Smart Manufacturing Market generated a revenue of USD 187 Billion in 2019 and is forecast to witness a 12.8% CAGR during the forecast period (2020-2027), due to the increasing adoption of cloud computing and the Internet of Things.

To have an edge over the competition by knowing the market dynamics and current trends of “Smart Manufacturing Market”, request for Sample Report here

Key Drivers

Rising emphasis on regulatory compliances, surging demand for software systems that reduce time and cost, growing adoption of industry 4.0, and increasing focus on industrial automation in manufacturing process are some of the key factors driving the growth of Smart Manufacturing market. Automation manufacturing has been transforming factory floors, economies of manufacturing sectors, and nature of manufacturing employment. In the era of automation, rapid advancements in AI, robotics, and IoT are enabling machines to outperform humans in a range of work activities which includes cognitive capabilities. Though manufacturing is one of the most highly automated work processes, still there is a scope of significant automation within manufacturing sites of multiple industries. In a connected enterprise, manufacturers have perfect visibility into machine performance, bottlenecks, and other operational efficiencies. With such data, manufacturers can enhance yield, reduce waste, and improve quality. Moreover, smart manufacturing can reduce workforce challenges, provides significant cost reductions, and streamline the automated data, which has augmented their adoption in manufacturing processes, thus, is expected to boost the market growth. Ongoing technological innovations in wireless sensor networks and the growing adoption across smart factories is projected to pave the way for smart manufacturing over the forecast period. Growing adoption of smart manufacturing techniques across various end-use industries such as water & wastewater treatment, oil & gas, and pharmaceutical. However, along with continuous innovation and debugging in software, there is a need for constant upgrades in software, which might hinder the growth of the market.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Enabling Technology Segment Analysis

On the basis of enabling technology, the market is segmented into industrial 3d printing, collaborative robot, IIOT, AI in manufacturing, machine condition monitoring, industrial machine vision, industrial cybersecurity, digital twin, automated guided vehicle, blockchain in manufacturing, and AR & VR in manufacturing. Among these, the IIOT segment is projected to grow at a higher CAGR during the forecast period. IIOT is integration of multiple technologies, including sensor data, machine to machine communication, machine learning, and automation, which is used in the functioning of various industrial processes. This technology is used in smart manufacturing, in order to analyze the data collected through multiple devices and provides effective decision making, which further fast track the growth of the segment.

Industry Segment Analysis

Based on industry, the market is segmented into process and discrete. Among these, the discrete industry is expected to witness higher CAGR during the forecast period. This is attributed to the high demand of smart manufacturing in automotive and aerospace & defense sectors. The major concern of these sectors is length of project. Smart manufacturing helps such industries in reducing cost automation, and provide quick return on investment, which further enhances productivity. Smart manufacturing also helps in enhancing product design, reducing waste, balancing supply chain, and optimizes manufacturing efficiency, thereby accelerating the growth of market in discrete industry.
Increasing investment in the automotive industry to develop edge computing technology is predicted to augment the market growth. As per the Ericsson’s projections, the number of connected vehicles will increase by 700 million by 2025. Moreover, as per the UBS, Europe’s projected electric vehicle sales are estimated to touch 6.33 million units by 2025, followed by China, with 4.84 million units.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Customization here

Regional Analysis

Based on region, North America is anticipated to lead the market during the forecast period as the developed countries in the region such as the U.S., are on the verge of industrial revolution, where data is used in large scale to for production while amalgamating data with wide range of manufacturing systems throughout the supply chain. Asia-Pacific is projected to grow at higher CAGR during the forecast period due to the presence of large number of manufacturing industries in order to compete at international level. The increasing emphasis on automation in-house manufacturing services, increasing adoption of smart manufacturing solutions has increased the emphasis of manufacturers on reforming their supply chains to improve the workplace safety and decrease operational costs in the manufacturing process are projected to boost the market growth. The growing emphasis of government to use IIoT and strategic initiatives, like Digital India and Make in India, will boost the market growth.

The major players in the market includes Emerson Electric Co, ABB Ltd, Cisco Systems, Inc, General Electric Company, Honeywell International Inc, IBM Corporation, Mitsubishi Corporation, Rockwell Automation, Inc, Schneider Electric, Oracle Corporation among others.

Key Developments:

• • In 2021 – Rockwell Automation acquired Plex Systems for USD 2.22 billion in order to expand its industrial cloud software offering. Plex Systems is a pure software-as-a-service, cloud-native smart manufacturing platform operating at scale.
  • In 2021 – Deepak Fertilizers and Petrochemicals Corporation Limited (DFPCL) have chosen Honeywell Automation India Ltd. to convert their sprawling facility in Taloja, Maharashtra, into a Smart Factory. Honeywell also offered DFPCL with Managed Security Services, which would minimize the chances and impact of cyber-related disruptions and enable safer management of key elements of their ICS and OT.
  • In 2021 – FANUC entered into a partnership with Rockwell Automation to address the manufacturing skills gap with robotics and automation apprenticeship programs designed to upskill current and future workers for advanced manufacturing, robotics, and automation jobs. The partnership will offer new apprenticeship programs offering people opportunities to gain credentials, including fundamental robotics (Robot Operator) and automation (PLC Operator). The program provides a second level of certifications for Robot and PLC Technicians
  • In 2020, Mitsubishi Corporation partnered with Oracle Corporation in order to used Oracle Corporation’s cloud technologies for development of factory automation platform named FA-IT Open Platform. This platform uses edge computing to collect data from business applications and machinery and analyses it in production sites.
  • In 2019, ABB Inc, and Ericsson Inc, signed Memorandum of Understanding (MoU) at Hannover Messe 2019. This joint venture focuses on the improvements in manufacturing process and automation, and to discover new business opportunities for industrial ecosystem.

The Global Smart Manufacturing market has been segmented based on Information Technology, Enabling Technology, Industry, and Region. Based on Information Technology, the market is segmented into Human-Machine Interface, Enterprise Manufacturing Intelligence, Plant Asset Management, Manufacturing Execution System, Industrial Communication, and Warehouse Management System. Based on Enabling Technology, the market is segmented into Industrial 3D Printing, Collaborative Robot, IIOT, AI in Manufacturing, Machine Condition Monitoring, Industrial Machine Vision, Industrial Cybersecurity, Digital Twin, Automated Guided Vehicle, Blockchain in Manufacturing, and AR & VR in Manufacturing. Based on Industry, the market is segmented into Process, and Discrete.

For detailed scope of the “Smart Manufacturing Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is the global Smart Manufacturing market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Smart Manufacturing market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Manufacturing market?
  • What are the various industry areas of the global Smart Manufacturing market and how they are poised to grow?
  • Which Information Technology generated maximum revenues in 2019 and identify the most promising Information Technology during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2019)	USD 187 Billion
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Value (USD Billion)
Market Segment	By Information Technology, By Enabling Technology, By Industry, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Emerson Electric Co, ABB Ltd, Cisco Systems, Inc, General Electric Company, Honeywell International Inc, IBM Corporation, Mitsubishi Corporation, Rockwell Automation, Inc, Schneider Electric, Oracle Corporation among others
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Smart Manufacturing Market by Information Technology

• • Human-Machine Interface
    • Offering
      • Software
      • Hardware
    • Configuration Type
  • Enterprise Manufacturing Intelligence
    • Offering
    • Deployment Type
  • Plant Asset Management
    • Offering
    • Deployment
    • Asset Type
  • Manufacturing Execution System
    • Deployment Type
    • Offering
  • Industrial Communication
    • Offering
      • Component
      • Software
      • Services
    • Communication Protocol
  • Warehouse Management System
    • Offering
    • Implementation Type
    • Tiber Type

Global Smart Manufacturing Market by Enabling Technology

• • Industrial 3D printing
    • Offering
      • Printers
      • Materials
      • Software
      • Services
    • Application
    • Process
    • Technology
  • Collaborative robot
    • Payload Capacity
    • Application
  • IIOT
    • Device & Technology
    • Software
  • AI in manufacturing
    • Offering
      • Hardware
      • Software
    • Technology
    • Application
  • Machine condition monitoring
    • Monitoring Technique
    • Offering
      • Hardware
      • Software
    • Deployment
  • Industrial machine vision
    • Component
      • Hardware
      • Software
    • Product
    • Application
  • Industrial cybersecurity
    • Type
    • Product
    • Solution & Service
  • Digital twin
  • Automated guided vehicle
    • Type
    • Navigation Technology
    • Application
  • Blockchain in manufacturing
    • Application
  • AR and VR in manufacturing
    • Technology
      • Augmented reality
      • Virtual reality
    • Offering
      • Hardware
      • Software
    • Device Type

Global Smart Manufacturing Market by Industry

• • Process Industry
    • Oil & Gas
    • Food & Beverages
    • Pharmaceuticals
    • Chemicals
    • Energy & Power
    • Metals & Mining
    • Pulp & Paper
    • Others
  • Discrete Industry
    • Automotive
    • Aerospace & Defense
    • Semiconductor & electronics
    • Medical Devices
    • Machine Manufacturing
    • Others

Global Smart Manufacturing Market by Region

• • North America Smart Manufacturing Market
    Option 1: As a part of the free 25% customization
    • North America Smart Manufacturing Market by Information Technology
    • North America Smart Manufacturing Market by Enabling Technology
    • North America Smart Manufacturing Market by Industry
    • United States of America (US) Smart Manufacturing Market All-Up
    • Canada Smart Manufacturing Market All-Up
  • Europe Smart Manufacturing Market
    Option 2: As a part of the free 25% customization
    • Europe Smart Manufacturing Market by Information Technology
    • Europe Smart Manufacturing Market by Enabling Technology
    • Europe Smart Manufacturing Market by Industry
    • United Kingdom (UK) Smart Manufacturing Market All-Up
    • Germany All-Up Smart Manufacturing Market All-Up
    • France Smart Manufacturing Market All-Up
    • Spain Smart Manufacturing Market All-Up
    • Rest of Europe Smart Manufacturing Market All-Up
  • Asia-Pacific Smart Manufacturing Market
    Option 3: As a part of the free 25% customization
    • Asia-Pacific Smart Manufacturing Market by Information Technology
    • Asia-Pacific Smart Manufacturing Market by Enabling Technology
    • Asia-Pacific Smart Manufacturing Market by Industry
    • China Smart Manufacturing Market All-Up
    • India Smart Manufacturing Market All-Up
    • Japan Smart Manufacturing Market All-Up
    • Rest of APAC Smart Manufacturing Market All-Up
  • RoW Smart Manufacturing Market
    Option 4: As a part of the free 25% customization
    • RoW Smart Manufacturing Market by Information Technology
    • RoW Smart Manufacturing Market by Enabling Technology
    • RoW Smart Manufacturing Market by Industry
    • Brazil Smart Manufacturing Market All-Up
    • South Africa Smart Manufacturing Market All-Up
    • Saudi Arabia Smart Manufacturing Market All-Up
    • UAE Smart Manufacturing Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Smart Manufacturing Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Emerson Electric Co
  • ABB Ltd
  • Cisco Systems, Inc
  • General Electric Company
  • Honeywell International Inc
  • IBM Corporation
  • Mitsubishi Corporation
  • Rockwell Automation, Inc
  • Schneider Electric
  • Oracle Corporation