The new report by Expert Market Research titled, ‘Global Smart Manufacturing Platform Market Share, Report and Forecast 2024-2032’, gives an in-depth analysis of the global smart manufacturing platform market, assessing the market based on its segments like information technology, enabling technology, industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 4.6 Billion
- Forecast CAGR (2024-2032): 19.9%
- Forecast Market Size (2032): USD 13.7 Billion
Since the past couple of years, the increased inclination towards the industrial automation and investment and development of industrial IoT has propelled the smart manufacturing platform market. In the coming years, automotive industry is likely to be a major implementer of smart factories to gain benefits, like improved efficiency, faster decisions and response times, new productivity gains, and more cost savings.
In the next few years, around 44% of facilities in automotive industry are likely to get converted into smart factories. Also, the constant support from governments of several countries for industrial automation is likely to up thrust the smart manufacturing platform market during the forecast period.
Industry Definition and Major Segments
Smart manufacturing is an integrated platform that employs computer controls and high levels of adaptability. It brings together all the domains required to design/engineer, manufacture, and deliver the smart products. It unites PCB design, factory floor optimization, and also incorporates customer feedback in new designs. Though, smart manufacturing requires certain changes, but it helps in building and developing the current capabilities possessed by the manufactures.
Based on the information technology type, the global smart manufacturing platform market has been segmented into the following categories:
- Human Machine Interface
- Enterprise Manufacturing Intelligence
- Plant Asset Management
- Manufacturing Execution System
- Industrial Communications
- Warehouse Management System
The market has also been segmented in accordance with the enabling technology:
- Industrial 3D Printing
- Collaborative Robots
- Industrial IoT
- AI in Manufacturing
- Machine Condition Monitoring
- Industrial Machine Vision
- Industrial Cybersecurity
- Digital Twin
- Automated Guided Vehicle
- Blockchain In Manufacturing
- AR and VR In Manufacturing
Considering the end-use industries, the market has been segmented as:
- Process Industry
- Oil and Gas
- Food and Beverages
- Pharmaceuticals
- Chemicals
- Energy and Power
- Metals and Mining
- Pulp and Paper
- Others
- Discrete Industry
- Automotive
- Aerospace and Defence
- Semiconductor and Electronics
- Medical Devices
- Machine Manufacturing
- Others
On the basis of region, the market is classified into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
The COVID-19 pandemic brought several repercussions for various industries all across the globe. However, the pandemic has not only accelerated the adoption of smart manufacturing (Industry 4.0 products and services) but also brought a realization that digital workflows and automation are a key requirement in today’s time.
Industrial IoT (IIoT), big data analytics software, smart factory technology, and accessing of production data remotely are some of the key trends shaping smart manufacturing in the coming years. The need for manufacturing products and services as per market demand, use of technologies like cobots, exoskeletons, and artificial intelligence, paperless operations, etc. are likely to accelerate the implementation of smart manufacturing in future.
Key Market Players
The major players in the market are Stratatys Ltd., 3d Systems, Inc., Daifuku Co., Ltd, Cisco Systems, Inc., Honeywell International Inc., Rockwell Automation, Inc., and Siemens AG. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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