The global smart manufacturing platform market size is expected to reach USD 29.64 billion in 2028 and register a revenue CAGR of 21.4% over the forecast period. The fast-paced growth of this market is majorly supported by increasing adoption of industrial automation systems, growing need for real-time monitoring of production processes, rise of cloud-based manufacturing platforms, and surging demand for augmented resource efficiency, improved productivity, and lower operational costs. Rapidly rising demand for advanced manufacturing techniques across a wide range of industries, including automotive, consumer electronics, food & beverage, pharmaceutical, medical device, oil & gas, and mining industries, among various others, is one of the most vital factors inducing the global smart manufacturing platform market growth. Furthermore, increased government investments in the development of smart manufacturing platforms and surging adoption of AI-based technologies such as the Internet of Things (IoT) and robotics in the manufacturing sector are poised to fuel market growth in the coming years.
A smart manufacturing platform comprises fully-integrated manufacturing systems that provide real-time monitoring and data collection solutions and advance and streamline the overall production process. The platform utilizes industrial connectivity devices, big data processing capabilities, and advanced robotics to facilitate manufacturing. Multi-scale modelling and simulation, intelligent automation, robust cyber security, interoperable systems, and networked sensors are the key components of a smart manufacturing platform. Hence, the growing adoption of cloud-enabled smart manufacturing platforms across various industries to identify manufacturing inefficiencies and ease production processes has is expected to bolster market growth over the projected period.
Some Key Highlights in the Report:
- Based on type, the device management segment is the most dominant segment in terms of revenue in the global smart manufacturing platform market. Rising adoption of advanced industrial IoT solutions and connected devices for improved connectivity, faster data delivery, and enhanced device security is one of the key parameters driving this segment’s growth.
- Based on industry type, the process industries segment is poised to register the highest CAGR of 21.9% over the forecast period. Increasing adoption of automation solutions across various process industries including food & beverage, oil & gas, energy & power, chemicals, and metals & mining and surging need for data optimization, enhanced performance, reduced waste, and augmented profit in these industries boost this segment’s growth.
- Among the key market regions, the Asia Pacific smart manufacturing platform market is expected to account for the largest market share over the projected period, mainly owing to rising government initiatives to promote the adoption of industrial automation solutions.
- Microsoft, IBM, PTC Inc., SAP SE, Hitachi, ABB, Amazon, Bosch, Emerson, and Fujitsu Ltd. are among the key companies operating in the global smart manufacturing platform market.
- In June 2020, Microsoft Corporation acquired CyberX Inc., a globally leading cybersecurity platform, in a bid to accelerate the adoption of its IoT security solutions. With this acquisition, the tech giant intends to enable smart manufacturing processes at production facilities worldwide.
- In July 2020, SK Telecom Co. Ltd. introduced a subscription-based smart manufacturing solution to help SMEs with equipment maintenance and improved resource efficiency.
For the purpose of this report, the global smart manufacturing platform market has been segmented on the basis of type, application, industry type, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Connectivity Management
- Device Management
- Application Enablement
Application Outlook (Revenue, USD Billion; 2018–2028)
- Asset & Condition Monitoring
- Performance Optimization
Industry Type Outlook (Revenue, USD Billion; 2018–2028)
- Process Industries (Chemicals, Food & Beverages, Oil & Gas, Metals & Mining, Power & Energy, Pharmaceuticals)
- Discrete Industries (Medical Devices, Electronics & Semiconductor, Automotive, Industrial Manufacturing, Aerospace & Defense)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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