Global Smart Manufacturing Market to Reach $860 Billion by 2031: Players Include Honeywell International, IBM, Rockwell Automation, Schneider Electric and Siemens

Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Smart Manufacturing Market By Component, By Application, By End-User: Global Opportunity Analysis and Industry Forecast, 2022-2031" report has been added to's offering.

The global smart manufacturing market is envisioned to garner $860.00 billion by 2031, growing from $249.5 billion in 2021 at a CAGR of 13.7% from 2022 to 2031.

The concept of Industry 4.0, which refers to the integration of digital and physical technologies in manufacturing, is driving the adoption of smart manufacturing. This shift toward a more connected and intelligent manufacturing environment is expected to revolutionize the manufacturing industry and drive significant growth in the smart manufacturing market. Industry 4.0 involves the use of technologies such as IoT, cloud computing, big data analytics, artificial intelligence, and robotics to create a more automated, flexible, and efficient manufacturing environment.

These technologies enable manufacturers to collect and analyze vast amounts of data in real-time, providing valuable insights that can be used to optimize production processes, improve quality control, and reduce costs. Furthermore, Industry 4.0 also enables greater customization and agility in manufacturing. Connected machines and equipment can be reconfigured quickly to produce different products or respond to changing demand, improving flexibility and reducing the need for costly and time-consuming retooling.

Integrating different technologies and systems can be a complex and time-consuming process. This can create interoperability issues, making it difficult to leverage the full potential of smart manufacturing technologies. Certain industries may have regulations that limit the use of smart manufacturing technologies or require additional compliance measures. This can increase manufacturing costs and complexity, reducing the incentive to adopt smart manufacturing technologies.

Data-driven decision-making is an approach to making business decisions that relies on data analysis and insights to improvise the decision-making with respect to the future. By collecting, analyzing, and interpreting data, businesses can gain insights into customer behavior, market trends, and internal operations, among other things, which can help inform strategic decisions. Data-driven decision-making relies on objective data and insights, rather than subjective opinions or intuition. This can help to reduce biases and errors in decision-making, leading to more accurate and reliable decisions. Companies can improve their return on investment by concentrating on initiatives that are more likely to yield positive results by making data-driven decisions.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart manufacturing market analysis from 2021 to 2031 to identify the prevailing smart manufacturing market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the smart manufacturing market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global smart manufacturing market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Component

  • Hardware
  • Software
  • Services

By Application

  • Machine Execution System
  • Programmable Logic Controller
  • Enterprise Resource Planning
  • Discrete Control Systems
  • Human Machine Interface
  • Machine Vision
  • 3D Printing
  • Product Lifecycle Management
  • Plant Asset Management
  • Others

By End-User

  • Automotive
  • Aerospace and Defense
  • Chemicals and Materials
  • Healthcare
  • Industrial Equipment
  • Electronics
  • Food and Agriculture
  • Oil and Gas
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • Brazil
  • Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Rest of LAMEA

Key Market Players

  • ABB Ltd.
  • Emerson Electric
  • fanuc uk
  • Faststream Technologies
  • Fujitsu Global
  • General Electric
  • IBM
  • Rockwell Automation
  • Schneider Electric
  • Siemens

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