Analyzing Smart Manufacturing Market Growth: Size, Share & Forecast

The Smart Manufacturing Market Size is expanding significantly and is expected to reach a valuation of USD 108.9 billion by 2023. The market is expected to grow significantly over the course of the projection period, with a powerful Compound Annual Growth Rate (CAGR) of 17.2% expected to reach USD 241.0 billion by 2028.

This growth trend highlights how smart manufacturing technologies are being adopted and invested in more and more by different industries. Smart manufacturing solutions are transforming production processes by increasing productivity, efficiency, and flexibility. These solutions make use of cutting-edge technology like automation, artificial intelligence (AI), and the Internet of Things (IoT).

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The smooth integration of cutting-edge technologies like automation, artificial intelligence (AI), and the Internet of Things (IoT) is the main driver of the growth of the smart manufacturing industry. Together, these technologies maximise production efficiency, support predictive maintenance, and improve decision-making in manufacturing settings. Industries may increase operational efficiency, lower downtime through predictive maintenance techniques, and make data-driven decisions to remain competitive in rapidly changing markets by utilising the power of IoT, AI, and automation. This convergence of technologies propels innovation and ensures long-term sustainability in a context of growing competition by enabling producers to quickly adjust to shifting market demands.

Smart Manufacturing Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 108.9 billion

Estimated Value by 2028

$ 241.0 billion

Growth Rate

Poised to grow at a CAGR of 17.2%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Information Technology, By Industry, and by Region

Geographies Covered

North America, Asia Pacific, Europe, and the Rest of the World

Key Market Challenge

Lack of skilled workforce

Key Market Opportunities

Increase in adoption of IIoT and Cloud technologies

Key Market Drivers

Surging demand for software systems that reduce time and cost

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The Warehouse Management System (WMS) segment is expected to register a higher CAGR during the forecast period.

The smart manufacturing industry is witnessing a notable surge in the Warehouse Management System (WMS) sector due to the growing need for real-time data analytics, efficient inventory control, and optimised logistics. WMS is essential for improving supply chain efficiency, cutting down on operating costs, and enabling smooth coordination between production and distribution operations as more and more businesses adopt smart manufacturing methods. The increasing focus on efficient operations highlights how crucial WMS is to promoting general expansion and productivity in the context of smart manufacturing. Businesses may strengthen their competitive advantage, adjust to changing market conditions, and satisfy the requirements of contemporary production and distribution operations by utilising cutting-edge WMS systems.

Digital Twin segment to record the highest CAGR during the forecast period.

The smart manufacturing industry is witnessing a notable surge in the usage of digital twins due to their capacity to generate virtual equivalents of tangible assets or procedures. By enabling real-time monitoring, analysis, and optimisation, these digital copies enable industries to place a higher priority on productivity, preventive maintenance, and innovation. Businesses can improve production processes, reduce downtime, and improve product development strategies by utilising digital twins. The rise in the use of digital twins highlights how crucial they will be in determining the direction of smart manufacturing in the future as businesses fight to stay competitive in a world that is becoming more and more technologically advanced and dynamic.

Energy & Power segment to record the highest CAGR in the process industry during the forecast period.

Smart manufacturing in the Energy & Power sector is experiencing significant growth due to the incorporation of cutting-edge technology such as artificial intelligence (AI), data analytics, and the Internet of Things (IoT). In the industry, these technologies are essential for improving operational effectiveness, facilitating predictive maintenance, and maximising resource use. Smart grid deployment and the use of renewable energy sources are two examples of how intelligent systems optimise workflows, cut down on downtime, and increase overall productivity. This growth highlights the critical role that smart manufacturing plays in building an Energy & Power sector that is more resilient, efficient, and creative, opening the door to improved resilience, creativity, and dependability in the production and distribution of energy.

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North America is expected to grow at the highest CAGR in the Smart Manufacturing market from 2023 to 2028.

Smart Manufacturing Industry in North America is experiencing strong growth, driven by the integration of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and automation. This transformative trend is reshaping traditional manufacturing practices, with sectors including automotive and electronics leading the charge in adopting these innovations to enhance efficiency, improve quality, and achieve cost-effectiveness. Supported by a culture of innovation, a highly skilled labor force, and robust infrastructure, North America emerges as a frontrunner in the global smart manufacturing revolution. The region's commitment to embracing cutting-edge technologies and fostering a conducive environment for innovation positions it at the forefront of shaping the future of manufacturing on a global scale.

Key Players

Key players operating in the Smart Manufacturing Companies include 3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Oracle (US), SAP (Germany), Stratasys (US), Yokogawa Electric Corporation(Japan).in the Smart Manufacturing market.

News Covered:

https://www.prnewswire.com/news-releases/smart-manufacturing-market-worth-241-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301908937.html 

About MarketsandMarkets™ 

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

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