Smart Manufacturing Market Share

North America Market Forecast

The smart manufacturing sector in the North American region is set to hold the biggest market value with a share of about 35% by the end of 2035. The rapid adoption of advanced technologies such as IoT, and IIoT aid in enhancing productivity and lowering operational and maintenance costs is the major factor driving the market value in the region. Also, the introduction of several favorable initiatives taken by the United States government is estimated to bring lucrative growth opportunities for market growth during the next few years.

Asia Pacific Market Analysis

The Asia Pacific smart manufacturing segment is also poised to hold a significant share by growing steadily over the forecast period. Developing countries like China and India are aiming towards full automation of businesses which generates the demand for smart manufacturing services. Also, the recent increase in investment in advanced technologies by the regulatory bodies for being independent in production and manufacturing is also estimated to attract

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 Share