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“Smart manufacturing market is expected to grow at significant CAGR from 2020 to 2025”
The smart manufacturing market is expected to be worth USD 214.7 billion by 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Major factors driving the growth of the smart manufacturing market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, the growing emphasis on regulatory compliances, increasing complexities in supply chains, and surging demand for software systems that reduce time and cost. However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, the lack of awareness about the benefits of adopting information and enabling technologies, and the lack of skilled workforce pose challenges to the growth of the market.
“Market for AI in Manufacturing is expected to grow at highest CAGR among enabling technologies from 2020 to 2025”
The AI in manufacturing market is expected to grow at the highest CAGR from 2020 to 2025. AI in manufacturing is used to communicate with machines, extract data from the field, analyze that data, and perform required tasks. From material movement to machinery inspection and self-diagnostics, which are usually performed by human labor or robots with the help of human intelligence, manufacturing operations can be performed in lesser time and cost and without human intervention with AI-based systems.
“Market for enterprise manufacturing intelligence is expected to grow at highest CAGR among information technologies from 2020 to 2025”
In the process industry, manufacturers aim for the consistency, efficiency, and quality of process inputs to achieve the highest yield. EMI software assists these manufacturers to optimize their manufacturing processes in real-time and help drive greater yields and ensure product quality consistently. Individual or separate production units often characterize discrete industries, wherein produce is in low volume with very high complexity or in high volume with low complexity. With continuous changes in materials, technologies, and markets, these manufacturing plants need to be highly efficient, productive, and flexible. The implementation of EMI in these sectors ensures optimal supply-chain management through the integration of production processes. It automates production processes and helps reduce manufacturing costs.
“APAC to continue to hold largest share of global smart manufacturing market during forecast period”
APAC is expected to continue to hold the largest share of the smart manufacturing market from 2020 to 2025. Rapid industrialization in APAC has boosted the manufacturing sector in APAC. Countries in APAC have the presence of a large number of small- and mid-sized enterprises (SMEs), which employ more than 70% of the total population in the countries. The need for huge investments for the successful implementation of industrial control systems security projects restricts SMEs from adopting a strong security practice within their organizations. However, manufacturing companies across the world are focusing on adopting smart manufacturing technologies that would assess equipment and their performance in real time and accordingly decide on the effective predictive maintenance plan. Thus, smart manufacturing solutions help companies to reduce the overall operational and maintenance costs and eliminate the need for unnecessary maintenance.
Breakdown of the profiles of primary participants for the report has been given below:
- By Company Type: Tier 1 = 39%, Tier 2 = 41%, and Tier 3 = 20%
- By Designation: C-Level Executives = 42%, Directors = 36%, and Others = 22%
- By Region: North America = 34%, Europe= 24%, APAC = 22%, and RoW = 20%
The key players operating in the smart manufacturing market are 3D Systems (US), ABB (Switzerland), Cisco (US), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siesmens (Germany), and Yokogawa (Japan).
The research report analyzes the smart manufacturing market based on information technology, enabling technology, industry, and geography. Based on information technology, the smart manufacturing market has been classified into human-machine interface (HMI), enterprise manufacturing intelligence (EMI), plant asset management (PAM), industrial communication, warehouse management system (WMS), and manufacturing execution system (MES). Based on enabling technology, the market has been segmented into industrial 3D printing, collaborative robot, IIoT, AI in manufacturing, machine condition monitoring, industrial machine vision, industrial cybersecurity, digital twin, automated guided vehicles (AGVs), blockchain in manufacturing, and AR and VR in manufacturing. Based on industry, the market has been classified into process and discrete industries. The report covers the market segmented into 4 regions?North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- The illustrative segmentation, analysis, and forecast of the market based on information technology, enabling technology, industry, and geography have been conducted to give an overall view of the smart manufacturing market.
- Major drivers, restraints, opportunities, and challenges pertaining to the smart manufacturing market have been detailed in this report.
- The report includes a detailed competitive landscape, along with the profiles of key market players.