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 Insights

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 Smart Manufacturing Market Report Snapshots

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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. '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 Insights

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?

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

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