New York, United States, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Global Smart Manufacturing Platform Market Size is to Grow from USD 8.9 Billion in 2022 to USD 46.5 Billion by 2032, at a Compound Annual Growth Rate CAGR of 17.9% during the projected period.
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A smart manufacturing platform is an integrated structure that employs technological innovations such as the Internet of Things (IoT), artificial intelligence (AI), machine learning, large-scale data analysis, and cloud-based services to improve industrial cognition, versatility, and productivity. It goes beyond traditional automation systems to create a more connected, adaptable, and data-driven manufacturing strategy. The platform collects and analyses data in real-time, allowing for quick judgments, immediate problem identification, and dynamic process changes. Higher levels of automation in industrial processes, increased use of smart manufacturing platforms in the automotive sector, increased government funding for industrial automation, and rising demands for optimized and data-driven systems to maximize efficiency are attributed to the growing penetration of the smart manufacturing platform market. Industry 4.0 initiatives are driving enterprises to deploy these platforms in order to remain competitive, adaptive, and efficient in a continuously changing market. Furthermore, rising IIoT and cloud-based service usage, as well as partnerships between platform providers and cloud service providers, are expected to drive growth in the smart manufacturing platform market in the coming years.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Smart Manufacturing Platform Market Size, Share, and COVID-19 Impact Analysis, By Type (Device Management, Connectivity Management, Application Enablement Platform), By Organization Size (Small & Medium Enterprises and Large Enterprises) By Application (Performance, Optimization, Asset Condition Monitoring, Others), By Verticals (Process Industry, Discrete Industry), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The device management segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global smart manufacturing platform market is segmented into device management, connectivity management, and application enablement platform. Among these, the device management segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Because multiple devices in industrial facilities generate a large amount of data, managing the devices and data collected has become crucial. Administrators can use the device management platform to connect and disconnect new devices, operate various devices, check device data and status, and remotely monitor devices.
The small & medium enterprises segment is witnessing significant CAGR growth over the forecast period.
On the basis of organization size, the global smart manufacturing platform market is segmented into small & medium enterprises and large enterprises. Among these, the small & medium enterprises segment is witnessing significant CAGR growth over the forecast period. Smart manufacturing systems are gaining popularity as they become more adaptable and cost-effective, and as more SMEs see the economic benefits that these platforms give. As technology becomes more freely available and cost-effective, this sector has significant growth potential.
The asset condition monitoring segment is expected to hold the largest share of the Global Smart Manufacturing Platform Market during the forecast period.
Based on the application, the global smart manufacturing platform market is classified into performance, optimization, asset condition monitoring, and others. Among these, the asset condition monitoring segment is expected to hold the largest share of the Smart Manufacturing Platform market during the forecast period. This is owing to a greater emphasis on predictive maintenance and a global push in many industrial sectors to reduce operational expenses and times of idleness. Asset condition monitoring comprises monitoring the operation of equipment and machines in real time and identifying when repairs or routine maintenance may be necessary based on the assets' current condition.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 43.6% market share over the forecast period. Because of its robust manufacturing industry and technological capabilities, North America, particularly the United States, has a major share of the market. Automotive, aerospace, pharmaceuticals, and other sectors thrive in the region. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. Because of rising industrialization, particularly in China and India, and the deployment of Industry 4.0 principles, this region has seen significant growth in the smart manufacturing platform market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Manufacturing Platform Market include IBM, PTC Inc., SAP SE, ABB, Siemens, Schneider Electric, Emerson Electric Co., General Electric, Telit, Accenture, Cisco Systems, Altizon Systems, Rockwell Automation, Atos SE, Software AG, C3 IoT, Fujitsu Limited, Seebo Interactive, Qiu Technologies, Hitachi Consulting Corporation, and many more.
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Recent Developments
- On May 2023, ServiceNow has announced the acquisition of G2K, an artificial intelligence (AI) powered platform that will disrupt retail and other industries. Through this acquisition and collaboration with top retail customers, ServiceNow intends to develop an AI-powered end-to-end workflow solution for the retail industry using G2K's technology, with the flexibility to expand into other industries such as transportation, healthcare, entertainment, and manufacturing in the future.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Smart Manufacturing Platform Market based on the below-mentioned segments:
Smart Manufacturing Platform Market, Type Analysis
- Device Management
- Connectivity Management
- Application Enablement Platform
Smart Manufacturing Platform Market, Organization Size Analysis
- Small & Medium Enterprises
- Large Enterprises
Smart Manufacturing Platform Market, Application Analysis
- Performance
- Optimization
- Asset Condition Monitoring
- Others
Smart Manufacturing Platform Market, Verticals Analysis
- Process Industry
- Chemicals
- Oil & Gas
- Power & Energy
- Pharmaceuticals
- Metals & Mining
- Food & Beverages
- Others
- Discrete Industry
- Automotive
- Medical Devices
- Aerospace & Defense
- Industrial Manufacturing
- Electronics & Semiconductor
- Others
Smart Manufacturing Platform Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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