USD 225.99 billion
Report ID:
SQMIG45I2185 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
94 |
Figures:
76
Smart Manufacturing Market size was valued at USD 225.99 billion in 2019 and is poised to grow from USD 260.56 billion in 2023 to USD 813.86 billion by 2031, at a CAGR of 15.3% during the forecast period (2024-2031).
In recent years, the smart manufacturing market has experienced robust growth, and it is expected to continue growing steadily. The term "smart manufacturing" relates to the digitization of industrial manufacturing at all stages, including supply chain management, design process, production, distribution, and marketing. Companies can stay adaptable and make a quick shift in business models by using automation, AI, and linked robotics to analyze data from all stages of the procedure.
The implementation of public initiatives to support automation systems, the large influx of investment opportunities in Industry 4.0, the rise in trend for compliance with safety regulations, and the rising price of labor in emerging nations are all factors that have contributed to the growth of the smart manufacturing market.
Nevertheless, some of the main issues hindering the growth of this market include excessive capital and operating expenses and a lack of standardization for technology solutions. Smart manufacturing is predicted to proliferate in emerging nations and use 5G connectivity, which will present participants in this market with significant potential opportunities. The absence of a workforce with the necessary skills to integrate and run technologies and personal data protection issues are two of the main obstacles to the expansion of the smart manufacturing business, though.
US Smart Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 225.99 billion
Largest Segment
Software
Fastest Growth
Hardware
Growth Rate
15.3% CAGR
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The global smart manufacturing market segmentation is based on component, technology, industry vertical and region. Based on component the market is segmented into hardware, software, and services. Based on technology the market is segmented into IoT, AI and ML, 3D Printings, and Others. Based on industry vertical, the market is segmented into food & beverage, automotive, aerospace & defense, consumer electronics, healthcare, and others. Based on region the global smart manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Smart Manufacturing Market Analysis by Component
The software segment, which had the largest revenue share of 49.3 % in 2023, is expected to rule the market during the projected period. The industry's foundation is its software component, which is driving it toward automatization. Robotics, drones, and other equipment will be operated by sophisticated software without the need for human intervention, lowering the likelihood of any errors. The software enables the market to advance significantly in terms of both research and development of fresher, more adaptable solutions.
From 2024 to 2031, the hardware segment market is expected to expand at a noteworthy rate. High-level and suitable hardware is necessary for the software applications to function. New hardware is necessary for the software applications to function. Production lines use hardware that is nimble, uses less electricity and can operate without human intervention. In order to aid the industry in becoming more standardized, contemporary gear must also be IoT compatible.
Smart Manufacturing Market Analysis by Technology
The IoT poses the highest potential in the smart manufacturing sphere. This wide-scale use of IoT can be taken as an example in its capability to monitor, analyze data and automate the manufacturing processes in real time. Enhanced, connected interactions of devices and sensors due to the IoT facilitate enhanced communication and efficiency across the manufacturing value chain, which becomes a main push force for smart manufacturing to develop globally.
AI & ML is the leading segment in the smart manufacturing industry across the world that gains the fastest growing pace. Artificial Intelligence (AI) and Machine Learning (ML) technologies are changing our minds in what is referred to as a cut-edge manufacturing by allowing predictive analytics, optimization in terms of quality control, demand forecasting, and independent decision-making. The growing preference for the provision of ample information by AI and ML algorithms which helps makes knowledge-driven decision and informed actions led to increased adoption of these tools in almost every sectors of manufacturing triggering this industry's continuous momentum. Manufacturers who are constantly looking for ways to increase productivity and adapt to changes typically rely on AI and ML solutions that are gradually becoming essential partners in creating smart manufacturing.
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Within the smart manufacturing market, North America being the largest region in the world, will most probably attract more customers now and in the coming years. Leading the smart manufacturing collaboration with North America is attributable to some factors such as early adoption of superior technologies, development of automation, and structural supports of synergies of smart manufacturing. Besides, the presence of many IT companies, research institutions, and favouring regulatory environment is an icing on the cake which makes smart manufacturing a global leader.
On the other hand, the Asia Pacific emerges as the fastest-growing segment of the smart manufacturing market in the global area. The growing industrialization, more funds outlay on the breakthrough technology in manufacturing 4.0, and the development of the manufacturing sector in countries, such as China, Japan and India; these factors, it seems, lead to the smart manufacturing growth in the Asia-Pacific region. Likewise, government plans to support digitalization and automation of production technologies in manufacturing industries are ongoing in Asia Pacific which will in turn influence the adoption pace of smart manufacturing platforms by industries worldwide, setting the region as a major growth driver in the global market.
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Smart Manufacturing Market Driver
Smart Manufacturing Market Restraint
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There are several significant participants in the reasonably competitive market for smart manufacturing. The major firms that hold significant market shares are concentrating on growing their clientele abroad. The businesses are utilizing tactical joint ventures to raise their market share and profitability. To improve the functionality of their products, industry participants are also buying up start-ups developing automated robotic technologies.
Smart Manufacturing Market Top Players Company Profiles
Smart Manufacturing Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the smart manufacturing market at the global level will continue to expand in the coming years, driven by advanced digital technologies and the adoption of creative solutions, which serve as the driving force behind the disruption of conventional production methods. Through the utilization of the Internet of Things, AI, machine learning, robotics, and 3D printing, manufacturers are exploring numerous avenues to enhance efficiency, productivity, and agility across various industries. The market is experiencing significant growth as businesses prioritize modernization, business process optimization, and cost-cutting through automation, predictive analytics, and real-time monitoring to enhance competitiveness. While North America leads in the micromobility sector, the Asia-Pacific region shows signs of rapid expansion, propelled by urbanization and governmental policies. Pioneers in this field such as Siemens AG, General Electric Company, and IBM Corporation are committed to innovation, paving the way for new smart machines and software tailored to the evolving needs of the manufacturing industry. Looking ahead, smart manufacturing will remain at the forefront of the industry as more businesses embrace digital transformation to succeed in Industry 4.0.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 225.99 billion |
Market size value in 2031 | USD 813.86 billion |
Growth Rate | 15.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONSmart Manufacturing Market size was valued at USD 225.99 billion in 2019 and is poised to grow from USD 260.56 billion in 2023 to USD 813.86 billion by 2031, at a CAGR of 15.3% during the forecast period (2024-2031).
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Product ID: SQMIG45I2185