Global Smart Manufacturing Market to Grow at a CAGR of 12.2%, during Forecast Period

Published | 01 October 2022

Global Smart Manufacturing Market is booming as a result of rising government support, quick industrial development in emerging economies, and the expanding perimeter of big data, Internet of Things, and the 5G network to drive the market.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Smart Manufacturing Market was worth USD 238.2 billion in the year 2021. The market is projected to grow at a CAGR of 12.2%, earning revenues of around USD 547.4 billion by the end of 2028. The Global Smart Manufacturing Market is booming because digital technologies provide increased automation, predictive maintenance, self-optimization of process improvements, and, most importantly, a new level of efficiencies and responsiveness to customers not previously possible. Developing smart factories gives the manufacturing industry an incredible opportunity to enter the fourth industrial revolution. Large amounts of big data collected from factory sensors can be analyzed to provide real-time visibility of manufacturing assets and tools for performing predictive maintenance to reduce downtime. Smart factories that use cutting-edge IoT devices achieve higher productivity and quality. By replacing manual inspection business models with AI-powered visual insights, manufacturing errors are reduced, and money, as well as time, are saved. However, implementing smart manufacturing systems requires significant financial commitments and expenses.

Information Technology Industry is Critical to the Market's Survival and Development

Furthermore, the information technology industry is at the forefront of the market's existence and development. As a result of the recent installation and widespread standardization of the Internet of Things, the market has become more standardized (IoT). The Internet of Things has normalized entry-level, application, and execution of manufacturing market technology globally. To meet modern challenges and demands, the information technology industry employs augmented reality, virtual reality, machine learning, artificial intelligence, and a variety of other modern solutions. Furthermore, the industry is gaining traction in developing countries such as India, Mexico, and Brazil. Companies and industrial plants see this as an opportunity as developing countries continue to industrialize at an alarming rate.

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Support from the Government and Advancements in Connectivity Technologies (5G) propel the Smart Manufacturing Market

Governments around the world recognize the enormous potential of smart manufacturing technologies. As a result, they promote and fund research and development for technologies such as IIoT and industrial 3D printing. Because they see themselves as potential technology users, various governments are funding IIoT research. They invest in new IoT implementation and research projects to build and operate smart cities in the future. The introduction of new 3D printing applications has piqued the interest of businesses and governments all over the world. Asia-Pacific governments are constantly developing initiatives and strategies to digitalize manufacturing plants.

Challenge: Cybersecurity-related Threats

Because of the increasing instances of viruses and hacking, increasing cybersecurity threats pose a significant challenge for the smart manufacturing market. Malicious viruses in computer systems can tamper with vital information, resulting in a significant loss. If communication software systems do not implement adequate security measures, the entire information flow may be disrupted. There is a growing reliance on web-based communication, and off-the-shelf IT solutions are widely used across industries. As a result, these industries are vulnerable to malware aimed at industrial systems.

Segmental Coverage

Global Smart Manufacturing Market - By Deployment

Based on deployment, the Global Smart Manufacturing Market is segmented into On-Premise, and Cloud. The largest revenue share is anticipated to belong to the cloud segment. Due to the pandemic, companies now have the scalable infrastructure and remote workforces for their product and service offerings. Cloud-based software is therefore anticipated to experience the highest CAGR growth. This trend is most likely to continue as the shift to virtual work emphasizes the need for off-premises technology services that are dependable, secure, scalable, and flexible. The market for cloud-based software is driven by these factors.

Impact of COVID-19 on Global Smart Manufacturing Market

During the COVID-19 pandemic, all industries and elements involved in industrial automation were affected or shut down. Global supply chains and operational logistics were severely disrupted during the initial global lockdown. As non-essential product demand fell, the market became more focused on producing essential products to survive the pandemic. During the pandemic, however, the market was able to expand because industries needed to provide their products and services in a safe and timely manner. The market expanded as a direct result of demand, as well as government financial and technical assistance, during this unprecedented event.

Competitive Landscape

The leading market players in the Global Smart Manufacturing Market are Intel Corporation, 3D Systems Inc., Cisco, Google, Daifuku Co. Ltd., Stratasys Ltd., ABB, SAMSUNG, Cognex Corporation, Siemens AG, KEYENCE Corporation, Siemens AG, IBM Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Emerson Electric Co., NVIDIA Corporation, PTC, Universal Robots, Mitsubishi Electric Corporation, GENERAL ELECTRIC, Sony Corporation, Honeywell International Inc., Oracle, SAP SE, Schneider Electric, Yokogawa Electric Corporation, FANUC CORPORATION, Texas Instruments Incorporated, and other prominent players. The Global Smart Manufacturing Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Don’t miss the business opportunity in the Global Smart Manufacturing Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Smart Manufacturing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Smart Manufacturing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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