Smart Manufacturing Market Trends That Will Shape the Next Decade: Insights from Innovations In Smart Manufacturing through Industrial Internet Of Things And Collaborative Initiatives

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How Large Will the Smart Manufacturing Market Size By 2025?
The scale of the smart manufacturing market has experienced swift expansion in the past few years. Its growth is projected to escalate from $405.82 billion in 2024 to $455.56 billion in 2025, with a compound annual growth rate (CAGR) of 12.3%. The historical period growth is credited to progress in industrialization, the emergence of big data analytics, emphasis on cyber-physical systems, the expansion of global supply chains, energy efficiency, and sustainability. Improved quality control procedures, along with the transition to smart factories, have also contributed to this growth.

How Big Is the Smart Manufacturing Market Size Expected to Grow by 2029?
The smart manufacturing market is anticipated to experience a swift expansion over the next couple of years. The market is projected to surge to $815.82 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 15.7%. The escalation during this projection period is attributed to the increased emphasis on resilient and adaptive manufacturing, transition to servitization models, the need for rapid prototyping and additive manufacturing, a renewed focus on ongoing enhancement, amplified security measures, and the growing importance of circular economy practices. The forecast period is likely to witness several major trends, such as the integration of industry 4.0, the adoption of digital twins, advancements in robotics and automation, proliferation of IoT and sensors, edge computing for prompt processing, 5G connectivity for low-latency communication, the application of artificial intelligence (AI) in manufacturing, and the collaboration between humans and machines.

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Which Key Market Drivers Powering Smart Manufacturing Market Expansion and Growth?
The upward trend in investments towards Industry 4.0 is anticipated to propel the smart manufacturing sector in the future. This fourth industrial revolution utilizes data to bridge the gap between the digital and physical realms. Industry 4.0 paves the path for advancements in the manufacturing sector by enhancing data gathering and analysis at the edge, thereby unlocking new levels of analytical understanding. It has a transformative effect on how organizations manufacture, refine, and distribute their products. Companies are adopting state-of-the-art technologies like Internet of Things (IoT), cloud computing, analytics, AI, and machine learning in their manufacturing procedures. For example, as per the 2022-Conexus-Tech-Adoption-Report published by Conexus Indiana, a nonprofit US organization specializing in advanced manufacturing and logistics, the implementation and demonstration projects of Industry 4.0 technologies have witnessed a 35% surge year-after-year, with one-third of firms currently considering Industry 4.0 as a beneficial investment for expansion. Consequently, the escalating investments in Industry 4.0 are expected to stimulate the smart manufacturing market.

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Which Fast-Growing Trends Are Poised to Disrupt the Smart Manufacturing Market?
Prominent firms in the smart manufacturing market are concentrating on introducing innovations such as the industrial internet of things (IIoT) to streamline data collection and analysis in real-time. IIoT involves merging internet-facilitated devices and systems in industrial settings to boost operational effectiveness, productivity, and decision-making. For example, in July 2022, the Indian Institute of Technology-Madras, a university based in India, inaugurated the Smart Manufacturing & Digital Transformation Centre (SMDTC) with the goal to upgrade India's manufacturing capacities and foster self-dependency. A fresh center has been setup to make smart manufacturing and digital transformation accessible for Indian MSMEs. Through this initiative, critical systems and software platforms promoting industry 4.0 practices will be developed, encouraging self-sustainability in manufacturing. The center's primary focus areas include education, maturity assessments, cooperative research, and supportive technologies like 5G. Its chief goals are expanding stakeholder knowledge and encouraging collaboration between industry and academia, to enhance manufacturing methodologies.

What Are the Emerging Segments in the Smart Manufacturing Market?
The smart manufacturingmarket 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

Subsegments:
1) By Hardware: Sensors, Robotics, Industrial Control Systems, Machine Vision Systems, Connectivity Devices, Actuators
2) By Software: Manufacturing Execution Systems (MES), Enterprise Resource Planning (ERP), Supply Chain Management Software, Product Lifecycle Management (PLM), Quality Management Software, Data Analytics Software
3) By Services: Consulting Services, System Integration Services, Maintenance And Support Services, Training Services, Managed Services

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Who Are the Global Leaders in the Smart Manufacturing Market?
Major companies operating in the smart manufacturing market 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, accenture* PLC, Fujitsu Limited, Fanuc Corporation, Kuka AG, Omron Corporation, Panasonic Corporation, Toshiba Corporation, Yokogawa Electric Corporation

Which are the Top Profitable Regional Markets for the Smart Manufacturing Industry?
North America was the largest region in the smart manufacturing market share in 2024. The regions covered in the smart manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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