Smart Manufacturing Platforms Market size was valued at USD 8.53 billion in 2023 and is anticipated to reach USD 75.81 billion by the end of 2036, expanding at around 18.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart manufacturing platforms is assessed at USD 9.78 billion.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18.3% |
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Base Year Market Size (2023) |
USD 8.53 billion |
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Forecast Year Market Size (2036) |
USD 75.81 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments
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By Type |
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By Deployment |
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By Application
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By Industry
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On the basis of regional synopsis, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America industry is set to account for largest revenue share by 2036, owing to 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.
April 29, 2021: GE Digital announced that it has launched an update for its SmartSignal predictive maintenance software solution. The solution offered by GE Digital allows organizations to proactively predict, diagnose, forecast, and prevent equipment failures.
March 16, 2021: Microsoft declared the availability of the Azure Migration Program and FastTrack for Azure in India. The aim of this initiative is to ease migration to cloud platforms amongst organizations.
Author Credits: Shweta Patidar
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