New York, USA, June 26, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global smart manufacturing market is predicted to grow at a tremendous CAGR of 13.7%, thereby garnering a revenue of $860.00 billion in the 2022-2031 timeframe. This holistic report provides an overarching overview of the nature of the smart manufacturing market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Technological advancements in Internet of Things and Big Data is expected to be the primary growth driver of the smart manufacturing market in the forecast period. Moreover, the growing need for automation in various industries is predicted to propel market growth.
Opportunities: Increase in demand for improved efficiency and productivity in different industries is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, rising demand for introduction of smart manufacturing in food & agriculture and aerospace industries is anticipated to augment the growth rate of the market.
Restraints: High implementation cost of smart manufacturing, however, might restrict the growth of the smart manufacturing market.
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The smart manufacturing market, however, faced a moderate impact of the pandemic. Due to lockdowns, many manufacturing industries were closed during the pandemic, which reduced the role of smart manufacturing and thus brought down the growth rate of the market. However, at the same time, there was an increase in demand for smart manufacturing due to dearth of labor caused by travel restrictions. This helped the market to regain some of its lost ground during the pandemic.
Segments of the Market
The report has divided the market into certain segments based on product type, source, target disease, and region.
Component: Software Sub-segment to Have the Highest Growth Rate
The software sub-segment of the smart manufacturing market is expected to have a high CAGR by 2031. The significant use of advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), and cloud computing in smart manufacturing is predicted to augment the growth rate of this sub-segment.
Application: Product Lifecycle Management Sub-segment to Flourish Immensely
The product lifecycle management sub-segment is expected to have a significant growth rate by 2031. Rising demand for smart manufacturing solutions to deliver real-time data and insights for supporting decision-making is driving demand for PLM solutions, which is predicted to augment the growth rate of this sub-segment.
End-User: Automotive Sub-segment to be Highly Profitable
The automotive sub-segment is expected to be one of the most dominant sub-segments by 2031. The increasing demand for high-quality and reliable vehicles has led to growing adoption of smart manufacturing technologies by automotive manufacturers to improve their production processes. This is predicted to increase the growth rate of this sub-segment.
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Region: Market in North America Region to be the Most Lucrative
The smart manufacturing market in the North America region is projected to be the most profitable in the analysis timeframe. The increasing adoption of advanced technologies such as IoT, artificial intelligence (AI), and big data analytics is expected to be the main factors behind the growth of the market in this region.
Prominent Market Players
Some prominent market players of the smart manufacturing market are
- ABB Ltd.
- Schneider Electric
- Fanuc UK Limited
- Siemens
- Honeywell International Inc.
- Fujitsu Global
- General Electric
- Emerson Electric Co.
- IBM
- Rockwell Automation Inc
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in February 2022, Autodesk, a multinational software corporation, announced that it has signed an agreement to acquire Prodsmart, a production management software. This acquisition is expected to increase the footprint of Autodesk substantially in the smart manufacturing market in the coming period.
Finally, this report published by Research Dive also offers many vital facets of the smart manufacturing market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Smart Manufacturing Market:
- Smart Manufacturing Market Size Projected To Generate A Revenue Of $860.00 Million By 2031
- Know How Smart Manufacturing Enhances the Production through Various Technologies
