Authored By: Sarah
07 Aug 2023

Smart Manufacturing Market Growth Analysis | ABB Ltd., Cisco Systems Inc., and Emerson Electric are among the key contributors

Competitive Benchmarking and Vendor Forecasts for 2023-2027

The dire need for simplification of complex manufacturing activities, the increasing adoption of Industry 4.0, and the increasing supply chain complexities have driven the market expansion of Smart Manufacturing. It is estimated the Global smart manufacturing market will witness growth at a CAGR of 13.95% between 2022 and 2027 with a revenue growth of USD 20,265.52 million.

Key Companies and their key offerings: Companies are implementing various strategic alliances, and partnerships, with their product/service launches, to enhance their presence in the market.Some of the key offerings of market players.

  • Cisco Systems Inc. offers smart manufacturing such as advanced manufacturing operations, workforce enablement, and industrial security.
  •  ABB Ltd offers smart manufacturing solutions such as discrete manufacturing, cement manufacturing, and battery manufacturing.
  • Emerson Electric Co. offers smart manufacturing which gains new levels of visibility and insight and transforms operations into a competitive advantage.

Some of the prominent names worth mentioning are Dassault Systemes SE, FANUC Corp., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., International Business Machines Corp., Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp., PTC Inc., etc among others. Our report includes qualitative and quantitative analyses of vendors with a wider understanding of the business ecosystem.

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Key Market Players at a Glance: Technavio's research report provides insights into the top market players and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities.

Smart Manufacturing Market: Market Highlights

  • The Smart manufacturing market is segmented by Technology (Human-machine interface, Manufacturing execution system, Plant asset management, and Warehouse management system) and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
  • APAC led the market with 38% of the market growth set to originate from this region during the forecast period.
  • Need for simplification of complex manufacturing activities is one of the primary factors driving the growth of the smart manufacturing market. The report provides a detailed study of this and all the other drivers that will boost market growth. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals. For more insights on this market Download a Sample Report.

Quick Fact:  APAC region is the largest regional smart manufacturing market in the world owing to the increasing adoption of IoT, cloud computing, and automation in the manufacturing sector.

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