Smart Manufacturing Platform Market Outlook
According to the report by Expert Market Research (EMR), the global smart manufacturing platform market size reached a value of USD 6.62 billion in 2023. Aided by the rapid advancements in Industry 4.0, Industrial Internet of Things (IIoT), and Artificial Intelligence (AI) technologies, the market is projected to further grow at a CAGR of 19.9% between 2024 and 2032 to reach a value of USD 19.7 billion by 2032.
Smart manufacturing platforms integrate information technology (IT) and operational technology (OT) to facilitate the use of advanced technologies including big data, artificial intelligence (AI), the Internet of Things (IoT), and cloud computing. These platforms empower manufacturers to optimise their operations, improve efficiency, reduce costs, and enhance production quality.
The increasing global emphasis on efficient and sustainable manufacturing processes is driving the global smart manufacturing platform market growth. As industries worldwide are pressured by factors like rising operational costs, stringent environmental regulations, and intense competition, there is a significant shift towards the adoption of smart manufacturing platforms. These platforms enable organisations to seamlessly collect, analyse, and utilise data to optimise various manufacturing processes and operations.
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In the automotive sector, smart manufacturing platforms are revolutionising the way vehicles are designed, assembled, and inspected. They are allowing real-time tracking and optimisation of factory operations, reducing downtimes, and significantly increasing the efficiency of production lines.
The electronics sector, characterised by its fast-paced evolution and high-demand volatility, greatly benefits from the agility and flexibility offered by smart manufacturing platforms. These platforms support rapid product changes, allowing manufacturers to swiftly respond to smart manufacturing platform market trends without incurring prohibitive costs.
The pharmaceutical and healthcare sectors are also adopting smart manufacturing platforms at a significant rate. In these highly regulated industries, these platforms help in ensuring compliance with stringent quality and safety standards, while also speeding up the development and production of new drugs and devices.
With the increasing integration of IoT devices in industrial settings, the data generated from various manufacturing operations has grown exponentially. Smart manufacturing platforms enable the effective utilisation of this data, empowering companies to make more informed and timely decisions.
The ongoing global shift towards Industry 4.0, characterised by the deep integration of digital technologies into manufacturing processes, is another critical factor propelling the smart manufacturing platform market. Governments and industry groups in several countries are actively promoting this transition, further accelerating the smart manufacturing platform market demand.
Additionally, the need for more resilient and flexible supply chains, starkly highlighted by disruptions such as the COVID-19 pandemic, is leading to an increased adoption of smart manufacturing technologies. These platforms enable companies to rapidly adapt to changing conditions and maintain operation continuity, a capability that is increasingly seen as critical for modern enterprises.
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Smart Manufacturing Platform Market Segmentation
The market can be divided based on information technology, enabling technology, industry, and region.
Market Breakup by Information Technology
- Human Machine Interface
- Enterprise Manufacturing Intelligence
- Plant Asset Management
- Manufacturing Execution System
- Industrial Communications
- Warehouse Management System
Market Breakup by Enabling Technology
- Industrial 3D Printing
- Collaborative Robots
- Industrial IoT
- AI in Manufacturing
- Machine Condition Monitoring
- Industrial Machine Vision
- Industrial Cybersecurity
- Digital Twin
- Automated Guided Vehicle
- Blockchain in Manufacturing
- AR and VR in Manufacturing
Market Breakup by Industry
- Process Industry
- Oil and Gas
- Food and Beverages
- Pharmaceuticals
- Chemicals
- Energy and Power
- Metals and Mining
- Pulp and Paper
- Others
- Discrete Industry
- Automotive
- Aerospace and Defence
- Semiconductor and Electronics
- Medical Devices
- Machine Manufacturing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Smart Manufacturing Platform Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart manufacturing platform market. Some of the major players explored in the report by Expert Market Research are as follows:
- Stratatys Ltd.
- 3D Systems, Inc.
- Daifuku Co., Ltd.
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Siemens AG
- Others
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