The smart manufacturing platform market is projected to grow from USD 4.4 billion in 2020 to USD 10.8 billion by 2027; it is expected to grow at a compound annual growth rate (CAGR) of 19.7%. Smart manufacturing platform technology enables an operator to keep a check on production process by connecting internet enabled equipment and devices on single platform. Smart manufacturing platform enables to not only check and monitor device performance, but also helps in optimizing the overall performance. The eventual goal of implementing smart manufacturing platform is to identify chances for automated performance, and by the use of data analytics, to improve manufacturing efficiency. Increasing industrial automation and growing importance for Industry 4.0 are the factors that are responsible for widespread adoption and implementation of smart manufacturing platform across industries.
Industrial automation has been one of the main driving factors behind the adoption of smart manufacturing platform. Manufacturers and operators have been constantly investing and adopting new technologies to not only improve operational efficiency, but also to reduce overall manufacturing and labor costs. Smart manufacturing platform has helped operators to link up devices on a single platform to monitor and improve conditional performance and predictive maintenance, thereby reducing maintenance costs.
The ability to track, monitor, collect and access data anytime from anywhere is one of the added advantages of implementing smart manufacturing platform. Growing adoption of industry 4.0 solutions, support from government initiatives and growing need for automated data for overall performance optimizing are driving industry end users to implement smart manufacturing platform in their operational processes. Inclination towards cloud based services for implementation of smart manufacturing platform is expected to become a prominent trend, given the system’s ability to monitor and operate process from remote locations.
Lack of skilled workforce with IoT know-how, cyber security related threats and complexity in the implementation are some of the key factors expected to create a dent in the overall growth of smart manufacturing platform market. But given the large number of advantages and high cost savings in implementing smart manufacturing platform, the overall market is anticipated to register healthy demand over the coming years.
Major players in the smart manufacturing platform market include Microsoft Corporation (Microsoft, US), IBM Corporation (IBM, US), PTC Inc. (PTC, US), SAP SE (SAP, Germany), Hitachi, Ltd. (Hitachi, Japan), Amazon.com, Inc. (Amazon, US), Siemens AG (Siemens, Germany), Schneider Electric SE (Schneider Electric, France), ABB Group (ABB, Switzerland), Emerson Electric Co. (Emerson, US).
Europe and North America are market leaders when it comes to industrial automation and Industry 4.0. Rapid technological advancements and new technology adoption rate is significantly higher in these regions as compared to the rest of the world. Therefore, Europe is expected to be at the forefront in terms of demand for smart manufacturing platform market given the large number of end use industries and automation in it, with North America closely following. China is undergoing a rapid transformation in industrial automation and the presence of large number of industries in the region is expected to peg the country as one of the leading countries in the global smart manufacturing platform market. South Asia is expected to witness rapid increase in demand for smart manufacturing platform given the high rate of adoption in India, which is supported by various government initiatives. Latin America region is also expected to witness significant growth in terms of demand owing to government supported initiatives in Brazil & Mexico for technology importing and adoption
Industrial automation has been one of the main driving factors behind the adoption of smart manufacturing platform. Manufacturers and operators have been constantly investing and adopting new technologies to not only improve operational efficiency, but also to reduce overall manufacturing and labor costs. Smart manufacturing platform has helped operators to link up devices on a single platform to monitor and improve conditional performance and predictive maintenance, thereby reducing maintenance costs.
The ability to track, monitor, collect and access data anytime from anywhere is one of the added advantages of implementing smart manufacturing platform. Growing adoption of industry 4.0 solutions, support from government initiatives and growing need for automated data for overall performance optimizing are driving industry end users to implement smart manufacturing platform in their operational processes. Inclination towards cloud based services for implementation of smart manufacturing platform is expected to become a prominent trend, given the system’s ability to monitor and operate process from remote locations.
Lack of skilled workforce with IoT know-how, cyber security related threats and complexity in the implementation are some of the key factors expected to create a dent in the overall growth of smart manufacturing platform market. But given the large number of advantages and high cost savings in implementing smart manufacturing platform, the overall market is anticipated to register healthy demand over the coming years.
Major players in the smart manufacturing platform market include Microsoft Corporation (Microsoft, US), IBM Corporation (IBM, US), PTC Inc. (PTC, US), SAP SE (SAP, Germany), Hitachi, Ltd. (Hitachi, Japan), Amazon.com, Inc. (Amazon, US), Siemens AG (Siemens, Germany), Schneider Electric SE (Schneider Electric, France), ABB Group (ABB, Switzerland), Emerson Electric Co. (Emerson, US).
Europe and North America are market leaders when it comes to industrial automation and Industry 4.0. Rapid technological advancements and new technology adoption rate is significantly higher in these regions as compared to the rest of the world. Therefore, Europe is expected to be at the forefront in terms of demand for smart manufacturing platform market given the large number of end use industries and automation in it, with North America closely following. China is undergoing a rapid transformation in industrial automation and the presence of large number of industries in the region is expected to peg the country as one of the leading countries in the global smart manufacturing platform market. South Asia is expected to witness rapid increase in demand for smart manufacturing platform given the high rate of adoption in India, which is supported by various government initiatives. Latin America region is also expected to witness significant growth in terms of demand owing to government supported initiatives in Brazil & Mexico for technology importing and adoption
- Aerospace and Defense
- Agriculture
- Automotive and Transportation
- Business and Finance
- Chemical and Materials
- Consumer Goods and Retails
- Electronics and Semiconductor
- Energy and Power
- Food and Beverages
- Machinery and Equipment
- Manufacturing and Construction
- Medical Devices
- Pharmaceuticals and Healthcare
- Service and Software
- Technology, Media and Telecommunications
- Travel and Tourism
