Press release
Smart Manufacturing Market Key Players Analysis - 3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US).
Smart Manufacturing Market
Smart Manufacturing Market Size is valued at USD 364.3 Bn in 2024 and is predicted to reach USD 1,441.9 Bn by the year 2034 at a 15.2% CAGR during the forecast period for 2025-2034.
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Smart manufacturing represents a modern approach to industrial production that harnesses advanced, interconnected technologies and digital solutions. This approach integrates machinery with internet connectivity to enable intelligent, scalable, and efficient management of manufacturing processes. Increasing demand for connected supply chains and knowledge-driven production systems-incorporating advanced modeling, sensing, control, and simulation-continues to drive market expansion.
The proliferation of the Internet of Things (IoT) has substantially transformed the manufacturing sector by promoting higher levels of automation and digitalization. Complementary technologies, including cloud computing, the Industrial Internet of Things (IIoT), and industrial analytics, are expected to play a critical role in shaping the future trajectory of smart manufacturing. Furthermore, emerging innovations such as artificial intelligence (AI), big data, and machine learning are accelerating the adoption and sophistication of these systems.
Automation is also facilitating the emergence of innovative operational models, including "lights-out" manufacturing, which requires minimal human intervention. Such models enable manufacturers to reduce labor costs, enhance operational efficiency, and increase production flexibility-benefits that are particularly valuable in industries characterized by fluctuating demand.
List of Prominent Players in the Smart Manufacturing Market:
• 3D System, Inc. (US)
• ABB (Switzerland)
• Cisco System, Inc. (US)
• Emerson Electric Co. (US)
• General Electric (US)
• Honeywell International Inc. (US)
• IBM (US)
• Mitsubishi Electric Corporation (Japan)
• Rockwell Automation (US)
• Schneider Electric (France)
• Siemens (Germany)
• Oracle (US)
• SAP (Germany)
• Stratasys (US)
• Yokogawa Electric Corporation (Japan)
• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Nvidia Corporation
• PTC
• Samsung
• Sony
• Universal Robots A/S
• Omron Corporation
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Market Dynamics
Drivers:
The smart manufacturing market is witnessing strong growth, driven primarily by the rising demand for connected supply chains and data-driven production systems that leverage advanced modeling, sensing, control, and simulation technologies. The integration of smart manufacturing with supply chain optimization provides real-time visibility across production and distribution networks, enabling manufacturers to track raw materials, in-process components, and finished goods efficiently. This enhanced transparency allows for prompt responses to disruptions or delays, supporting agile production practices and creating significant market opportunities.
Challenges:
Despite a positive growth outlook, the substantial initial capital investment required for implementing smart manufacturing technologies remains a key barrier, particularly in emerging markets. Deploying advanced systems-including IoT devices, artificial intelligence, data analytics, and automation-necessitates significant investment in infrastructure, connectivity, and workforce training. Furthermore, the dependency on high-speed, reliable internet connectivity for real-time data exchange across interconnected systems poses additional challenges, especially for small and medium-sized enterprises (SMEs), potentially limiting broader market participation.
Regional Trends:
North America is expected to maintain a leading share of the smart manufacturing market, supported by strong investment in advanced manufacturing technologies across the United States and Canada. Adoption is expanding across key sectors such as healthcare, aerospace and defense, automotive, and industrial manufacturing. The availability of innovative materials and continuous technological advancements further accelerate the uptake of smart manufacturing solutions in the region.
Conversely, the Asia-Pacific region is projected to experience the fastest growth over the forecast period. Innovation-driven ecosystems in countries such as India, Japan, and Australia are fostering adoption, particularly among SMEs. Growth is further propelled by the rapid deployment of disruptive technologies, including Industry 4.0, artificial intelligence (AI), augmented and virtual reality (AR/VR), and the Internet of Things (IoT), as organizations increasingly migrate toward cloud-based operations.
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Recent Developments:
• In May 2023, Mitsubishi Electric Corporation announced a significant investment in Clearpath Robotics to advance manufacturing automation. Clearpath Robotics focuses on developing and selling autonomous mobile robots (AMR). The company will increase its support for comprehensive production optimization and automation by investing in AMR systems.
• In Oct 2022, Honeywell unveiled its Manufacturing Excellence platform, which provides dashboards and real-time end-to-end production visualization for a variety of user positions (including management and operators). The platform also offers comprehensive equipment status reports, timelines for process units, and trends of critical process parameters.
Segmentation of Smart Manufacturing Market-
By Information Technology-
• Human-Machine Interface (HMI)
• Plant Asset Management (PAM)
• Manufacturing Execution System (MES)
• Warehouse Management System (WMS)
By Enabling Technology-
• Industrial 3D Printing
• Robots
o Traditional Robots
o Collaborative Robots
• Industrial Sensors
o Wired
o Wireless
• AI in Manufacturing
• Machine Condition Monitoring
• Industrial Machine Vision
• Industrial Cyber-Security
• Network security
o Application security
o Endpoint security
o Cloud security
o Wireless security
o Other security types
• Digital Twin
• Automated Guided Vehicles
• Unit load carriers
o Tow vehicles
o Pallet trucks
o Assembly line vehicles
• Augmented Reality & Virtual Reality
• 5G Industrial IoT
By Industry-
• Process Industry
o Oil & Gas
o Food & Beverages
o Pharmaceuticals
o Chemicals
o Energy & Power
o Metal & Mining
o Pulp & Paper
o Others
• Discrete Industry
o Automotive
o Aerospace
o Semiconductor & Electronics
o Medical Devices
o Machine Manufacturing
o Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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