Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Smart Manufacturing Platforms Market size was over USD 10.09 billion in 2024 and is poised to exceed USD 89.68 billion by 2037, growing at over 18.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of smart manufacturing platforms is evaluated at USD 11.66 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.
Smart Manufacturing Platforms Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Use of Industrial Automation Worldwide
- Rising Adoption of IoT and Cloud Technologies
Challenges
- Complex Integration of Smart Manufacturing Platforms
- Security Concerns Regarding Wireless Networking
Smart Manufacturing Platforms Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
18.3% |
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Base Year Market Size (2024) |
USD 10.09 billion |
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Forecast Year Market Size (2037) |
USD 89.68 billion |
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Regional Scope |
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Smart Manufacturing Platforms Segmentation
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 2037 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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Customize this ReportSmart Manufacturing Platforms Industry - Regional Synopsis
North America Market Analysis
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 dominate majority revenue share by 2037, 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.
APAC Market Statistics
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.
Companies Dominating the Smart Manufacturing Platforms Landscape
- Siemens AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- General Electric Company
- ABB Ltd, Switzerland
- Amazon Web Services, Inc.
- Emerson Electric Co.
- Fujitsu Limited
- PTC Inc.
- Rockwell Automation, Inc.
- Microsoft Corporation
- Schneider Electric
In the News
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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.
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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
- Report ID: 3235
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
