Smart manufacturing is a technology-driven approach that utilizes interconnected machines to monitor the production process. It combines advanced technologies, such as artificial intelligence, robotics, IoT devices, and digital twins that optimize manufacturing procedures through automation for minimizing costs and maximizing productivity. The deployments involve embedding sensors in manufacturing machines to enable data collection, self-monitoring, and predictive maintenance to track the status and performance of the manufacturing process, which benefits manufacturers by making the production process efficient, transparent, and flexible.
Meticulous Research®, in its latest publication on the smart manufacturing market, states that the smart manufacturing market will grow at a CAGR of 21.5% from 2022–2029 to reach $446.24 billion by 2029.
The growth of this market is attributed to factors such as the increasing number of government initiatives to promote industrial automation, the rising number of investments in Industry 4.0, growing demand for safety regulation compliance, and high labor costs in developed economies.
In addition, the advent of 5G connectivity in smart manufacturing and the proliferation of smart manufacturing in developing countries are expected to offer lucrative growth opportunities for the growth of this market. However, the high capital and operating expenses and a lack of standardization for technology platforms are expected to restrain the growth of this market to a certain extent.
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Geographic Review:
Based on geography, the smart manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the smart manufacturing market. This region is also slated to register the highest growth rate during the forecast period. The high market growth in Asia-Pacific is driven by the increasing deployment of automation across manufacturing units, the rising number of government initiatives for the adoption of industrial robots, the advent of Industry 4.0, and the presence of prominent key players in the region.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, such as Amazon Web Services, Inc. (U.S.), Robert Bosch Manufacturing Solutions GmbH (Germany), Cisco Systems, Inc. (U.S.), 3D Systems Corporation (U.S.), Plex Systems, Inc. (U.S.), Cognex Corporation (U.S.), PTC Inc. (U.S.), FANUC CORPORATION (Japan), SAP SE (Germany), Mitsubishi Electric Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd (Switzerland), Hitachi, Ltd. (Japan), and Intel Corporation (U.S.).
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