Press release
Smart Manufacturing Market Set for Exponential Growth, Predicted to Reach USD 241.0 Billion by 2028
The global Smart Manufacturing Market is poised for unprecedented growth, with an anticipated surge from USD 108.9 billion in 2023 to USD 241.0 billion by 2028, reflecting an impressive Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period. These insights are detailed in a comprehensive report by MarketsandMarkets, a leading market research and consulting firm.
The industrial landscape is changing due to smart manufacturing, which is defined by the incorporation of cutting-edge technologies and data-driven processes into production activities. Factors like the adoption of Industrial Internet of Things (IIoT), improvements in automation and robotics, and the quest of operational efficiency across industries are driving the predicted rise in the Smart Manufacturing market. The research analyses major competitors in the global smart manufacturing market and examines important market categories, growth factors, obstacles, and prospects.
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Key Segments:
Technology Segment: Smart Manufacturing encompasses various technologies, including IIoT, Artificial Intelligence (AI), robotics, 3D printing, and digital twin, each contributing to the digital transformation of manufacturing processes.
Component Segment: The market comprises different components, such as hardware (sensors, controllers, and industrial robots), software (Manufacturing Execution System, Enterprise Resource Planning), and services (consulting, system integration, and support services).
End-User Segment: Smart Manufacturing solutions cater to diverse end-user industries, including automotive, aerospace and defense, healthcare, chemical, and food and beverage, reflecting the broad applications across the manufacturing spectrum.
Growth Drivers:
Adoption of Industrial IoT (IIoT): The widespread adoption of IIoT technologies, connecting machines, devices, and systems, contributes to real-time data analytics, predictive maintenance, and improved decision-making in manufacturing processes.
Advancements in Automation and Robotics: Continuous advancements in automation, robotics, and autonomous systems enhance manufacturing efficiency, reduce production costs, and enable flexible and agile production workflows.
Pursuit of Operational Efficiency: The increasing focus on achieving operational efficiency, reducing downtime, and optimizing resource utilization drives the implementation of Smart Manufacturing solutions across industries.
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Challenges:
Data Security and Privacy Concerns: Addressing concerns related to data security and privacy in Smart Manufacturing environments poses challenges, requiring robust cybersecurity measures to safeguard sensitive information.
Integration with Legacy Systems: Ensuring seamless integration with existing legacy systems and machinery in manufacturing facilities may present challenges, requiring careful planning and compatibility assessments.
Opportunities:
Digital Transformation Initiatives: The ongoing digital transformation initiatives across industries create opportunities for Smart Manufacturing providers to offer tailored solutions for optimizing production processes and supply chain operations.
Customization for Industry-Specific Needs: The customization of Smart Manufacturing solutions to meet industry-specific requirements presents opportunities for manufacturers to provide specialized offerings for diverse manufacturing sectors.
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Key Players:
The report identifies key players in the global Smart Manufacturing market, including:
Siemens AG: A global technology company, providing a range of Smart Manufacturing solutions, including automation, digital twin, and Industrial IoT technologies.
General Electric Company: A multinational conglomerate, actively involved in the development of Smart Manufacturing solutions, including Predix, an industrial IoT platform.
ABB Ltd: A Swiss-Swedish multinational corporation, specializing in robotics, automation, and power technologies, contributing to the advancement of Smart Manufacturing.
Rockwell Automation, Inc.: A global provider of industrial automation and information solutions, offering a suite of Smart Manufacturing technologies and services.
Honeywell International Inc.: A multinational conglomerate, known for providing a variety of industrial solutions, including Smart Manufacturing technologies for process optimization.
Because of the revolutionary effect of digital technology on manufacturing processes and the unwavering pursuit of operational excellence, the global smart manufacturing industry is poised for exponential growth. Industry adoption of Smart Manufacturing concepts is expected to lead to increased innovation, efficiency, and competitiveness in the coming years.
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Email: sales@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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