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Written by Ravinder » Updated on: December 13th, 2024
The IMARC Group latest report titled ”Smart Manufacturing Market Report by Component (Hardware, Software, Services), Technology (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), End Use (Automotive, Aerospace and Defense, Chemicals and Materials, Healthcare, Industrial Equipment, Electronics, Food and Agriculture, Oil and Gas, and Others), and Region 2025-2033”, offers a comprehensive analysis of the smart manufacturing market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
How Big is the Smart Manufacturing Market?
The global smart manufacturing market size reached USD 358.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 825.0 Billion by 2033, exhibiting a growth rate (CAGR) of 9.62% during 2025-2033.
Global Smart Manufacturing Market Dynamics:
Integration of Advanced Technologies Driving Growth:
Smart manufacturing sector is expanding at a healthy growth rate due to adoption of new technologies like Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) and robotics. These developments are empowering manufacturers in performing a plethora of optimizations such as decreasing the costs of production and efficiency through, real time data analytics, predictive maintenance, and self-governing decision making.
Streamlined logistics of the supply chain with improving visibility and tracing through IoT connected devices. In addition, AI powered analytics assist manufacturers in anticipating demand changes, reducing waiting time in production, and increasing efficiency in production. Robotics and automation guarantees accuracy on the factory floor, diminishes mistakes and increases production. All these technologies merge with manufacturing processes and encourage the revolution of the industry whilst fulfilling consumers’ desires of more rapid and better quality cheap personalized goods.
Rise of Sustainable Manufacturing Practices:
In order to achieve their ultimate environmental goals, businesses have no choice but to embrace new energy-efficient technologies, sustainable materials, and manufacturing practices such as smart manufacturing. Not just that, but their supply chains are now going to be able to operate on the principles of the circular economy as well, allowing them to make use of all available resources while staying environmentally friendly.
In addition, thanks to advancements in manufacturing technologies such as digital twins and simulation, resource patters and wastage are set to change for the better. More importantly, these business practices will help boost brands’ reputations as more and more consumers want to work with ecologically conscious and socially responsible businesses.
Growing Demand for Workforce Transformation:
With the introduction of smart manufacturing solutions, there has been a growing demand for a digitally skilled workforce. To enhance the capabilities of their personnel, companies have to invest in retraining as well as upskilling on digital technologies. The inclusion of collaborative robots (cobots) assists workers by allowing them to concentrate on higher level jobs. AR and VR tools are used as training aids which provide efficient and safer ways of increasing the skill level of an employee. In this regard, the future of the manufacturing sector in bolstering its competitiveness would rely on the effective deployment of smart technology and fostering innovation.
Top Smart Manufacturing Market Leaders:
The smart manufacturing market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
Global Smart Manufacturing Market Trends:
The smart manufacturing market has rapidly matured due to the edge share increasing together with 4g LTE. Other developed manufacturing markets are seeing real time requirements where the data processing needs to happen closer to the local area. The ultra low latency of 5g technologies enable communicative aspects of the manufacturing process to become more efficient as communication across the site between machines and systems can be more efficient. Additionally human collaboration with robots through collaborative robotics partners or cobots are aiding in this development as well.
New technologies such as the 5g are transforming the manufacturing processes that are offsite informing the growth of new remote sites. The development of twin technology is witnessing increased acceptance by manufacturers to create a digital version of physical systems to enable optimal mastering performance while predicting potential ‘what if’ scenarios that may happen. These trends highlight the significance of emerging technology in the era of and the need for innovative and efficient operations in the manufacturing industry.
Global Smart Manufacturing Industry Segmentation:
Breakup by Component:
According to the report, software represented the largest segment.
Breakup by Technology:
According to the report, discrete control systems accounted for the largest smart manufacturing market share.
Breakup by End Use:
According to the report, automotive represented the largest segment.
Breakup by Region:
According to the report, Asia Pacific represents the largest regional market for smart manufacturing.
Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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