The research report titled, ’Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography?Global Forecast to 2029,’ provides in-depth analysis of the smart manufacturing market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.
The smart manufacturing market is expected to reach $446.24 billion by 2029, growing at a CAGR of 21.5% during the forecast period of 2022–2029.
The growth of the smart manufacturing 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. However, the high capital and operating expenses and a lack of standardization for technology platforms are some of the major factors restraining the growth of this market.
The advent of 5G connectivity in smart manufacturing and the proliferation of smart manufacturing in developing countries are expected to offer significant growth opportunities for players operating in this market. However, privacy and data protection concerns and the lack of a requisite skilled workforce to implement and operate technologies are some of the major challenges to the growth of the smart manufacturing market.
Based on technology, the smart manufacturing market is segmented into industrial IoT, cloud computing & storage, robotics & automation, industrial cybersecurity, additive manufacturing, AR/VR, digital twin, artificial intelligence, and blockchain. In 2022, the industrial IoT segment is expected to account for the largest share of the smart manufacturing market. The large market share of this segment is attributed to factors such as the consistent declining cost of industrial IoT sensors, the significant rise in the overall equipment effectiveness (OEE) through industrial IoT usage, and the increasing government initiatives to promote digital transformation. However, the blockchain segment is slated to register the highest CAGR during the forecast period.
Based on application, the smart manufacturing market is segmented into surveillance & safety, quality management, resource optimization, inventory & warehouse management, machine inspection & maintenance, production planning, and energy management. In 2022, the surveillance & safety segment is expected to account for the largest share of the smart manufacturing market. The large market share of this segment is attributed to factors such as the growing requirement for reliable safety systems to ensure personnel and asset protection, the increasing need for video monitoring in manufacturing facilities, strict government mandates for safety regulations, and the rising need for real-time analysis and tracking. However, the inventory & warehouse management segment is projected to register the highest CAGR during the forecast period.
Based on end-use industry, the smart manufacturing market is segmented into automotive, heavy machinery & tools, electronics & semiconductors, aerospace & defense, fast-moving consumer goods, medical devices, food & beverages, pharmaceuticals, paints & chemicals, oil & gas, metals & mining, energy & power, pulp & paper, other (agriculture, prefabricated construction, etc.). In 2022, the automotive segment is expected to account for the largest share of the smart manufacturing market. The large market share of this segment is attributed to factors such as the growth of the automotive sectors post-COVID-19-pandemic, the rising number of investments by automotive manufacturers for automation and development of next-generation automobile warehouses, and the need to reduce costs & downtime in production lines. However, the pharmaceuticals segment is slated to register the highest CAGR during the forecast period.
Based on geography, the 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 also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2019–2022).
The key players operating in the smart manufacturing market are 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.).
Key questions answered in the report:
- Which are the high growth market segments in terms of technology, application, end-use industry, and country/region?
- What is the historical market for smart manufacturing across the globe?
- What are the market forecasts and estimates from 2022–2029?
- What are the major drivers, restraints, and opportunities in the global smart manufacturing market?
- Who are the major players in the global smart manufacturing market, and what shares of the market do they hold?
- Who are the major players in various countries, and what shares of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global smart manufacturing market?
- What are the different strategies adopted by the major players in the global smart manufacturing market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the global smart manufacturing market and how do they compete with the other players?
Scope of the Report:
Smart Manufacturing Market, By Technology
- Industrial Internet of Things
- Cloud Computing & Storage
- Robotics & Automation
- Automated Storage and Retrieval Systems (ASRS) And Automatic Guided Vehicles (AGVS)
- Automated Assembly Lines
- Wearables & Mobile Devices
- Industrial Cybersecurity
- Additive Manufacturing
- Augmented Reality (AR)/Virtual Reality (VR)
- Digital Twin
- Artificial Intelligence
Smart Manufacturing Market, By Application
- Surveillance & Safety
- Quality Management
- Resource Optimization
- Inventory & Warehouse Management
- Machine Inspection & Maintenance
- Production Planning
- Energy Management
Smart Manufacturing Market, By End-use Industry
- Heavy Machinery & Tools
- Aerospace & Defense
- Metals & Mining
- Electronics & Semiconductors
- Medical Devices
- Food & Beverage
- Oil & Gas
- Fast-moving Consumer Goods (FMCG)
- Paints & Chemicals
- Energy & Power
- Pulp & Paper
- Other End-use Industries (Agriculture and Prefabricated Construction)
Smart Manufacturing Market, By Geography
- North America
- Rest Of Europe
- South Korea
- Rest Of Asia-Pacific
- Latin America
- Middle East & Africa