Smart Manufacturing Platforms Market Share

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 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.

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.