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Smart Manufacturing Global Market Expected to hit $713.44 Billion at a CAGR of 14.5% By 2028, Top Factors Leading The Industry Worldwide
Smart Manufacturing Market
As per the report, the smart manufacturing market size has grown rapidly in recent years. It will grow from $362.79 billion in 2023 to $414.75 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The smart manufacturing market size is expected to see rapid growth in the next few years. It will grow to $713.44 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
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Industry 4.0 Investments Propel Growth In The Smart Manufacturing Market
The rising number of investments in Industry 4.0 is expected to drive the smart manufacturing market going forward. The fourth (4.0) industrial revolution uses data to connect the digital and physical worlds. Industry 4.0 lays the way for new developments in the manufacturing industry by improving data collection and analysis at the edge and by releasing new depths of analytical insight. Industry 4.0 is transforming how businesses produce, enhance, and distribute their goods. The Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are among the cutting-edge technologies that manufacturers are incorporating into their manufacturing processes. For instance, in 2021, Internet of Things Infrastructure received a total funding of $28.7 billion from more than 1,300 startups, making it one of the most active areas for investors. The most active investors in this industry, measured by the number of investments, include Plug and Play Tech Center, Qualcomm Ventures, Techstars, Cisco Investments, and Intel. Hence, the increasing investments in Industry 4.0 are expected to drive the smart manufacturing market.
Technological Advancement Drives Momentum In The Smart Manufacturing Market
Technological advancement is a key trend gaining popularity in the smart manufacturing market. Major companies in the smart manufacturing market are advancing in their new technologies and research and developments to sustain their marketplace. For instance, in January 2021, Rockwell Automation, Inc., a US-based provider of industrial automation, introduced a QuickStick Intelligent Conveyor System, that helps to boost throughput while lowering the total cost of ownership. It offers pallet conveyor systems a quicker, cleaner, and more effective substitute in the assembly and process automation markets.
The smart manufacturing market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Machine Execution Systems (MES), Programmable Logic Controller (PLC), Enterprise Resource Planning (ERP), SCADA, Discrete Control Systems (DCS), Machine Vision, 3D Printing, Other Technologies
3) By End-User: Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, Other End-Users
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Major companies operating in the smart manufacturing market report are Siemens AG, General Electric Company, Rockwell Automation, Schneider Electric SE, Honeywell International Inc., Emerson Electric, ABB India Limited, Amazon Web Services Inc., Robert Bosch Manufacturing Solutions GmbH, Cisco Systems Inc., 3D Systems Corporation, Plex Systems Inc., Cognex Corporation, PTC Inc., Mitsubishi Electric Corporation, HP Development Company L.P., SAP SE, Hitachi Ltd., IBM Corporation, Oracle Corporation, Microsoft Corporation, Intel Corporation, Fujitsu Limited, Fanuc Corporation, Kuka AG, Omron Corporation, Panasonic Corporation, Toshiba Corporation, Yokogawa Electric Corporation
Contents of the report:
1. Executive Summary
2. Smart Manufacturing Market Report Structure
3. Smart Manufacturing Market Trends And Strategies
4. Smart Manufacturing Market - Macro Economic Scenario
5. Smart Manufacturing Market Size And Growth
…..
27. Smart Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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