Global Smart Manufacturing Market was valued US$ 165.23 Bn in 2017 and is expected to reach US$ 434.32 Bn by 2026, at a CAGR of 12.84% during a forecast period.
The global smart manufacturing market is segmented into a component, technology, end-user, and region. In terms of component, the smart manufacturing market is classified into hardware, software, and services. Based on technology, the smart manufacturing market is categorized into machine execution systems, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human-machine interface, machine vision, 3d printing, product lifecycle management, and plant asset management. On the basis of end-user, the smart manufacturing market is divided into automotive, aerospace & defense, chemicals & materials, healthcare, industrial equipment, electronics, food & agriculture, oil & gas, others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Major factors driving the growth of the smart manufacturing market include Industry 4.0, rising use of industrial automation in manufacturing, government investments supporting industrial automation, increasing emphasis on regulatory compliances, increased complexities in the supply chain, and growing demand for software systems that reduce time and cost. Industrial communication is anticipated to hold the largest share of the smart manufacturing market for information technology. However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, lack of awareness about benefits of adopting information and enabling technologies, and lack of skilled workforce pose challenges to the growth of the market.
Global Smart Manufacturing Market
In terms of technology, 3D printing segment is anticipated to witness the highest growth over the forecast period owing to its large-scale adoption in the design process and agile product iterations. An increasing demand for industrial automation coupled with the growing importance of legal and regulatory compliance is also driving the market growth.
Based on component, the software segment is quite matured as several solutions have already been in use for many years. The solutions include manufacturing execution systems, product lifecycle management, and enterprise resource planning. However, the modernization of these systems and the growth of analytics and AI-enabled systems are projected to be the driving factors for the segment’s growth. The need for technological implementation expertise is estimated to aid the growth of services segment over the forecast period.