Redding, California - August 20, 2024
Smart Manufacturing Market to be Worth $733.4 Billion by 2031
Smart Manufacturing Market Size, Share, Forecast, & Trends Analysis by Technology (Industrial IoT, AR/VR, Robotics & Automation, Blockchain), Application (Surveillance & Safety, Inventory & Warehouse Management, Quality Management), End-use Industry, and Geography - Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Smart Manufacturing Market by Technology (Industrial IoT, AR/VR, Robotics & Automation, Blockchain), Application (Surveillance & Safety, Inventory & Warehouse Management, Quality Management), End-use Industry, and Geography - Global Forecast to 2031.
According to this latest publication from Meticulous Research®, the smart manufacturing market is expected to reach $733.4 billion by 2031, at a CAGR of 24.6% from 2024–2031.The growth of the smart manufacturing market is driven by the increasing demand to reduce operational costs through predictive maintenance, the rising integration of AI & ML technologies, and the expanded use of 3D printing for additive manufacturing. However, high capital and operating expenses pose challenges to market growth. The introduction of 5G connectivity and the growing adoption of smart manufacturing in developing countries are anticipated to generate significant growth opportunities for the players operating in this market. However, challenges such as the need for more skilled personnel and concerns about privacy and data protection continue to impact market growth. Furthermore, the growing use of advanced human-robot collaboration represents a notable technology trend in this market.
The smart manufacturing market is segmented by technology (industrial internet of things, cloud computing & storage, robotics & automation, industrial cybersecurity, additive manufacturing, augmented reality (AR)/virtual reality (VR), digital twin, artificial intelligence, and blockchain), application (surveillance & safety, quality management, resource optimization, inventory & warehouse management, machine inspection & maintenance, production planning, energy management, and other applications), end-use industry (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, fast-moving consumer goods (FMCG), paints & chemicals, energy & power, pulp & paper, and other end-use industries), and geography. The study also evaluates industry competitors and analyzes the market at the country and regional levels.
By technology, in 2024, the industrial Internet of Things segment is expected to account for the largest share of over 33.4% of this market. The rising integration of industrial IoT in the manufacturing process to create end-to-end operational visibility and improve process efficiency and increasing utilization of IoT helps manufacturers to lower manual processes and entries to reduce the risk associated with human labor. Moreover, several manufacturers are focusing on new developments to improve logistics operations and increase productivity, supporting the growth of this market.
For instance, In February 2021, Nexans S.A. (France) partnered with Schneider Electric SE (France) on a digital transformation program. This partnership focuses on accelerating the digitalization of factories, improving the efficiency of production lines, enabling predictive maintenance, and reducing carbon emissions.
By application, in 2024, the surveillance & safety segment is expected to account for the largest share of over 21.1% of this market. This segment's large market share is attributed to the increasing investment in deploying a 5G network in manufacturing facilities to provide security solutions with low latency and high speed and the rising integration of smart cameras to monitor worker behaviors, machinery compliance, and safety anomalies to boost productivity and increase employee safety by enhancing facility processes. Additionally, the integration of motion detection, facial recognition, geofencing violation detection, and fire recognition allows employees to become more aware of the workplace surroundings.
By end-use industry, in 2024, the automotive segment is expected to account for the largest share of over 14.3% of this market. This segment's large market share is attributed to the growing adoption of smart manufacturing solutions in automotive manufacturing facilities to reduce costs and downtime in production lines and the increasing implementation of AI and industrial IoT to provide real-time data for better decision-making during product development. Additionally, several companies are focusing on new strategic developments to accelerate smart manufacturing across the automotive industry.
For instance, in January 2022, ABB Ltd (Switzerland) partnered with HASCO Hasenclever GmbH + Co KG (Germany) to deliver increased automation and sustainability for auto parts production and accelerate the next generation of smart manufacturing in China’s automotive industry.
By geography, in 2024, Asia-Pacific is expected to account for the largest share of over 37.3% of this market. Asia-Pacific’s significant market share can be attributed to the increasing adoption of cloud-based smart manufacturing solutions in industries such as automotive, healthcare, and pharmaceuticals and the growing expansion of manufacturing hubs in countries such as China, South Korea, and Japan. Additionally, rising developments from manufacturing industries in the region for launching smart manufacturing solutions help to increase the growth of this market.
For instance, in October 2021, RRI (The Robot Revolution & Industrial IoT Initiative) (Japan) partnered with CESMII (U.S.) to promote the development of smart manufacturing and robotics in Japan. RRI promotes the development of smart manufacturing and robotics in Japan by developing pre-competitive concepts, recommendations, and use cases for practical applications.
Key Players
The key players operating in the smart manufacturing market are International Business Machines Corporation (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.), SAP SE (Germany), Capgemini SE (France), ABB Ltd (Switzerland), Deutsche Telekom AG (Germany), Telefónica, S.A. (Spain), Accenture plc (Ireland), TE Connectivity Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata Consultancy Services Limited (India), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc (U.S.), and Schneider Electric SE (France).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of technology, application, and end-use industry?
- What is the historical market size for global smart manufacturing?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the smart manufacturing market?
- Who are the major players in the smart manufacturing market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the smart manufacturing market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the smart manufacturing market, and how do they compete with other players?
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