Smart Manufacturing Market Analysis

Smart Manufacturing Segmentation

Component (Hardware, Software, Services)

The software segment is slated to dominate the smart manufacturing market and holds the largest revenue share of about 38% by the end of the forecast period. The dominance of the segment is attributed to the rising trend of full automation of processes. Advanced software is set to increase the usage of robots, drones, and other machines which minimizes human interruption. For the smooth functioning of these components, smart manufacturing solutions are required. All these factors have fueled the growth of segment value.

End-Use (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Electronics, Food & Agricultural, Oil & Gas)

The automotive segment is poised to account for 32% share of the global smart manufacturing market by 2035. Smart manufacturing technologies have aided automotive manufacturers to build automated assembly lines for vehicle parts and producing the whole car. Also, the rapid growth of the automotive industry and increased demand for smart technologies such as smart manufacturing meet the expectations of the global population. The global automotive industry generated a revenue of almost USD 3 trillion and is expected to rise with a significant CAGR.

Our in-depth analysis of the market includes the following segments:

Component	Hardware Software Services
Technology	Machine Execution Systems Programmable Logic Controller Enterprise Resource Planning SCADA Discrete Control Systems Human Machine Interface Machine Vision 3D Printing Product Lifecycle Management Plant Asset Management Others
Deployment	Cloud On-premise
Enterprise Size	Large SMEs
End-Use	Automotive Aerospace & Defense Chemicals & Materials Healthcare Electronics Food & Agricultural Oil & Gas Others

Frequently Asked Questions (FAQ)

Increasing adoption of modern technologies such as Internet of Things (IoT) devices, machine learning, artificial intelligence, and others is propelling the growth of the market expansion.

The market size of smart manufacturing is anticipated to attain a CAGR of 21.50% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are ABB Group, Siemens Aktiengesellschaft, Honeywell International Inc., General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Robert Bosch GmbH, Mitsubishi Electric Corporation, FANUC, and other key players.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by component, technology, deployment, enterprise size, end-use, and by region.

The software segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Rising threats related to cybersecurity along with the requirement of high initial investment and lack of unavailability of skilled professionals are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Smart Manufacturing Market Analysis