Smart Manufacturing Market Size

Smart Manufacturing Market size is poised to cross USD 1 Trillion by 2035, observing nearly 21.5% CAGR from 2023 to 2033. In the year 2022, the industry size of smart manufacturing was USD 98.66 Billion. It is further estimated to grow steadily with a robust CAGR of during the forecast period. The rising emphasis on adopting Industry 4.0 solutions and services that helps in using modern technology in everyday manufacturing is estimated to favor the growth of the global smart manufacturing market size during the forecasted timeline. The global industry 4.0 sector is anticipated to grow with 16% CAGR and reach USD 400 Billion by 2035.

In the recent period, the escalation in the government’s engagement in supporting manufacturing processes to strengthen the economies along with the increasing complexities in the supply chain is anticipated to intensify the market value of the global smart manufacturing market. Furthermore, the need to reduce time, cost, and human intervention in order to scale up the various manufacturing processes is also predicted to fuel market growth.

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 Size