Smart Manufacturing Industry Overview
The global smart manufacturing market size was valued at USD 236.12 billion in 2020, and is estimated to reach USD 589.98 billion by 2028, registering a CAGR of 12.4% over the forecast period. The industry is focusing on integrating innovation and efficiency, as manufacturing processes are maturing at a rapid pace. The industry is set to adopt smart manufacturing practices across various domains. The need to increase productivity and enhance visualization of the entire system is the two major factors driving the market growth. Smart manufacturing has increased the adoption of digitization in various attributes of the entire supply chain of manufacturing companies. Major technological advancements have been witnessed in data analytics, predictive maintenance, and industrial networking. Numerous manufacturing units have adopted one or the other form of software systems. The systems are expected to be consolidated and streamlined over a single platform for providing real-time information and insights in the forthcoming years.
The proliferation of the Industrial Internet of Things (IIoT) is expected to create challenges in handling vast amounts of data and gaining actionable insights from the data. The stakeholders are likely to prefer self-learning systems and Artificial Intelligence (AI) technology to curb the challenges. However, with the growing dependency on data, the industry aims to secure connectivity and processes for preventing intentional and unintentional malfunctions. An important aspect of the industry is the need for convergence of different technologies such as artificial intelligence, smart sensors, the internet of things, robotics, and cloud computing. Digital manufacturing has created an opportunity to utilize integrated technologies for obtaining quantifiable results. The simulation, 3D printing, and networking technology advancements have made the market a promising investment center for technology builders and users.
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While established vendors are aggressively pushing their technology into newer roles and use cases, barriers to entry and commercialization for new entrants are reducing at a rapid rate. These conditions have led to increased competition among the vendors, thus, leading to the introduction of innovative business models as the prime byproducts. The buyers are experiencing a paradigm shift and are focusing on manufacturing-for-order than manufacturing-for-stocking. All these scenarios are expected to result in a complete restructuring of the manufacturing business models.
The stringent lockdowns imposed by several countries worldwide to avoid the communal spread of the novel coronavirus are being relaxed with strong restrictions and precautionary measures. The prominent smart manufacturing companies are adopting approaches such as leveraging IoT, analytics, and AI-based digital platforms to minimize the need for human interaction. Furthermore, the reduced activities in production lines due to social distancing norms are also being stabilized with the help of automation solutions, thereby reducing the involvement of laborers in the manufacturing processes.
Smart Manufacturing Market Segmentation
Based on the Component Insights, the market is segmented into Hardware, Software, and Services.
Based on the Technology Insights, the market is segmented into Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management.
Based on the End-use Insights, the market is segmented into Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas, Others.
Based on the Smart Manufacturing Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
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Market Share Insights:
Key Companies Profile:
The market is highly competitive and is characterized by the presence of a large number of players from North America and Europe. Industry players are expected to indulge in expansion initiatives to gain regional market share and penetrate developing industries.
Some prominent players in the global smart manufacturing market include,
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