Smart Manufacturing Market Size, Share & Trends Analysis Report By Information Technology (Human-Machine Interface (HMI), Plant Asset Management (PAM), Manufacturing Execution System (MES), Warehouse Management System (WMS)), By Enabling Technology, By Industry, By Region, And By Segment Forecasts, 2024-2031

Report Id: 2170 Pages: 180 Last Updated: 18 March 2024 Format: PDF / PPT / Excel / Power BI
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Segmentation of Smart Manufacturing Market-

Smart Manufacturing Market By Information Technology-

  • Human-Machine Interface (HMI)
  • Plant Asset Management (PAM)
  • Manufacturing Execution System (MES)
  • Warehouse Management System (WMS) 

Smart Manufacturing

Smart Manufacturing Market By Enabling Technology-

  • Industrial 3D Printing
  • Robots
    • Traditional Robots
    • Collaborative Robots
  • Industrial Sensors
    • Wired
    • Wireless
  • AI in Manufacturing
  • Machine Condition Monitoring
  • Industrial Machine Vision
  • Industrial Cyber-Security
  • Network security
    • Application security
    • Endpoint security
    • Cloud security
    • Wireless security
    • Other security types
  • Digital Twin
  • Automated Guided Vehicles
  • Unit load carriers
    • Tow vehicles
    • Pallet trucks
    • Assembly line vehicles
  • Augmented Reality & Virtual Reality
  • 5G Industrial IoT

Smart Manufacturing Market By Industry-

  • Process Industry
    • Oil & Gas
    • Food & Beverages
    • Pharmaceuticals
    • Chemicals
    • Energy & Power
    • Metal & Mining
    • Pulp & Paper
    • Others
  • Discrete Industry
    • Automotive
    • Aerospace
    • Semiconductor & Electronics
    • Medical Devices
    • Machine Manufacturing
    • Others

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

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)

Research Design and Approach

This study employed a multi-step, mixed-method research approach that integrates:

  • Secondary research
  • Primary research
  • Data triangulation
  • Hybrid top-down and bottom-up modelling
  • Forecasting and scenario analysis

This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.

Secondary Research

Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.

Sources Consulted

Secondary data for the market study was gathered from multiple credible sources, including:

  • Government databases, regulatory bodies, and public institutions
  • International organizations (WHO, OECD, IMF, World Bank, etc.)
  • Commercial and paid databases
  • Industry associations, trade publications, and technical journals
  • Company annual reports, investor presentations, press releases, and SEC filings
  • Academic research papers, patents, and scientific literature
  • Previous market research publications and syndicated reports

These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.

Secondary Research

Primary Research

Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.

Stakeholders Interviewed

Primary interviews for this study involved:

  • Manufacturers and suppliers in the market value chain
  • Distributors, channel partners, and integrators
  • End-users / customers (e.g., hospitals, labs, enterprises, consumers, etc., depending on the market)
  • Industry experts, technology specialists, consultants, and regulatory professionals
  • Senior executives (CEOs, CTOs, VPs, Directors) and product managers

Interview Process

Interviews were conducted via:

  • Structured and semi-structured questionnaires
  • Telephonic and video interactions
  • Email correspondences
  • Expert consultation sessions

Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.

Data Processing, Normalization, and Validation

All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.

The data validation process included:

  • Standardization of units (currency conversions, volume units, inflation adjustments)
  • Cross-verification of data points across multiple secondary sources
  • Normalization of inconsistent datasets
  • Identification and resolution of data gaps
  • Outlier detection and removal through algorithmic and manual checks
  • Plausibility and coherence checks across segments and geographies

This ensured that the dataset used for modelling was clean, robust, and reliable.

Market Size Estimation and Data Triangulation

Bottom-Up Approach

The bottom-up approach involved aggregating segment-level data, such as:

  • Company revenues
  • Product-level sales
  • Installed base/usage volumes
  • Adoption and penetration rates
  • Pricing analysis

This method was primarily used when detailed micro-level market data were available.

Bottom Up Approach

Top-Down Approach

The top-down approach used macro-level indicators:

  • Parent market benchmarks
  • Global/regional industry trends
  • Economic indicators (GDP, demographics, spending patterns)
  • Penetration and usage ratios

This approach was used for segments where granular data were limited or inconsistent.

Hybrid Triangulation Approach

To ensure accuracy, a triangulated hybrid model was used. This included:

  • Reconciling top-down and bottom-up estimates
  • Cross-checking revenues, volumes, and pricing assumptions
  • Incorporating expert insights to validate segment splits and adoption rates

This multi-angle validation yielded the final market size.

Forecasting Framework and Scenario Modelling

Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.

Forecasting Methods

  • Time-series modelling
  • S-curve and diffusion models (for emerging technologies)
  • Driver-based forecasting (GDP, disposable income, adoption rates, regulatory changes)
  • Price elasticity models
  • Market maturity and lifecycle-based projections

Scenario Analysis

Given inherent uncertainties, three scenarios were constructed:

  • Base-Case Scenario: Expected trajectory under current conditions
  • Optimistic Scenario: High adoption, favourable regulation, strong economic tailwinds
  • Conservative Scenario: Slow adoption, regulatory delays, economic constraints

Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.

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Frequently Asked Questions

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

Smart Manufacturing Market is expected to grow at a 16.56% CAGR during the forecast period for 2024-2031.

Stratasys (US), and Yokogawa Electric Corporation(Japan), Cognex Corporation, Google, Intel Corporation, Keyence Corporation, Nvidia Corporation, PTC,

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