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Smart Manufacturing Platform Market size was valued at USD 277.81 Billion in 2022 and is poised to grow from USD 310.92 Billion in 2023 to USD 856.28 Billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031).

The competitive environment of the 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. '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'

The new coronavirus pandemic is hurting the 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 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.

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Global Smart Manufacturing Platform Market

Product ID: SQMIG45I2190