The digital transformation is changing the way businesses are using connected technologies in the manufacturing and industrial sector for business advantage. The evolution of the Internet of Things (IoT) and the rise in industrial automation are driving the Smart Industries Market. Presently, the industries across the globe are facing industrial revolution, i.e. industry 4.0 that enables them to integrate machines with the connected technologies. Technologies such as cobotics, machine learning, data analytics, and the Internet of Things (IoT) are driving the growth of smart industries market.
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The smart industries are rapidly growing due to the increasing automation, digital transformation and connected technologies that are having a positive impact on the industrial or manufacturing sector. The combination of information technology and operational technology is one of the critical growth enablers of smart industries market. In smart industries, digital technologies such as the Internet of Things, big data, AI, and collaborative robots (cobotics) are used as advanced tools for applications in various industry verticals. Also, the smart building was introduced to optimize energy consumption and reduce operating costs to analyze operational energy data for actionable insights. It enables facility optimization through the convergence of information technology and building automation. This is one of the major factors that is driving the growth of the smart industries market. The utility sector is shifting their focus to connected technologies in order to increase productivity and business process. The utilities are shifting towards current grid technologies that are integrated with networking and computational capabilities to connect and automate energy distribution and transmission. Also, the government across various countries are taking initiatives for smart grid rollout that drives the growth of smart utilities market. This growth in smart utilities market tends to drive the smart industries market globally.
The key vendors in the smart industries market are focusing on offering differentiated technologies for businesses in order to compete in the smart industries market. The increase in the usage of connected technologies that are integrated with other digital technologies is driving the growth of smart industries market.
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Global Smart Industries Market: Dynamics
The emergence of IoT and increase in adoption of connected devices across verticals are the primary factors driving the growth of smart industries market.
Huge investment and privacy issues are the critical factors that can hamper the growth of smart industries market.
The rise in adoption of the connected technologies mainly in the manufacturing sector across the globe are the latest trends in the smart industries market.
Global Smart Industries Market: Segmentation
The smart industries market can be segmented on the basis of type, tools, end-use industry and region. The connected manufacturing and connected logistics are the most widely used technologies for industrial applications. Also, the evolution of IoT and big data is one of the factors that boosts the growth of smart industries market. Smart manufacturing and smart utilities are widely used technologies in smart industries market.
Global Smart Industries Market: Competition Landscape
Examples of some of the key players in the global smart industries market include Bosch Ltd, Accenture plc, General Electric Company, Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, Siemens AG, Telefonica S.A., Robert Bosch Manufacturing Solutions GmbH, Software AG, KPMG International, etc.
Global Smart Industries Market: Regional Outlook
The North America region is expected to dominate the smart industries market followed by Europe and Asia Pacific region. The smart industries market in North America is expected to witness higher growth due to the vast presence of prominent vendors in smart industries market in the U.S. The demand for smart industries in Europe is increasing due to the evolution of Industry 4.0 and internet of things (IoT) for smart applications across industries. Also, the rise in smart city projects and connected devices are the driving forces of smart industries market in the Asia Pacific region. Latin America and MEA are projected to contribute a significant share of the global smart industries market over the forecast period.
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