MarketResearch.biz announces publication of its most recently generated research report titled, “Global Smart Manufacturing Market by Information Technology (Human Machine Interface, Enterprise Manufacturing Intelligence, Plant Asset Management, Manufacturing Execution System, Warehouse Management System, and Industrial Communications), by Enabling Technology, by Industry, and by Region – Global Forecast to 2029”, which offers a holistic view of the global smart manufacturing market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2020–2024) is projected to be more than US$ 1.2 Trillion, which is expected to increase rather significantly over the latter part of the five-year forecast period.
Smart manufacturing is a technology-driven approach used to enhance manufacturing processes by employing computer control, modeling, big data, and other automation applications and techniques. It comprises advanced manufacturing technologies in order to enable flexibility of physical processes and increases productivity and output and ultimately save costs and increase revenues. Smart manufacturing offers various advantages over conventional or manual approaches to manufacturing. It enables minimizing production errors, has limited human intervention, which reduces need for extensive workforce and manual effort, entails connected machines, etc., which again reduces need for human intervention. Smart manufacturing techniques allow users to control and operate machines remotely using various cloud-based programs or algorithms built into the product. In addition, smart manufacturing allows manufacturers to maintain a certain level of autonomy.
Browse the full “Smart Manufacturing Market By Information Technology (Human Machine Interface, Enterprise Manufacturing Intelligence, Plant Asset Management), By Enabling Technology, By Industry, And By Region – Global Forecast To 2029” report at https://marketresearch.biz/report/smart-manufacturing-market/
Global Smart Manufacturing Market: Dynamics
Increasing complexities along the supply chain as a result of globalization, increasing consumer demand, omni-channel deliveries or internal supply chain restrictions that can be eliminated with the help of smart manufacturing are among some of the major factors driving growth of the target market. Real-time data analysis of machines allows manufacturers to understand the gaps between production rate and raw material supply. Manufacturers can take substantial advantage of these techniques, which will allow smooth operations without any stoppages in workflow. Moreover, increasing demand for robots or collaborative robots (cobots) to simplify operations as well as to allow more flexibility in workflow are other key factors expected to drive growth of the global smart manufacturing market.
High investments required for implementation and deployment of smart factory technologies and equipment etc., coupled with constant need for upgrading software to keep up with evolving technology are among some of the other key factors expected to hamper growth of the global smart manufacturing market.
Lack of IoT standardization and consistency leads to difficulties in communication between multiple devices. Moreover, implementation of IoT, wherein various components such as sensors, networks, and other components need to work in tandem, is a complex process in itself, and could pose a challenge for deployment, especially in some developing economies, to a certain extent.
Adoption of automation technologies such as 3D printing and advanced machinery in various end-use industries has been increasing exponentially in the recent past. Some include machine tools, automotive, aerospace, and medical industries etc., and adoption of automation technologies can further drive popularity and of smart manufacturing approaches, as well as promote R&D initiatives to explore options of more applications in future. Adoption of such advanced technologies by manufacturers is projected to have a majorly positive impact on growth of the target market. In addition, increasing demand for smart manufacturing in a variety of industrial and commercial applications owing to rising adoption of Internet of things and cloud-based platforms is another factor expected to create lucrative growth opportunities for key players operating in the global smart manufacturing market.
Global Smart Manufacturing Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global smart manufacturing market based on factors affecting the market and their impact in the foreseeable future. According to forecast projections, revenue from the global smart manufacturing market is expected to expand at a CAGR of over 11.8% over the forecast period.
Global Smart Manufacturing Market: Segmental Snapshot
The market report has been segmented on the basis of information technology, enabling technology, industry, and region. The information technology segments include human machine interface, enterprise manufacturing intelligence, plant asset management, manufacturing execution system, warehouse management system, and industrial communications. The enabling technology segments include industrial 3D printing, collaborative robots, industrial IoT, AI in manufacturing, machine condition monitoring, industrial machine vision, industrial cybersecurity, digital twin, and automated guided vehicle. The industry segments include automotive, aerospace & defense, chemicals & petrochemical, pharmaceutical, semiconductor & electronics, food & beverages, oil & gas, and others (energy, mining, and pulp & paper). The regions covered in the analysis include North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Information Technology: The human machine interface segment is expected to account for highest revenue share contribution as compared to other segments, and is expected to register the highest CAGR of over 12.6% over the forecast period.
Enabling Technology: The industrial IoT segment is expected to account for highest revenue share contribution as compared to other segments, and is expected to register the highest CAGR of over 12.5% over the forecast period.
Industry: Among the industry segments, the automotive industry segment is expected to account for highest revenue share contribution, and is projected to register the highest CAGR of over 12.1% over the forecast period.
Region: The market in the Asia Pacific is estimated to account for the highest revenue share in the global smart manufacturing market, and is projected to register highest CAGR of over 12.8% over the forecast period.
Global Smart Manufacturing Market: Competitive Analysis
The research report on the global smart manufacturing market includes profiles of some major companies such as Honeywell International Inc., ABB Ltd., Mitsubishi Electric Corporation, Emerson Electric Co., Siemens Aktiengesellschaft, FANUC Corporation, Yokogawa Electric Corporation, Schneider Electric SE, General Electric Company, and Rockwell Automation, Inc.
“Global Smart Manufacturing Market: Industry, Size, Share, Growth, Trends, and Forecast, 2020–2029” report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global smart manufacturing market for 2019–2029.
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