Westford, USA, Aug. 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the smart manufacturing market will attain a value of $813.86 Billion by 2031, with a CAGR of 15.3% over the forecast period (2024-2031). The smart manufacturing market has expanded rapidly in the last few years and is expected to continue steadily in the future. "Smart manufacturing" is the term used to describe the digitization of industrial manufacturing at all stages, including supply chain management, design, production, distribution, and marketing. By using automation, artificial intelligence, and networked robotics to analyze data at every stage of the process, businesses can stay adaptable and quickly adjust their business models.
A multitude of factors have contributed to the growth of the smart manufacturing market, such as implementation of government initiatives to support automation systems, proliferation of investment opportunities in Industry 4.0, rise in the focus on safety compliance, and surge in the cost of labor in developing nations.
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Browse in-depth TOC on "Smart Manufacturing Market"
· Pages - 165
· Tables - 94
· Figures – 76
Smart Manufacturing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $260.56 Billion |
| Estimated Value by 2031 | $813.86 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.3% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Technology, Industry Vertical, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Industry initiatives |
| Key Market Drivers | Industry 4.0, Implementation of government policies |
Market Leader: Software's Strategic Importance in Smart Manufacturing
The software segment, which had the largest revenue share of 49.3% in 2023, is expected to lead the market over the projection period. The industry's software division is driving automation and acts as its cornerstone. Error risk is decreased since advanced software is expected to operate robots, drones, and other equipment without the need for human participation. Due to the software, the market can advance significantly in terms of R&D for new, more adaptable solutions.
AI & ML: Evolving Smart Manufacturing Sector due to Continued Rapidity of the Business
AI & ML is the primary sector of the smart manufacturing business growing at the fastest rate in the globe. Manufacturing is transforming due to artificial intelligence (AI) and machine learning (ML), which are enabling autonomous decision-making, predictive analytics, and optimization for quality control and demand forecasting. The continued rapidity of the business has contributed to the growing use of AI and ML algorithms in almost all production sectors. The reason for this is the increasing demand for these tools' capacity to offer a wealth of information, facilitating knowledge-based decision-making and well-informed actions. Manufacturers who are always looking for ways to increase productivity and adapt to changes frequently rely on AI and ML solutions, which are increasingly becoming essential partners in the development of smart manufacturing.
Regional Insights: North America is at the Forefront of Smart Manufacturing due to early adoption of superior technology.
In the coming years, North America, which is already the largest market for smart manufacturing globally, is expected to draw in even more clients. For many factors, including early adoption of improved technology, automation development, and structural support of smart manufacturing synergy, North America is leading the partnership. Thanks to the presence of major IT businesses, academic institutions, and a supportive regulatory environment, smart manufacturing is a global leader.
Driving Innovation: Asia-Pacific's Contribution to the Smart Manufacturing Sector due to rise in industrialization
Asia Pacific is the area of the global smart manufacturing market growing at the fastest rate. The Asia-Pacific region's rise in smart manufacturing appears to be primarily driven by surge in industrialization, rise in investment in manufacturing 4.0 technology, and of the manufacturing sector in countries such as China, Japan, and India. Furthermore, government initiatives are being put into place all throughout Asia-Pacific to help the manufacturing sector digitize and automate its production technology. These initiatives should have a significant impact on how quickly various industries embrace smart manufacturing platforms globally, positioning the sector as a driving force behind the market's expansion on a worldwide scale.
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Smart manufacturing Market Insights
Drivers:
- Integration of industrial IoT
- Demand for connected supply chain
- Implementation of government policies
Restraints:
- High initial investment
- Data security concerns
- Lack of skilled workers
The following are the Top Smart Manufacturing Companies
- SAP SE
- PTC, Inc.
- ABB Limited
- IBM Corporation
- Siemens AG
- Emerson Electric Co.
- 3D Systems Corporation
- Fanuc Corporation
- General Electric Company
- Oracle Corporation
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Key Questions Covered in the Smart Manufacturing Market Report
- What factors drive the growth of the market?
- What are the dominant segments in the smart manufacturing market?
- Who are the key players operating in the market?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (integration of industrial IoT, implementation of government policies), restraints (high initial investment and lack of skilled workers), opportunities (industry initiatives), and challenges (data security and privacy) influencing the growth of the smart manufacturing market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart manufacturing market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart manufacturing market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech, and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
SkyQuest Technology
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USA (+1) 351-333-4748 Email: sales@skyquestt.com
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