January 29, 2019 – According to a new report published by Netscribes on Research on Global Markets, the smart manufacturing market is expected to undergo expansion at a compound annual growth rate (CAGR) of 15.75% by 2023.
According to the report, data-driven decision-making processes are being increasingly undertaken. Manufacturing processes are being streamlined, and the cost competition has also become quite intense, thereby leading to higher levels of productivity, which ultimately aids the growth of the market. The smart manufacturing industry includes advanced digital technologies, such as machine learning, motion control and machine vision. These have encouraged different sectors to adopt automated processes, especially in the automotive segment.
The largest market share of 49% in the global smart manufacturing market is held by the industrial automation segment. It is followed by the Internet of Things (IoT) segment with a 33% share. The report further reveals that the collective efforts from technology firms and industrial sectors have paved the way for more innovative solutions, thereby enhancing the pace of growth in many aspects, such as manufacturing control systems and three-dimensional printing.
Netscribes has suggested that the aerospace industry will undertake the highest degree of adoption of smart manufacturing technology, which is due to an increase in the number of products that are being manufactured, along with the demand for robots and automated processes in the sector. According to the report, control mechanisms in industries have been employing robots at an increasing rate, which contributes to the growth of industrial equipment and automotive segments as well. Several other sectors, such as food, agriculture, chemical manufacturing and healthcare will implement more smart manufacturing technologies.
Region wise, North America is expected to continue to dominate the smart manufacturing market due to its leading position in the field of innovative technologies. The Asia-Pacific region also shows a great promise, mostly due to the mammoth investments in smart manufacturing technologies by the various industries, along with robotic innovations and the introduction of tax subsidies, which will benefit manufacturers to a significant extent. This had led the region to occupy a decent 25% market share, as of 2017. Africa, Latin America and the Middle-East show little development in this regard.
Key highlights of the report:
• Scope and segmentation of the global smart manufacturing market
• A comprehensive global market overview, including historical, current and forecasted market sizes, revenues and market attractiveness
• Qualitative analysis of the market drivers, trends and challenges
• Analysis of the market segmentation based on application and end-users
• A comprehensive overview of the competitive landscape with a focus on few key market players
• Regional overview of the smart manufacturing market in North
America, Asia-Pacific, Latin America, Africa and the Middle-East
This report has been formulated with the purpose of giving businesses a concise understanding of the demand for smart manufacturing processes on a global scale, to determine the viability of the market, develop strategies based on the drivers, and to help brands identify the competition and respond accordingly.
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