What is the global market size of the Smart Manufacturing Market?

Global Smart Manufacturing Market size was valued at USD 249.56 billion in 2021 and is poised to grow from USD 277.81 billion in 2022 to USD 658.41 billion by 2030, growing at a CAGR of 13.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Smart Manufacturing Market?

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. For instance, to reduce the amount of employment work, Honeywell International, Inc. released robotic technology called 'Smart Flexible Depalletizer' in September 2021. This innovation is boosting warehouse productivity and lowering workplace accidents. 'Siemens AG', 'ABB Ltd.', 'General Electric Company', 'Honeywell International Inc.', 'Schneider Electric SE', 'Emerson Electric Co.', 'Mitsubishi Electric Corporation', 'Rockwell Automation, Inc.', 'Fanuc Corporation', 'Yokogawa Electric Corporation', 'Cisco Systems, Inc.', 'IBM Corporation', 'Oracle Corporation', 'Microsoft Corporation', 'SAP SE', 'PTC Inc.', 'Stratasys Ltd.', 'Hewlett Packard Enterprise Development LP', 'FANUC Corporation', 'Dassault Systèmes SE'

Which region accounted for the largest share in the Global Smart Manufacturing Market?

In 2021, due to the favorable ecology seen in countries like Japan, India, and Australia, the Asia Pacific region accounted for the largest share of the smart manufacturing market and is predicted to expand quickly during the projection period.

Global Smart Manufacturing Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Technology(IoT, AI and ML), By Industry Vertical(Food & Beverage, Automotive) - Industry Forecast 2024-2031

Report ID: SQMIG45I2185 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 94 | Figures: 76

Global Smart Manufacturing Market Dynamics

Smart Manufacturing Market Driver

Governments all over the world are backing and financing Research and development for developments like the IoT and commercial 3D printing as they become more aware of the huge opportunities of smart manufacturing technologies. The governments of various nations are encouraging the development of the IoT because they see themselves as future users of the technology. To create and manage digital infrastructure in the future, they are financially sponsoring fresh IoT research initiatives.
Due to the cheaper wage costs and real estate market in developing countries, businesses from industrialized economies are trying to expand their operations there. Furthermore, rapid industrialization in rising nations like India, China, Africa, Brazil, Mexico, and Indonesia has led to major infrastructural investment, which is luring multinational corporations to locate manufacturing facilities in these nations. In order to incorporate and manage supply chains, it is now necessary to have advanced warehouses.

Smart Manufacturing Market Restraint

Global market expansion is constrained by the need for substantial improvements to implement smart manufacturing technologies. Smart manufacturing technologies including Automated Guided Vehicles (AGVs), Enterprise Manufacturing Intelligence (EMI), HMI, Warehouse Management System (WMS), and PAM demand a significant amount of cash to set up and deploy. This may deter businesses from implementing smart manufacturing.

Global Smart Manufacturing Market Report Snapshots

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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).

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. 'Siemens AG', 'General Electric Company', 'Schneider Electric SE', 'IBM Corporation ', 'Cisco Systems, Inc. ', 'Rockwell Automation, Inc. ', 'ABB Ltd ', 'Honeywell International Inc. ', 'Mitsubishi Electric Corporation ', 'Fanuc Corporation ', 'Bosch Rexroth AG ', 'Yokogawa Electric Corporation ', 'SAP SE ', 'Oracle Corporation ', 'PTC Inc. ', 'Emerson Electric Co. ', 'Microsoft Corporation ', 'Hewlett Packard Enterprise (HPE) ', 'Stratasys Ltd.', '3D Systems Corporation'

Governments all over the world are backing and financing Research and development for developments like the IoT and commercial 3D printing as they become more aware of the huge opportunities of smart manufacturing technologies. The governments of various nations are encouraging the development of the IoT because they see themselves as future users of the technology. To create and manage digital infrastructure in the future, they are financially sponsoring fresh IoT research initiatives.

One of their main uses, big data, is regarded as one of the newest market growth trends. Big data applications are in high demand due to the substantial, continuously growing volume of organized and unstructured data and information. Likewise, the IoT is the most important trend for the market (IoT). Smart cars, monitoring devices, digital phones, and other connected components are all part of the Internet of Things (IoT), which is a platform supported by AI. All of these gadgets produce enormous amounts of data, which are then processed by artificial intelligence programs. Self-driving/autonomous automobiles, smart houses, intelligent thermostats, pacemakers, smart city solutions, etc. are a few examples of the applications.

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.

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Global Smart Manufacturing Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Technology(IoT, AI and ML), By Industry Vertical(Food & Beverage, Automotive) - Industry Forecast 2024-2031

Global Smart Manufacturing Market Dynamics

Global Smart Manufacturing Market Report Snapshots

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What is the global market size of Smart Manufacturing Market?

Who are the key vendors in the Global Smart Manufacturing Market?

What is the key driver of Global Smart Manufacturing Market?

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Which region accounted for the largest share in Global Smart Manufacturing Market?

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