsubishi Electric Corp.

· Oracle Corp.

· Robert Bosch GmbH

· Rockwell Automation, Inc.

· SAP SE

· Schneider Electric SE

· Siemens AG

· Wipro Ltd.

· Yokogawa Electric Corp.

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