Smart Manufacturing Platform Market Size

Smart Manufacturing Platform Market Insights

Global Smart Manufacturing Platform Market size was valued at USD 13.2 billion in 2023 and is poised to grow from USD 15.59 billion in 2024 to USD 59.0 billion by 2032, growing at a CAGR of 18.1% during the forecast period (2025-2032).

The term "smart manufacturing" (SM) applies to digitization in all phases of industrial manufacturing, including supply chain management, scheduling, manufacturing, distribution and marketing. Companies can adapt and automation, AI and linked robotics have been used to analyze data from all stages of the process faster in business processes. The use of public infrastructure to support automation systems, the huge investment opportunities that come with Industry 4.0, the increasing trend of non-compliance with safety regulations, the general increase in labor costs in emerging markets are products that have contributed to the growth of the global smart manufacturing platform market.

But some key issues hindering the growth of this market include excessive capital and operating costs and lack of technological solutions. Emerging countries will expand smart manufacturing and deploy 5G connectivity, leading to significant potential opportunities for participants in this market. However, the lack of personnel with the necessary skills to integrate and manage technical and personal data security issues are the major barriers to the expansion of the global smart manufacturing platform market.

FAQs

The competitive environment of the global smart manufacturing platform market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'ABB (Switzerland) ', 'Schneider Electric (France) ', 'Siemens (Germany) ', 'Emerson Electric Co. (US) ', 'General Electric Co. (US) ', 'Amazon Web Services, Inc. (US) ', 'Fujitsu Ltd. (Japan) ', 'Hitachi (Japan) ', 'IBM (US) ', 'Microsoft Corporation (US) ', 'PTC Inc. (US) ', 'Robert Bosch GmbH (Germany) ', 'Rockwell Automation (US) ', 'SAP SE (Germany) ', 'Telit (UK) ', 'Altizon (India) ', 'C3.ai (US) ', 'Punzenberger COPA-DATA GmbH (Austria) ', 'DXC Technology Company (US) ', 'Flutura (India)'

The new coronavirus pandemic is hurting the global economy in every industry. The virus has created a huge gap between manufacturing and supply chains. To overcome the epidemic, organizations are redesigning their workflows, investing in advanced manufacturing and supply chain processes, and identifying opportunities in a practical manner to mitigate the impact of COVID-19 on production in the coming years. Immediately.

Advances in Communications Technology (5G) and Investment in New Network Infrastructure to Support Market Growth: The advent of the 5G era is likely to improve current IoT-based applications that leverage artificial intelligence. 5G can change how IoT ecosystems are designed in the future, especially in scalability, latency, reliability, security, and level of personal control of connectivity parameters. Examples of such capabilities include support for integrated sensors, accurate device positioning, and high-speed motors. 5G has the capability to deliver speeds measured in multi-gigabits per second, latency of one millisecond, and the ability to consume resources 1,000 times greater than current network technologies thus leading to improvements in network technology that in 5G is a notable driver of global market growth. Furthermore, the emergence of 5G access radio networks is expected to significantly impact the market.

North America remained the number one market due to increased spending on advanced technology by Canada and the region sees investments in the North American healthcare, aerospace, manufacturing and automotive industries further increasing the adoption of smart manufacturing concepts. There will be significant expansion Government agencies, such as the National Aeronautics and Space Administration (NASA) have identified major investments in 3D printing R&D that can contribute significantly to aerospace applications and develop new technologies to expand trade.