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Cloud Manufacturing Market Size, Analysis, Trends, Opportunities And Strategies 2024-2033
Cloud Manufacturing Market
Cloud Manufacturing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $163.00 Bn In 2028 At A CAGR Of 17.3% :
The cloud manufacturing market size has grown rapidly in recent years. It will grow from $73.71 billion in 2023 to $86.20 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to cost reduction initiatives, globalization and supply chain optimization, scalability and flexibility needs, compliance and regulatory requirements, business continuity and disaster recovery.
The cloud manufacturing market size is expected to see rapid growth in the next few years. It will grow to $163.00 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to sustainability and environmental concerns, demand for real-time insights and analytics, market dynamics and competitive pressures, shift towards sterilization and outcome-based models, regulatory and compliance evolution. Major trends in the forecast period include increased adoption of hybrid cloud solution, integration of edge computing with cloud manufacturing, ai and machine learning-driven optimization, focus on sustainability and circular economy, expansion of industry-specific cloud manufacturing solutions.
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Cloud Manufacturing Market Major Segments
The cloud manufacturing market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Industry Vertical: Aerospace And Defense, Healthcare, Semiconductor Electronics, Automotive, Metal And Machinery Manufacturing, Other Industry Verticals
Key Driver - AI Adoption Is Driving Growth In The Cloud Manufacturing Market
The increasing adoption of artificial intelligence (AI) in manufacturing is expected to propel the growth of the cloud manufacturing market going forward. Artificial intelligence (AI) refers to developing computer systems and algorithms that can perform tasks requiring human intelligence, such as learning from data, making predictions, and solving complex problems. The rising adoption of artificial intelligence (AI) in manufacturing is due to its ability to optimize processes, enhance productivity, and enable predictive maintenance. Artificial intelligence is utilized in cloud manufacturing to analyze vast amounts of production data, optimize processes, predict equipment failures, and enhance decision-making for improved efficiency and productivity. For instance, in May 2022, according to a survey among 321 manufacturers conducted by Rockwell Automation Inc., a US-based provider of industrial automation and digital transformation technologies, the adoption of smart factory technologies witnessed a remarkable 50% year-over-year growth. Moreover, 74% of surveyed manufacturers are either utilizing or planning to integrate artificial intelligence into their manufacturing operations. Further, 83% of manufacturing professionals will upgrade their modernization processes into smart factories. Therefore, the increasing adoption of artificial intelligence (AI) in manufacturing is driving the growth of the cloud manufacturing market.
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Prominent Trend - Manufacturing-Specific Cloud Platforms Transforming The Cloud Manufacturing Market
Major companies operating in the cloud manufacturing market are developing manufacturing-specific cloud platforms, such as Manufacturing Data Engine and Manufacturing Connect, to gain a competitive edge in the market. Manufacturing Data Engine and Manufacturing Connect is a cloud-based software solution designed explicitly for the manufacturing industry that offers a range of functionalities tailored to address the unique needs and challenges manufacturers face, such as data integration, analytics, process optimization, and supply chain management. For instance, in May 2022, Google LLC, a US-based technology company, launched Manufacturing Data Engine and Manufacturing Connect, aimed at helping manufacturers unify their data and enhance their operations with analytics and AI capabilities. These solutions enable manufacturers to connect previously isolated assets, standardize data, and improve visibility from the factory floor to the cloud. These solutions support critical AI and analytics-based use cases such as manufacturing analytics and insights, predictive maintenance, and machine-level anomaly detection by centralizing and harmonizing data.
Cloud Manufacturing Market Players
Major companies operating in the cloud manufacturing market are Amazon.com Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., Siemens AG, International Business Machines Corporation, General Electric Company, Cisco Systems Inc., Oracle Corporation, NetSuite Inc., SAP SE, Salesforce.com Inc., Hewlett Packard Enterprise Company, DXC Technology Company, VMware Inc., Rockwell Automation Inc., Citrix Systems Inc., Jelastic Inc., Hitachi Vantara, PTC Inc., Cloudera Inc., Box Inc., Rootstock Software
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Largest And Fastest Growing Region In The Market
North America was the largest region in the cloud manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cloud Manufacturing Market Report Structure
3. Cloud Manufacturing Market Trends And Strategies
4. Cloud Manufacturing Market - Macro Economic Scenario
5. Cloud Manufacturing Market Size And Growth
…..
27. Cloud Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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