Smart Manufacturing Market Size to grow by USD 29211.4 million between 2024-2028
According to a research report “ Smart Manufacturing Market” by Industry Application (Process, Discrete) Technology (Human-machine interface, Manufacturing execution system, Plant asset management, Warehouse management system) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 29211.4 million, at a CAGR of 16.83% during the forecast period. In today's industrial landscape, asset management has become a critical priority for operators in heavy industries such as oil and gas, food and beverage, and water treatment. The production process has evolved, with the need to manufacture diverse products tailored to cyclic demand. This intricate relationship between production equipment, inventory, and support systems necessitates advanced tools and mechanisms to capture and leverage the complex knowledge within these production models. Industrial automation solutions, including SCADA, DCS, and PLC systems, play a pivotal role in monitoring and managing the intricacies of industrial plants' processes, operations, and systems, ensuring optimal performance and efficiency..
Browse market data tables, figures, and in-depth TOC on “Smart Manufacturing Market” by Industry Application (Process, Discrete) Technology (Human-machine interface, Manufacturing execution system, Plant asset management, Warehouse management system) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Industry Application, the Process segment is projected to dominate the market size in 2024
The Smart Manufacturing Market is experiencing significant growth due to the integration of advanced technologies such as IoT, AI, and machine learning. These innovations enable real-time monitoring, predictive maintenance, and optimized production processes, resulting in increased efficiency, reduced costs, and enhanced product quality. Companies are investing in smart manufacturing solutions to remain competitive and adapt to evolving customer demands.
By Technology, Human-machine interface segment is expected to hold the largest market size for the year 2024
The Smart Manufacturing Market represents a significant growth opportunity for businesses seeking to optimize their production processes through advanced technologies. Leveraging Industry 4.0 solutions, this market delivers real-time data analytics, predictive maintenance, and automated workflows, resulting in increased efficiency, reduced costs, and improved product quality. Companies investing in Smart Manufacturing can gain a competitive edge by streamlining operations and enhancing agility in today's dynamic market landscape.
APAC is forecasted to hold the largest market size by region in 2024
The Smart Manufacturing Market is experiencing significant growth due to the integration of advanced technologies such as IoT, AI, and robotics. This transformation enables increased efficiency, productivity, and flexibility in manufacturing processes. Companies are investing in smart solutions to streamline operations, reduce costs, and enhance product quality. The market is projected to reach substantial growth, offering lucrative opportunities for businesses in various industries.
The Smart Manufacturing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Smart Manufacturing market is experiencing significant growth as industries such as the automobile, information technology, and aerospace sectors embrace digital transformation. This transformation is driven by the integration of software solutions, industrial sensors, and cloud computing into production labs. The IIoT (Industrial Internet of Things) is a key technology enabling interoperability and communication between various systems and devices. In the automobile industry, predictive maintenance and quality control are being enhanced through the use of software and sensors. Similarly, in the electronics sector, productivity is being increased through automation and industrial 3D printing. In the pharmaceuticals and aerospace sectors, where quality and safety are paramount, smart manufacturing is being used to ensure compliance with regulations and improve overall efficiency. Communication protocols and interoperability are crucial for the successful implementation of smart manufacturing. The use of standardized protocols and open architectures is essential for enabling seamless data exchange between different systems and devices. This will be particularly important as the number of connected devices in manufacturing environments continues to grow. In conclusion, the smart manufacturing market is being driven by the adoption of software, industrial sensors, cloud computing, and IIoT in various industries. Predictive maintenance, quality control, productivity, and automation are key benefits of smart manufacturing. Digital transformation and the use of communication protocols and interoperability are essential for the successful implementation of smart manufacturing solutions.
Market Research Overview
The Smart Manufacturing market is experiencing significant growth, driven by advancements in technologies such as Autonomous vehicles, Artificial Intelligence (AI), and Machine Learning. This trend is not limited to large corporations in the automobile, information technology, and aerospace industries, but is also impacting small scale industries. The integration of Industrial IoT, cloud technology, and digitization is enabling supply chain optimization, simulation, control, sensing, modeling, and industrial analytics. However, challenges such as infrastructural limitations, cyberattacks, and interoperability issues persist. The construction sector and consumer sector, with their increasing reliance on IoT connections, are also embracing smart manufacturing. Industries like electronics, pharmaceuticals, and automotive are leveraging predictive maintenance, quality control, and productivity gains through AI and IIoT. The adoption of discrete control systems, hardware, and software in production labs is transforming industries. The automobile industry, for instance, is using 3D printing and digital transformation for customized production. The aerospace industry is utilizing AI for predictive maintenance and quality control. The information technology industry is driving innovation in communication protocols and cybersecurity. Despite these advancements, there are concerns about workforce skills and the role of human labor in the face of automation. The digital transformation of manufacturing requires a holistic approach, balancing technology, human capital, and business strategy.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
