The latest report on Smart Manufacturing Market by Infinium Global Research gives complete coverage of the Smart Manufacturing Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Smart Manufacturing such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Smart Manufacturing is Being Projected as the Next Industrial Revolution
Smart Manufacturing is being projected as the next Industrial Revolution. Smart Manufacturing enables all information about the manufacturing process to be available when and where it is needed across entire manufacturing supply chains and product lifecycles. Smart Manufacturing are systems that are fully-integrated, combined manufacturing systems that respond in real time to meet changing demands and conditions in the factory and in customer needs.
Smart Manufacturing mainly focuses on advanced manufacturing technologies and tools that are driven or enhanced by integrated information technology. The biggest benefit of smart manufacturing is to increase operational efficiency. Therefore, the manufacturers are turning to centralized data centers that gather and report on the operations of everything from procurement to field service.
The increasing industry 4.0 is the major factor driving the growth of the smart manufacturing market. In addition, mounting demands of industrial automation and the rapid adoption of the internet of things in the global manufacturing sector is strengthening the market growth.
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The Popularity of Cloud-Based Solutions is Increasing Rapidly as they Help Manufacturers Operate Modern and Advanced Software
Government investments supporting industrial automation, rising prominence on regulatory compliances, increased complexities in the supply chain and increasing demand for software systems that reduce time and cost is anticipated to have a positive impact for the growth of the smart manufacturing market. The demand for smart manufacturing has been the highest in the Defense and aerospace sector due to the need for customizable and quality-controlled equipment. However, factors such as the high initial cost of setting up and the probability of cyber-attacks to breach the security are likely to restrain the growth of the smarty manufacturing market.
Furthermore, digital plants and advanced manufacturing technologies are set to transform factories, production centers, companies, and entire value chains. This, in turn, is anticipated to create several growth opportunities for the growth of the fourth industrial revolution.
In addition, the popularity of cloud-based solutions is increasing rapidly as they help manufacturers operate modern and advanced software without any need for separate on-premise infrastructure. They offer the manufacturers centralized process execution and coordination advantages in a cost-efficient package. This, in turn, is gaining impetus for the growth of smart manufacturing over the years to come.
Among the geographies, Asia Pacific dominated the global smart manufacturing market followed by North America. The growth in the Asia Pacific region is due to due to increased spending on improving performance, security, and economic stability. Moreover, the demand for smart manufacturing in the US and Canada has been scaling new heights due to the sophisticated nature of the industrial sector in these countries. Developed countries such as the U.S., Germany, and Japan are witnessing high penetration of Industries 4.0, although developing countries such as China are catching up with the technological advancements. China is one of the top manufacturing countries is anticipated to adopt empowering technologies to increase operational efficiency and production.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Smart Manufacturing.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.