Smart Manufacturing Market Size, Share, Revenue, Trends, and Drivers For 2024-2033

Smart Manufacturing Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 3, 2024 /EINPresswire.com/ -- The smart manufacturing market has experienced robust growth in recent years, expanding from $362.79 billion in 2023 to $414.75 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to advancements in industrialization, rise of big data analytics, focus on cyber-physical systems, globalization of supply chains, energy efficiency and sustainability, enhanced quality control measures, shift to smart factories.

What Is The Estimated Market Size Of The Global Smart Manufacturing Market And Its Annual Growth Rate?
The smart manufacturing market is projected to continue its strong growth, reaching $713.44 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to focus on resilient and adaptive manufacturing, shift to servitization models, demand for rapid prototyping and additive manufacturing, focus on continuous improvement, enhanced security measures, prominence of circular economy practices.

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Growth Driver Of The Smart Manufacturing Market
The rising adoption of robotics by industries is expected to propel the growth of the smart manufacturing market going forward. Robotics refers to the interdisciplinary field of science and engineering that involves the design, construction, operation, and use of robots. Smart manufacturing is used for integrating intelligent technologies to optimize production processes, increase efficiency, and enable adaptive and automated robotic systems.

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Who Are The Leading Competitors In The Smart Manufacturing Market Share?
Key players in the market include Siemens AG, General Electric Company, Rockwell Automation, Schneider Electric SE, Honeywell International Inc., Emerson Electric, ABB India Limited, Amazon Web Services Inc., Robert Bosch Manufacturing Solutions GmbH, Cisco Systems Inc., 3D Systems Corporation, Plex Systems Inc., Cognex Corporation, PTC Inc., Mitsubishi Electric Corporation, HP Development Company L.P., SAP SE, Hitachi Ltd., IBM Corporation, Oracle Corporation, Microsoft Corporation, Intel Corporation, Accenture PLC, Fujitsu Limited, Fanuc Corporation, Kuka AG, Omron Corporation, Panasonic Corporation, Toshiba Corporation, Yokogawa Electric Corporation.

What Are The Dominant Trends In Smart Manufacturing Market Growth?
Major companies operating in the market are launching innovative products such as next-generation AI solutions to advance smart manufacturing. AI solutions refer to applications and systems that leverage artificial intelligence (AI) technologies to perform tasks that typically require human intelligence.

How Is The Global Smart Manufacturing Market Segmented?
1) By Component: Hardware, Software, Services
2) By Technology: Machine Execution Systems (MES), Programmable Logic Controller (PLC), Enterprise Resource Planning (ERP), SCADA, Discrete Control Systems (DCS), Machine Vision, 3D Printing, Other Technologies
3) By End-User: Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, Other End-Users

Geographical Insights: North America Leading The Smart Manufacturing Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Smart Manufacturing Market Definition
Smart manufacturing refers to a process that employs computer controls, modeling, big data, and other automation to improve manufacturing efficiencies. It analyzes machine and sensor data to improve operational efficiency and avoid downtime.

Smart Manufacturing Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global smart manufacturing market report covering trends, opportunities, strategies, and more
The Smart Manufacturing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smart manufacturing market size, smart manufacturing market drivers and trends, smart manufacturing market major players and smart manufacturing market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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