Smart Manufacturing Market Size is valued at USD 106.75 Bn in 2023 and is predicted to reach USD 359.3 Bn by the year 2031 at a 16.56% CAGR during the forecast period for 2024-2031.
Robotics, Artificial Intelligence, And Machine Learning are examples of smart manufacturing technologies that enable automation, lowering the need for manual labour and expanding production efficiency. Robots, for example, can execute monotonous jobs more accurately and quickly, while artificial intelligence and machine learning may analyse data to optimise manufacturing processes and suggest areas for improvement. Rising Industry 4.0 adoption, increased government involvement in supporting industrial automation, increased stress on industrial automation in production processes, surging demand for software systems that save time and money, increasing supply chain complexities, and increased emphasis on regulatory compliances are all driving the market growth.
However, the spread of COVID-19 had a significant impact on the performance of various sectors and economies around the world. Governments were obliged to close factories and suspend import-export operations. As a result, some industries halted ongoing production, disrupting supply chains and affecting the demand-supply balance. However, the COVID-19 pandemic has unevenly influenced the smart manufacturing industry. Many organisations used automation technology faster than before because of labour shortages and social distancing requirements.
The segmentation of Smart Manufacturing Market includes information technology, enabling technology, and industry. According to information technology, the market is segmented as human-machine interface (HMI), plant asset management (PAM), Manufacturing execution system (MES), and warehouse management system (WMS). By enabling technology, the market is segmented into industrial 3D printing, robots, industrial sensors, AI in manufacturing, machine condition monitoring, industrial machine vision, industrial cyber-security, digital twin, automated guided vehicles, augmented reality & virtual reality, and 5G industrial IoT.
The industry type segment includes process industries and discrete industries. By process industries, the market is segmented into oil & gas, food & beverages, pharmaceuticals, chemicals, energy & power, metal & mining, pulp & paper, and others. By discrete industries, the market is segmented into automotive, aerospace, semiconductor & electronics, medical devices, machine manufacturing, and others.
The Manufacturing execution system (MES) category is expected to hold a major share in the global Smart Manufacturing Market in 2024. Manufacturing Execution Systems (MES) are becoming increasingly important in smart manufacturing. These systems aid in supervising and managing numerous manufacturing processes, assuring smooth operations, quality control, and efficient production. The manufacturing execution system (MES) integrates data from all stages of the production process, allowing for real-time monitoring, tracking, and optimisation. This increases production, decreases errors, and adds to the progress of smart manufacturing practices in general.
The software segment is estimated a rapid growth in the global Smart Manufacturing Market. As the sector moves towards full automation, the software component is the industry's backbone. Advanced software will assist in operating robots, drones, and other technologies without human intervention, lowering the possibility of error. The market may make significant advances in development and research for newer and more versatile solutions with software.
North American Smart Manufacturing Market is expected to record the maximum market share in revenue in the near future. Over the forecast period, the region is likewise expected to be the fastest growing. The market for innovation and automation in North America is being aggressively penetrated, resulting in the normalisation of smart manufacturing. The location is also close to and accessible to various raw resources, which aids in smart manufacturing and propels market expansion.
The Asia Pacific Smart Manufacturing Market is projected to grow rapidly in the forecasting period. Developing countries like India and China have tremendous untapped prospects in smart manufacturing and aim for full automation. These countries aspire to be self-sufficient in terms of production and manufacturing. Hence, they are heavily investing in Industry 4.0.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 106.75 Bn |
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Revenue Forecast In 2031 |
USD 359.3 Bn |
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Growth Rate CAGR |
CAGR of 16.3% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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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 Information Technology, By Enabling Technology, By Industry |
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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 Korea; South East |
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Competitive Landscape |
3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Oracle (US), SAP (Germany), Stratasys (US), and Yokogawa Electric Corporation(Japan), Cognex Corporation, Google, Intel Corporation, Keyence Corporation, Nvidia Corporation, PTC, Samsung, Sony, Universal Robots A/S, Omron Corporation |
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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. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Information Technology Estimates & Trend Analysis
5.1. By Information Technology, & Market Share, 2019 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Information Technology:
5.2.1. Human Machine Interface
5.2.2. Plant Asset Management
5.2.3. Warehouse Management System
5.2.4. Manufacturing Execution System
Chapter 6. Market Segmentation 2: By Enabling Technology Estimates & Trend Analysis
6.1. By Enabling Technology & Market Share, 2019 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Enabling Technology:
6.2.1. Industrial 3D Printing
6.2.2. Robots
6.2.2.1. Traditional Robots
6.2.2.2. Collaborative Robots
6.2.3. Industrial Sensors
6.2.3.1. Wired
6.2.3.2. Wireless
6.2.4. AI in Manufacturing
6.2.5. Machine Condition Monitoring
6.2.6. Industrial Machine Vision
6.2.7. Industrial Cyber-Security
6.2.8. Network security
6.2.8.1. Application security
6.2.8.2. Endpoint security
6.2.8.3. Cloud security
6.2.8.4. Wireless security
6.2.8.5. Other security types
6.2.9. Digital Twin
6.2.10. Automated Guided Vehicles
6.2.11. Unit load carriers
6.2.11.1. Tow vehicles
6.2.11.2. Pallet trucks
6.2.11.3. Assembly line vehicles
6.2.12. Augmented Reality & Virtual Reality
6.2.13. 5G Industrial IoT
Chapter 7. Market Segmentation 3: By Industry Estimates & Trend Analysis
7.1. By Industry & Market Share, 2019 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Industry:
7.2.1. Process Industry
7.2.1.1. Oil & Gas
7.2.1.2. Food & Beverages
7.2.1.3. Pharmaceuticals
7.2.1.4. Chemicals
7.2.1.5. Energy & Power
7.2.1.6. Metal & Mining
7.2.1.7. Pulp & paper
7.2.1.8. Others
7.2.2. Discrete Industry
7.2.2.1. Automotive
7.2.2.2. Aerospace & Defense
7.2.2.3. Semiconductor & Electronics
7.2.2.4. Medical Devices
7.2.2.5. Machine Manufacturing
7.2.2.6. Others
Chapter 8. Smart Manufacturing Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Smart Manufacturing Market revenue (US$ Million) estimates and forecasts By Information Technology, 2024-2031
8.1.2. North America Smart Manufacturing Market revenue (US$ Million) estimates and forecasts By Enabling Technology, 2024-2031
8.1.3. North America Smart Manufacturing Market revenue (US$ Million) estimates and forecasts By Industry, 2024-2031
8.1.4. North America Smart Manufacturing Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
8.2. Europe
8.2.1. Europe Smart Manufacturing Market revenue (US$ Million) By Information Technology, 2024-2031
8.2.2. Europe Smart Manufacturing Market revenue (US$ Million) By Enabling Technology, 2024-2031
8.2.3. Europe Smart Manufacturing Market revenue (US$ Million) By Industry, 2024-2031
8.2.4. Europe Smart Manufacturing Market revenue (US$ Million) by country, 2024-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Smart Manufacturing Market revenue (US$ Million) By Information Technology, 2024-2031
8.3.2. Asia Pacific Smart Manufacturing Market revenue (US$ Million) By Enabling Technology, 2024-2031
8.3.3. Asia Pacific Smart Manufacturing Market revenue (US$ Million) By Industry, 2024-2031
8.3.4. Asia Pacific Smart Manufacturing Market revenue (US$ Million) by country, 2024-2031
8.4. Latin America
8.4.1. Latin America Smart Manufacturing Market revenue (US$ Million) By Information Technology, (US$ Million) 2024-2031
8.4.2. Latin America Smart Manufacturing Market revenue (US$ Million) By Enabling Technology, (US$ Million) 2024-2031
8.4.3. Latin America Smart Manufacturing Market revenue (US$ Million) By Industry, (US$ Million) 2024-2031
8.4.4. Latin America Smart Manufacturing Market revenue (US$ Million) by country, 2024-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Smart Manufacturing Market revenue (US$ Million) By Information Technology, (US$ Million) 2024-2031
8.5.2. Middle East & Africa Smart Manufacturing Market revenue (US$ Million) By Enabling Technology, (US$ Million) 2024-2031
8.5.3. Middle East & Africa Smart Manufacturing Market revenue (US$ Million) By Industry, (US$ Million) 2024-2031
8.5.4. Middle East & Africa Smart Manufacturing Market revenue (US$ Million) by country, 2024-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. 3D System, Inc. (US)
9.2.2. ABB (Switzerland)
9.2.3. Cisco System, Inc. (US)
9.2.4. Emerson Electric Co. (US)
9.2.5. General Electric (US)
9.2.6. Honeywell International Inc. (US)
9.2.7. IBM (US)
9.2.8. Mitsubishi Electric Corporation (Japan)
9.2.9. Rockwell Automation (US)
9.2.10. Schneider Electric (France)
9.2.11. Siemens (Germany)
9.2.12. Oracle (US)
9.2.13. SAP (Germany)
9.2.14. Stratasys (US)
9.2.15. Yokogawa Electric Corporation(Japan)
Smart Manufacturing Market By Information Technology-
Smart Manufacturing Market By Enabling Technology-
Smart Manufacturing Market By Industry-
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.
