Smart Manufacturing Market Size is valued at USD 364.3 Bn in 2024 and is predicted to reach USD 1,441.9 Bn by the year 2034 at a 15.2% CAGR during the forecast period for 2025-2034.
Smart manufacturing is the use of advanced, next generation technologies like IoT, AI, robotics, and big data analytics to optimize manufacturing processes. It integrates real-time data collection, automation, and machine learning to enhance efficiency, flexibility, and quality in production. During deployment, sensors on industrial equipment collect data about its performance and operational state.
The increasing use of Industry 4.0 technologies, which integrate robotics, artificial intelligence (AI), the Internet of Things (IoT), & data analytics to improve production workflows, is a major driver of the smart manufacturing market. Furthermore, industries like aerospace and automotive are setting the standard for implementing smart manufacturing advancements. The requirement for increased supply chain agility and visibility in a cutthroat global marketplace is another factor driving the trend toward automation and digitization.
Furthermore, government programs encouraging industrial innovation and smart factories, especially in developed nations, are speeding up investments in these technologies. This allows manufacturers to increase their operational efficiency, productivity, and customization capabilities, which supports the growth of the smart manufacturing market.
The Smart Manufacturing market is globally divided based on components, technology, and end-user. Based on components category, the market is segmented into Service, Hardware, and Software. By technology, the market is segmented into Enterprise Resource Planning, SCADA, Discrete Control Systems, Machine Execution Systems, Product Lifecycle Management, Plant Asset Management, Machine Vision, Programmable Logic Controller, Human Machine Interface, and 3D Printing. The end-user segment comprises Industrial Equipment, Electronics, Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Food & Agriculture, Oil & Gas, and Other end users.
The hardware category is expected to hold a major global market share in 2024. The smart manufacturing market's hardware subsegment encompasses a wide range of tools & machinery used in production processes, including robots, sensors, controllers, and 3D printers. These hardware elements, which offer the required automation, control, and data-gathering capabilities, serve as the foundation of the smart manufacturing ecosystem. A crucial part of the hardware sector, sensors provide real-time information on various topics, including motion, vibration, temperature, and pressure. This information is utilized to track and enhance production procedures, spot inefficiencies, and raise the calibre of the output. To ensure reliable and effective operation, manufacturing processes are automated and controlled by controllers, such as programmable logic controllers (PLCs) as well as distributed control systems (DCS). These are anticipated to be the primary determinants of the size of the smart manufacturing market throughout the course of the projected year.
In 2024, the Discrete Control Systems segment generated the most revenue and is predicted to lead the market in the years to come. It helps to improve system availability and dependability because of its qualities, which include being adaptable, scalable, visualization-friendly, and easy to use in activities like monitoring, controlling, and reporting. DCS is skilled in overseeing maintenance, safety responsibilities, and core operations for various plant applications and processes. Additionally, DCS is widely used in a variety of industries and is simple to install without sacrificing process safety or performance, which has led to the segment's global domination.
The North American Smart Manufacturing market is expected to record the highest market share in revenue in the near future, mainly due to the growing use of Industry 4.0 technologies, including automation, robotics, IoT, and artificial intelligence. Further driving market expansion in the area is the move toward energy-efficient and sustainable production methods, as well as the rising need for predictive maintenance and real-time monitoring. In addition, Asia Pacific is projected to grow rapidly in the global Smart Manufacturing market.
The main driver of regional growth is a growing emphasis on automating in-house manufacturing services and reducing dependency on other regions. Furthermore, the use of smart manufacturing solutions causes enterprises to concentrate more on supply chain reform to improve worker safety and lower manufacturing process operating costs. As a result, these elements generate a profitable smart manufacturing market in this region.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 364.3 Bn |
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Revenue Forecast In 2034 |
USD 1,441.9 Bn |
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Growth Rate CAGR |
CAGR of 15.2% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Technology and End User. |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Schneider Electric, Honeywell International Inc., ABB Ltd., Cisco Systems, Inc., FANUC Corporation, Mitsubishi Electric Corporation, Siemens AG, General Electric, Rockwell Automation Inc., Emerson Electric Co., SAP, Oracle, Stratasys, IBM, 3D Systems, Inc., Yokogawa Electric Corporation, Cognex Corporation, Google, Intel Corporation, Keyence Corporation, Nvidia Corporation, PTC, Samsung, Sony Corporation, Universal Robots A/S, Omron Corporation, Addverb Technologies Limited, Locus Robotics, Eiratech Robotics Ltd., Greyorange, Other Market Players. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Smart Manufacturing Market Snapshot
Chapter 4. Global Smart Manufacturing Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2025-2034
4.8. Global Smart Manufacturing Market Penetration & Growth Prospect Mapping (US$ Mn), 2024-2034
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2024)
4.10. Use/impact of AI on Smart Manufacturing Market Industry Trends
Chapter 5. Smart Manufacturing Market Segmentation 1: By Component, Estimates & Trend Analysis
5.1. Market Share by Component, 2024 & 2034
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following Component:
5.2.1. Hardware
5.2.2. Software
5.2.3. Services
Chapter 6. Smart Manufacturing Market Segmentation 2: By Technology, Estimates & Trend Analysis
6.1. Market Share by Technology, 2024 & 2034
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following Technology:
6.2.1. Machine Execution Systems
6.2.2. Programmable Logic Controller
6.2.3. Enterprise Resource Planning
6.2.4. SCADA
6.2.5. Discrete Control Systems
6.2.6. Human Machine Interface
6.2.7. Machine Vision
6.2.8. 3D Printing
6.2.9. Product Lifecycle Management
6.2.10. Plant Asset Management
Chapter 7. Smart Manufacturing Market Segmentation 3: By End Use, Estimates & Trend Analysis
7.1. Market Share by End Use, 2024 & 2034
7.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2021 to 2034 for the following End Use:
7.2.1. Automotive
7.2.2. Aerospace & Defense
7.2.3. Chemicals & Materials
7.2.4. Healthcare
7.2.5. Industrial Equipment
7.2.6. Electronics
7.2.7. Food & Agriculture
7.2.8. Oil & Gas
7.2.9. Others
Chapter 8. Smart Manufacturing Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. Global Smart Manufacturing Market, Regional Snapshot 2024 & 2034
8.2. North America
8.2.1. North America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
8.2.1.1. US
8.2.1.2. Canada
8.2.2. North America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
8.2.3. North America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Technology, 2021-2034
8.2.4. North America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by End Use, 2021-2034
8.3. Europe
8.3.1. Europe Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
8.3.1.1. Germany
8.3.1.2. U.K.
8.3.1.3. France
8.3.1.4. Italy
8.3.1.5. Spain
8.3.1.6. Rest of Europe
8.3.2. Europe Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
8.3.3. Europe Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Technology, 2021-2034
8.3.4. Europe Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by End Use, 2021-2034
8.4. Asia Pacific
8.4.1. Asia Pacific Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
8.4.1.1. India
8.4.1.2. China
8.4.1.3. Japan
8.4.1.4. Australia
8.4.1.5. South Korea
8.4.1.6. Hong Kong
8.4.1.7. Southeast Asia
8.4.1.8. Rest of Asia Pacific
8.4.2. Asia Pacific Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
8.4.3. Asia Pacific Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Technology, 2021-2034
8.4.4. Asia Pacific Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by End Use, 2021-2034
8.5. Latin America
8.5.1. Latin America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Country, 2021-2034
8.5.1.1. Brazil
8.5.1.2. Mexico
8.5.1.3. Rest of Latin America
8.5.2. Latin America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
8.5.3. Latin America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Technology, 2021-2034
8.5.4. Latin America Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by End Use, 2021-2034
8.6. Middle East & Africa
8.6.1. Middle East & Africa Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by country, 2021-2034
8.6.1.1. GCC Countries
8.6.1.2. Israel
8.6.1.3. South Africa
8.6.1.4. Rest of Middle East and Africa
8.6.2. Middle East & Africa Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Component, 2021-2034
8.6.3. Middle East & Africa Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by Technology, 2021-2034
8.6.4. Middle East & Africa Smart Manufacturing Market Revenue (US$ Mn) Estimates and Forecasts by End Use, 2021-2034
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. ABB Ltd.
9.2.1.1. Business Overview
9.2.1.2. Key Component/Service
9.2.1.3. Financial PerTechnologyance
9.2.1.4. Geographical Presence
9.2.1.5. Recent Developments with Business Strategy
9.2.2. Cisco Systems, Inc.
9.2.3. Siemens AG
9.2.4. General Electric
9.2.5. Rockwell Automation Inc.
9.2.6. Schneider Electric
9.2.7. Honeywell International Inc.
9.2.8. Emerson Electric Co.
9.2.9. FANUC Corporation
9.2.10. Mitsubishi Electric Corporation
Smart Manufacturing Market By Component-
Smart Manufacturing Market By Technology-
Smart Manufacturing Market By End-User-
Smart Manufacturing Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
