According to the new research report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2023 ", The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023. Factors that drive the growth of the market include the Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in supply chain, and increasing demand for software systems that reduce time and cost.
Opportunity: Rising adoption of IoT and cloud platforms
Innovation in cloud has offered new business capabilities and opportunities to enterprises. Companies, nowadays, require advanced machines equipped with the latest maintenance technologies to avoid any interruption in production. Cloud-based alternatives are now preferred over machine-centric or PC-centric models for condition monitoring applications since cloud brings together a large number of computers to operate a single application. The emergence of mobile computing technologies and the proliferation of internet-connected devices and cloud computing platforms have given rise to the Internet of Things (IoT) and the Industrial Internet of Things (IIoT). Cloud computing leverages the power of the Internet to eliminate the need for purchasing, installing, and maintaining independent data centers and networks. The popularity of various IoT cloud platforms, such as IoT Azure, IoT Watson, and Predix, in various industries is growing, which is eventually increasing the need for digital twinning. The cloud computing technology is used to create digital twins that enable machine operators to plan optimally.
Smart manufacturing market in APAC to grow at the highest globally CAGR between 2018 and 2023
Major factors restraining the growth of the smart manufacturing market include high investment and cost involved in implementation, lack of standardization among equipment manufacturers and in connectivity protocols, constant need for upgrading software, and low adoption of technologies owing to technical issues. Key market players such as 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain competitive edge in the smart manufacturing market and expand their distribution networks.
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