Meticulous Research®—leading global market research company published a research report titled ‘Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-Use Industry, and Geography - Global Forecast to 2029’.
According to this latest publication from Meticulous Research®, the smart manufacturing market is expected to grow at a CAGR of 21.5% from 2022–2029 to reach $446.24 billion by 2029. The growth of the smart manufacturing market is attributed to factors such as the increasing number of government initiatives to promote industrial automation, the rising number of investments in Industry 4.0, growing demand for safety regulation compliance, and high labor costs in developed economies. However, the high capital and operating expenses and a lack of standardization for technology platforms are some of the major factors restraining the growth of this market.
The advent of 5G connectivity in smart manufacturing and the proliferation of smart manufacturing in developing countries are expected to offer significant growth opportunities for players operating in this market. However, privacy and data protection concerns and the lack of a requisite skilled workforce to implement and operate technologies are some of the major challenges to the growth of the smart manufacturing market.
The smart manufacturing market is segmented based on technology, application, end-use industry, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on technology, in 2022, the industrial IoT segment is estimated to account for the largest share of the smart manufacturing market. The large share of this segment is attributed to the growing need to reduce costs, increasing overall equipment effectiveness (OEE), growing focus on digital transformation, extensive government support in encouraging digitalization across the industrial sector, and the rising adoption of smart devices.
However, the blockchain segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increased demand for blockchain technology in the energy & power and industrial sectors, the increasing demand for real-time data analysis, and the rising need to enhance production with minimum maintenance, simplify business processes, and reduce downtime.
Based on application, in 2022, the surveillance & safety segment is estimated to account for the largest share of the smart manufacturing market. The large share of this segment is attributed to factors such as the growing requirement for reliable safety systems to ensure personnel and asset protection, the increasing need for video monitoring in manufacturing facilities, strict government mandates for safety regulations, and the rising need for real-time analysis and tracking.
However, the inventory & warehouse management segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing need for tracking the movement of goods, increasing manufacturing output due to the adoption of Industrial IoT (IIoT), the growing significance of forecasting models, and the rise in automation for minimizing human interaction.
Based on end-use industry, in 2022, the automotive segment is estimated to account for the largest share of the smart manufacturing market. The large share of this segment is attributed to factors such as the increasing adoption of industrial IoT solutions, the increasing emphasis on developing next-generation automobile warehouses, and the need to reduce costs & downtime in production lines.
However, the pharmaceuticals segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing need to adopt cost-control measures in the healthcare sector, the adoption of digital technologies in medical device manufacturing operations, and the need to ensure the safety and security of the pharmaceutical supply chain.
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the smart manufacturing market. This region is also slated to register the highest growth rate over the forecast period. The high market growth in Asia-Pacific is attributed to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based smart manufacturing solutions, and the presence of prominent key players in the region.
The key players operating in the global smart manufacturing market are Amazon Web Services, Inc. (U.S.), Robert Bosch Manufacturing Solutions GmbH (Germany), Cisco Systems, Inc. (U.S.), 3D Systems Corporation (U.S.), Plex Systems, Inc. (U.S.), Cognex Corporation (U.S.), PTC Inc. (U.S.), FANUC CORPORATION (Japan), SAP SE (Germany), Mitsubishi Electric Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd (Switzerland), Hitachi, Ltd. (Japan), and Intel Corporation (U.S.).
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