Luton, Bedfordshire, United Kingdom, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the smart manufacturing platform market.
The smart manufacturing platform market size & share was valued at approximately USD 93.7 billion in 2021 and is expected to reach a value of around USD 261.6 billion by 2028, at a compound annual growth rate (CAGR) of about 15.8% during the forecast period 2022 to 2028.
Smart manufacturing Platform Market is used to enable Internet devices to monitor the production process. Finding opportunities for automated operations and using data analytics to increase production performance are the ultimate goals of smart manufacturing.
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Governments all over the world are becoming more aware of the huge potential of smart manufacturing technologies, and as a result, they are supporting and funding research and development for technologies like IoT and industrial 3D printing. Governments from a variety of countries are sponsoring IoT innovation because they hope to be early users of the technology. They are investing in new IoT research and implementation projects in order to construct and operate smart cities in the future.
- Schneider Electric introduced EcoStruxure Automation Expert, the world’s first software-centric industrial automation system. Through this innovation, the company aims to help the customers unlock the full potential of the fourth industrial revolution.
- ABB announced the launch of new analytical software and services, namely, ABB Ability Genix Industrial Analytics and AI Suite, which are capable of combining operational data with IT and engineering data to deliver actionable intelligence. The newly launched software will help industries optimize asset management, enhance operations, streamline business sustainability, and ensure process safety.
- PTC announced the release of the newest version of the Industrial IoT platform, namely, ThingWorx 9.0, with new features to help industrial companies implement, create, customize, and scale their solutions. ThingWorx 9.0 has introduced an optimized clustered configuration, which will enhance the horizontal scalability of the platform.
The Asia Pacific countries are expected to present good opportunities for market players to market smart manufacturing platform products in these regions.
The rising demand for smart tools due to increased automation in industries; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IoT along with increasing need to optimise productivity and reduce operational and maintenance costs are the major factors driving the growth of the smart manufacturing market in Asia Pacific. One of the major elements driving demand for smart manufacturing in the next years would be government backing in several Asia Pacific countries to push industrialization.
Smart Manufacturing Platform Market Growth:
The market is growing more quickly as a result of Industry 4.0's increased adoption and implementation. Increasing automation and software-based processes have boosted market share. Smart technologies have made real-time analysis and synchronisation available to the global market, helping to reduce costs and save time. When both occur at the same time, the market expands in direct proportion to technological improvements.
Smart Manufacturing Platform Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 93.7 billion in 2021 |
| Revenue forecast in 2029 | USD 261.6 billion by 2028 |
| Growth rate | CAGR of 15.8% from 2022 to 2028 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2028 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2028 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | ABB, Schneider Electric, Siemens, Emerson Electric Co, General Electric Co, Amazon Web Services, Inc, Fujitsu Ltd, Hitachi, IBM and Microsoft Corporation. |
| Key Market Opportunities | Smart manufacturing platform involves the use of automation machinery and the goal to be achieved through this process is the use of information technology to use it for the advantage of reaching a global market. |
| Key Market Drivers | Growing demand for industrial automation is driving the market. |
| Customization scope | Increased adoption of IoT and cloud platforms, rising integration of different solutions to provide improved performance and rapid industrial growth in emerging economies will further create new opportunities for smart manufacturing platform market |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Companies operating the target market can focus on partnerships and collaborations, in order to develop advanced products which in turn create lucrative growth opportunities.
The Smart Manufacturing Platform Market study report will provide valuable insight with an emphasis on the global market. The major players in the market are ABB, Schneider Electric, Siemens, Emerson Electric Co, General Electric Co, Amazon Web Services, Inc, Fujitsu Ltd, Hitachi, IBM and Microsoft Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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Key Market Segments: Smart Manufacturing Platform Market
Smart Manufacturing Platform Market by Type, 2022-2028, (IN USD Million)
- Device Management
- Connectivity Management
- Application Enablement Platform
Smart Manufacturing Platform Market by Process Industry, 2022-2028, (IN USD Million)
- Oil And Gas
- Power And Energy
- Chemicals
- Pharmaceuticals
- Food & Beverages
- Metals & Mining
Automotive Industry is Expected to Drive the Market Growth
- Automotive manufacturing platform is expected to gain strong impetus from smart technologies, Industry 4.0, IoT, etc. Discrete manufacturing is the manufacturing or production of distinct parts that can be individually touched and counted. The pieces are mainly related to assembly lines. Discrete manufacturing includes products, such as cars, automotive parts, etc., that are increasingly connected.
- Smart manufacturing platform is expected to help balance supply and demand, enhance product design, optimize manufacturing efficiency, and significantly reduce waste. Field devices, like robotics, sensors, etc., and ICS offer opportunities to the automotive sector to react faster to market requirements, reduce manufacturing downtimes, enhance supply chain efficiency, and expand productivity.
- Smart manufacturing platform addresses the prime concern of the automotive industry, i.e., the length of a project. Quick return-on-investment projects combined with low-cost automation and cost innovation are helping manufacturers improve competitiveness through productivity improvement.
- The automotive industry has invested billions into developing edge computing technology. According to Ericsson's projections, the global number of connected • Smart manufacturing platform may grow to around 700 million by 2029. The data volume transmitted between vehicles and the cloud may be about 100 petabytes per month.
- Asia-Pacific are leading the Smart manufacturing platform demand, the regions are anticipated to see an increase in smart automotive factories' implementation.
Market Dynamics-
Drivers:
Growth in industrial automation. Industrial automation is defined as the use of control systems such as robots or computers for handling machinery and different processes in any industry. For example, in the manufacturing industry, smart machines are being used to carry out the manufacturing process without any human intervention. Companies involved in industrial manufacturing are witnessing high pressure to boost productivity, as well as lower manufacturing costs. Thus, to reduce manufacturing costs, increase productivity, and optimize resources.
Restraint:
Lack of skilled IoT-related workforce. The growing need to improve productivity, optimize resources, and lower manufacturing costs are factors accountable for the increasing demand for smart manufacturing platform in manufacturing facilities. Smart manufacturing platform help manufacturers to acquire and organize the data automatically to make informed decisions. This data from machines and sensors is communicated to the cloud via IoT technology. Various companies across the world have highly invested in research and development and are accepting IoT technologies to automate their manufacturing processes. However, some organizations are still following the traditional manufacturing methods owing to a lack of a skilled workforce related to IoT technology.
Opportunities:
Growth in adoption of IIoT and cloud technologies. IIoT is the application of connected sensors, instrumentation, and other mechanical devices in the manufacturing industry. IIoT is revolutionizing manufacturing plants by connecting a broad network of intelligent devices that can increase automation in plants. With IIoT, plant floors are becoming increasingly interconnected and integrated, which has led to the conversion of industrial automation into smart automation, allowing manufacturers to gain a higher return on investment. the complexity in the integration of smart manufacturing platforms and concern associated with security in wireless networking acts as a challenge for the Smart Manufacturing Platform Market.
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