The global smart manufacturing platforms market is projected to grow with a high CAGR during the forecast period, i.e., 2022-2030. Rising industrial automation globally, increasing adoption of intelligent manufacturing platforms in the automotive industry, and escalating support from governments for industrial automation are expected to be the major factors driving the market growth in the coming years. Moreover, increase in the adoption of IoT and cloud technologies is projected to create opportunities for the adoption of smart manufacturing platforms during the forecast period. According to the statistics by NITI Aayog’s, artificial intelligence (AI) is expected to boost India's annual growth rate by 1.3% by 2035. Apart from these, as smart manufacturing platforms are able to eliminate human intervention, reducing waste and labor cost, minimizes downtime and inaccuracies, and increase process quality, they are assessed to be high in demand in the near future.
The market is segmented on the basis of type into device management, connectivity management, application enablement platform and others, out of which, the device management segment is anticipated to grab the most significant share by the end of 2030 on account of the growing adoption of artificial intelligence, smart manufacturing and IoT in businesses. Furthermore, the increasing requirement to efficiently manage devices and data in industrial facilities as a result of generation of large amount of data is also projected to boost the growth of the market segment in the near future. Additionally, based on industry, the segment for power & energy is anticipated to hold the largest market share, which can be credited to the rising environmental challenges and scarcity associated with conventional energy sources that might lead to a probable energy crisis in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, block chain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labour productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of regional synopsis, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The market in North America is predicted to grow at the highest CAGR over the forecast period owing to the increasing advancements in the IT sector and early adoption of technologies in the region. Additionally, strategic partnership among prominent market players to develop innovative products and services is also a crucial factor estimated to drive the growth of the smart manufacturing platforms market in the region. Moreover, Asia Pacific is projected to grab the largest market share during the forecast period ascribing to the rising emergence of small and medium sized businesses and growing rate of digitization in the region. According to the Asia-Pacific Economic Cooperation organization, SMEs account for over 97% of all businesses in the APAC, with a GDP share ranging from 40 to 60 percent in most of the countries in the region. Along with these, countries such as China, Japan, and India have undertaken numerous initiatives to encourage IoT implementation in their domestic industries, which in turn considered to be another factor contributing in boosting the APAC market’s growth in the future.
The global smart manufacturing platforms market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart manufacturing platforms market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for industrial automation and rising adoption of IoT and cloud technologies are the key factors estimated to drive market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Complex integration of smart manufacturing platforms and concerns related to security in wireless networking are the factors estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing urbanization and emergence of new businesses in the region.
The major players dominating the smart manufacturing platforms market are General Electric Company, Amazon Web Services, Inc., Emerson Electric Co., Fujitsu Limited, PTC Inc., among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, deployment, application, industry, and by region.
With respect to industry, the power & energy segment is anticipated to hold the largest market share owing to the rising environmental challenges associated with conventional energy sources.
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