CHICAGO, Aug. 24, 2023 /PRNewswire/ -- The Smart Manufacturing Market is valued at USD 108.9 billion in 2023 and is projected to reach USD 241.0 billion by 2028, at a CAGR of 17.2% according to a new report by MarketsandMarkets. The factor propelling the smart manufacturing market's growth is the integration of advanced technologies like IoT, AI, and automation. These synergize to optimize production efficiency, enable predictive maintenance, and elevate decision-making, fostering adaptability and competitiveness in rapidly evolving industries.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=105448439
Browse in-depth TOC on "Smart Manufacturing Market"
210 - Tables
75 - Figures
340 - Pages
Smart Manufacturing Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 108.9 billion |
Estimated Value by 2028 | $ 241.0 billion |
Growth Rate | Poised to grow at a CAGR of 17.2% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Information Technology, By Industry, and by Region |
Geographies Covered | North America, Asia Pacific, Europe, and the Rest of the World |
Key Market Challenge | Lack of skilled workforce |
Key Market Opportunities | Increase in adoption of IIoT and Cloud technologies |
Key Market Drivers | Surging demand for software systems that reduce time and cost |
The Warehouse Management System (WMS) segment is expected to register a higher CAGR during the forecast period.
The Warehouse Management System (WMS) sector is experiencing robust growth within the smart manufacturing market. This expansion is attributed to the increasing demand for streamlined logistics, inventory control, and real-time data insights. As industries embrace smart manufacturing practices, WMS is crucial in enhancing supply chain efficiency, reducing operational costs, and ensuring seamless coordination between production and distribution. This trend underscores the pivotal role of WMS in driving the overall growth of the smart manufacturing landscape.
Digital Twin segment to record the highest CAGR during the forecast period.
Digital twin adoption is witnessing substantial growth in the smart manufacturing arena. Creating virtual replicas of physical assets or processes enables real-time monitoring, analysis, and optimization. As industries prioritize efficiency, predictive maintenance, and innovation, digital twins offer insights that enhance production, minimize downtime, and refine product development. This surge in digital twin utilization reflects its integral role in shaping the future of smart manufacturing.
Energy & Power segment to record the highest CAGR in the process industry during the forecast period.
The Energy & Power sector is witnessing significant expansion in smart manufacturing. Operational efficiency, predictive maintenance, and resource optimization are improved by incorporating cutting-edge technologies such as IoT, AI, and data analytics. From smart grids to renewable energy, intelligent systems streamline processes, minimize downtime, and enhance productivity. This growth highlights the essential contribution of smart manufacturing to creating a more efficient and sustainable Energy & Power industry.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=105448439
North America is expected to grow at the highest CAGR in the Smart Manufacturing market from 2023 to 2028.
Smart Manufacturing Industry is witnessing robust growth in North America, propelled by the fusion of cutting-edge technologies like IoT, AI, and automation. This transformative trend is revolutionizing conventional manufacturing practices, with sectors spanning automotive and electronics embracing these innovations to optimize efficiency, elevate quality, and drive cost-effectiveness. Fortified by a culture of innovation, a skilled labor force, and robust infrastructure, North America stands at the forefront of the global smart manufacturing revolution.
Key Players
Key players operating in the Smart Manufacturing Companies include 3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Oracle (US), SAP (Germany), Stratasys (US), Yokogawa Electric Corporation(Japan).in the Smart Manufacturing market.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=105448439
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027
System Integrator Market for Industrial Automation by Service Outlook, Technology (HMI, SCADA, MES, IIoT, PAM, DCS, PLC, Machine Vision, Industrial Robotics, Industrial PC), Industry and Region (North America, Europe, APAC, RoW) - Global forecast to 2027
Smart Manufacturing Platform Market by Type (Device Management, Connectivity Management, Application Enablement Platform), Application (Performance, Optimization, Asset & Condition Monitoring), Industry, Region (2021-2026)
Smart Factory Market by Component (Industrial Sensors, Industrial Robots, Industrial 3D Printers, Machine Vision Systems), Solution (SCADA, MES, Industrial Safety, PAM), Industry (Process Industry, Discrete Industry) and Region - Global Forecast to 2027
Mining Automation Market by Offering (Equipment (Autonomous Hauling/Mining Truck, Autonomous Drilling Rig), Software (Remote Operating and Monitoring System), Communication Systems), Technique, Workflow, Region - Global Forecast, 2027
About MarketsandMarkets
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/smart-manufacturing-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-manufacturing.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/smart-manufacturing-market-worth-241-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301908956.html
