Smart Manufacturing Platforms Market Size

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.