CHICAGO, Aug. 24, 2023 /PRNewswire/ -- The Smart Manufacturing Market is valued at USD 108.9 billion in 2023 and is projected to reach USD 241.0 billion by 2028, at a CAGR of 17.2% according to a new report by MarketsandMarkets™. The factor propelling the smart manufacturing market's growth is the integration of advanced technologies like IoT, AI, and automation. These synergize to optimize production efficiency, enable predictive maintenance, and elevate decision-making, fostering adaptability and competitiveness in rapidly evolving industries.
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210 – Tables
75 – Figures
340 – Pages
Smart Manufacturing Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 108.9 billion |
Estimated Value by 2028 | $ 241.0 billion |
Growth Rate | Poised to grow at a CAGR of 17.2% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Information Technology, By Industry, and by Region |
Geographies Covered | North America, Asia Pacific, Europe, and the Rest of the World |
Key Market Challenge | Lack of skilled workforce |
Key Market Opportunities | Increase in adoption of IIoT and Cloud technologies |
Key Market Drivers | Surging demand for software systems that reduce time and cost |
The Warehouse Management System (WMS) segment is expected to register a higher CAGR during the forecast period.
The Warehouse Management System (WMS) sector is experiencing robust growth within the smart manufacturing market. This expansion is attributed to the increasing demand for streamlined logistics, inventory control, and real-time data insights. As industries embrace smart manufacturing practices, WMS is crucial in enhancing supply chain efficiency, reducing operational costs, and ensuring seamless coordination between production and distribution. This trend underscores the pivotal role of WMS in driving the overall growth of the smart manufacturing landscape.
Digital Twin segment to record the highest CAGR during the forecast period.
Digital twin adoption is witnessing substantial growth in the smart manufacturing arena. Creating virtual replicas of physical assets or processes enables real-time monitoring, analysis, and optimization. As industries prioritize efficiency, predictive maintenance, and innovation, digital twins offer insights that enhance production, minimize downtime, and refine product development. This surge in digital twin utilization reflects its integral role in shaping the future of smart manufacturing.
Energy & Power segment to record the highest CAGR in the process industry during the forecast period.
The Energy & Power sector is witnessing significant expansion in smart manufacturing. Operational efficiency, predictive maintenance, and resource optimization are improved by incorporating cutting-edge technologies such as IoT, AI, and data analytics. From smart grids to renewable energy, intelligent systems streamline processes, minimize downtime, and enhance productivity. This growth highlights the essential contribution of smart manufacturing to creating a more efficient and sustainable Energy & Power industry.
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North America is expected to grow at the highest CAGR in the Smart Manufacturing market from 2023 to 2028.
Smart Manufacturing Industry is witnessing robust growth in North America, propelled by the fusion of cutting-edge technologies like IoT, AI, and automation. This transformative trend is revolutionizing conventional manufacturing practices, with sectors spanning automotive and electronics embracing these innovations to optimize efficiency, elevate quality, and drive cost-effectiveness. Fortified by a culture of innovation, a skilled labor force, and robust infrastructure, North America stands at the forefront of the global smart manufacturing revolution.
Key Players
Key players operating in the Smart Manufacturing Companies include 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), Yokogawa Electric Corporation(Japan).in the Smart Manufacturing market.
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