ENG
Smart Manufacturing Platform Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation, and Region
Global Smart Manufacturing Platform Market was valued nearly US$ 8.87 Bn. in 2023. Global Smart Manufacturing Platform Market size is estimated to grow at a CAGR of 15.59% and is expected to reach at US$ 24.47 Bn. by 2030.
Format : PDF | Report ID : SMR_472
Smart Manufacturing Platform Market Overview & Dynamics:
Smart manufacturing platform market is a technology-based strategy that uses an Internet-connected gadget to monitor the manufacturing process. Smart Manufacturing's ultimate goal is to find opportunities for automated operations and then use data analytics to improve manufacturing performance. These smart manufacturing platforms make it possible to provide services that help with manufacturing in general.
The current IoT trend is toward smart manufacturing, with more connected production systems, in order to save costs, save time, labour, and maintenance and upkeep. The Industrial Internet of Things (IIoT) platform, which includes big data, supply chain analytics, and cognitive manufacturing, is emerging as a novel concept for smart manufacturing with artificial intelligence (AI) and machine learning (ML) based technologies as part of Smart Manufacturing Platform. Edge computing, smart sensing, and IP networking are all made possible by embedded connectivity and intelligence. The report on the smart manufacturing platform market provides PESTLE analysis, PORTER's five force analysis and segment analysis on the basis of type, organization size, application, industry, deployment mode and region.
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Smart manufacturing employs internet-enabled technology that streamline and automate industrial operations. Manufacturing engineers and data analysts can use modern data analytics to evaluate machines and other equipment across many locations to discover indicators that a part may break or cease working, allowing for preventive maintenance to avoid machine downtime and disrupting production operations.
As smart manufacturing becomes more widely embraced around the world, more machines are becoming integrated and networked through the IoT, allowing for improved communication and automation. Smart manufacturing has various advantages, including increased efficiency, increased production, and long-term cost savings. Remote sensors and diagnostics solutions are now standard on modern workstations, allowing them to notify users to problems in real time. Predictive artificial intelligence can detect problems before they occur, allowing engineers to reduce their costs. Through a smart networked system, automation can assist mitigate inefficiencies caused by human errors and set a performance target. Big data analytics are used in smart manufacturing to streamline complex operations and manage global supply networks.
Some of the significant issues projected to hinder the overall growth of the smart manufacturing platform market include a lack of qualified personnel with IoT know-how, cyber security risks, and implementation difficulty. However, considering the numerous benefits and significant cost savings associated with installing a smart manufacturing platform, the overall industry is expected to see solid demand in the coming years.
Smart Manufacturing Platform Market Segmentation:
The SMR report covers all segments in the smart manufacturing platform market such as type, organization size, industry and applications. Based on Industry, process industry segment dominated the market, with market size of US$ xx Bn. in 2021 and to reach US$ xx Bn. by 2027, with a CAGR of 16.65%. The process industry is sub-segmented into oil & gas, chemical, food & beverage; energy and power, mining & metals industries, pharmaceutical, and others. With the development of Smart Manufacturing Platform and the growing momentum of the Big Data movement, industries today have unique prospects in terms of critical enablers for improving their performance to new heights. The power & energy sector now dominates the smart manufacturing platform market and is expected to do so for the foreseeable future. The power and gas business is confronted with a number of issues, including environmental effect and shortage connected with conventional sources, which could result in an impending energy crisis in the future years.
As a result, in the energy and power business, optimization has become important to boost productivity, efficiency, and utilisation, resulting in a rise in the use of smart manufacturing platforms in the power and energy industry. Furthermore, the oil and gas industry faces numerous challenges, including unplanned downtime and a lack of synergy across various processes throughout the supply chain, which has increased the adoption of smart manufacturing platforms in the oil and gas industry, and thus the industry holds a significant share in the smart manufacturing platform market.
Smart Manufacturing Platform Market Geographical view:
APAC accounted for the largest market share in 2021, with a market value of US$ xx Bn; the APAC smart manufacturing platform market is expected to register a CAGR of 15.9% during the 2022-2027. For the past few years, APAC has shown amazing progress in industrialization and has been at the forefront of the digital revolution in comparison to the rest of the world. The region is steadily progressing toward a digital future. A substantial number of new small and medium-sized businesses are forming throughout APAC.
Emerging enterprises have an easier time adopting digitalization. As a result, the pace of digitization in the region is steadily increasing. Countries like China, Japan, and India have launched a slew of measures to promote IIoT use in their domestic businesses. Government assistance for automation technology adoption, as well as rising industrialization and urbanisation, are some of the primary drivers driving the IIoT industry in APAC, which is predicted to fuel the smart manufacturing platform market.
Industry Developments:
Companies are involved in adopting sustainable strategies to gain competitive edges such as new product launch, product up gradation and collaborative agreements. For example:
- In June 2020, PTC has announced the introduction of ThingWorx 9.0, the latest edition of its Industrial IoT platform, which includes new features to assist industrial enterprises in implementing, creating, customising, and scaling their solutions. ThingWorx 9.0 includes an optimised clustered setup that improves the platform's horizontal scalability.
- In July 2020, ABB has announced the release of ABB Ability Genix Industrial Analytics and AI Suite, which can combine operational data with IT and engineering data to provide actionable knowledge. The newly released software will aid industries in improving asset management, streamlining operations, ensuring process safety, and ensuring corporate sustainability.
The objective of the report is to present a comprehensive analysis of the Smart Manufacturing Platform Market to the stakeholders in the industry. The report provides trends that are most dominant in the Smart Manufacturing Platform Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Smart Manufacturing Platform Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Smart Manufacturing Platform Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Smart Manufacturing Platform Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Smart Manufacturing Platform Market is aided by legal factors.
Smart Manufacturing Platform Market Scope:
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Global Smart Manufacturing Platform Market |
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Market Size in 2023 |
USD 8.87 Bn. |
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Market Size in 2030 |
USD 24.47 Bn. |
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CAGR (2024-2030) |
15.59% |
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Historic Data |
2018-2022 |
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Base Year |
2023 |
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Forecast Period |
2024-2030 |
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Segment Scope |
By Type
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By Organization Size
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By Application
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By Industry
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Regional Scope |
North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America |
Smart Manufacturing Platform Market Major Players:
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Amazon.com, Inc.
- Siemens AG
- Accenture Plc.
- Oracle Corporation
- Cisco Systems, Inc.
- Software AG
- Robert Bosch GmbH
- ABB
- Schneider Electric
- PTC Inc.
Frequently Asked Questions
The US will lead the Smart Manufacturing Platform Market in North America in the future.
Major competitors of the market are CISCO, ABB, and IBM.
APAC is going to grow with the highest CAGR
The market size of the Smart Manufacturing Platform Market by 2030 is US$ 24.47 Bn.
Chapter 1 Scope of the Report
Chapter 2 Research Methodology
2.1. Research Process
2.2. Global Smart Manufacturing Platform Market: Target Audience
2.3. Global Smart Manufacturing Platform Market: Primary Research (As per Client Requirement)
2.4. Global Smart Manufacturing Platform Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape
4.1. Market Share Analysis, By Region, 2023-2030(In %)
4.1.1.1. North America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.2. Europe Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.3. Asia Pacific Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.4. South America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.5. Middle East and Africa Market Share Analysis, By Value, 2023-2030 (In %)
4.2. Market Dynamics
4.2.1.Market Drivers
4.2.2.Market Restraints
4.2.3.Market Opportunities
4.2.4.Market Challenges
4.2.5.PESTLE Analysis
4.2.6.PORTERS Five Force Analysis
4.2.7.Value Chain Analysis
4.3. Global Smart Manufacturing Platform Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.3.1.1. Global Market Share Analysis, By Application, 2023-2030 (Value US$ MN)
4.3.1.1.1.Performance Optimization
4.3.1.1.2.Asset and Condition Monitoring
4.3.1.1.3.Others
4.3.1.2. Global Market Share Analysis, By Type, 2023-2030 (Value US$ MN)
4.3.1.2.1.Device Management
4.3.1.2.2.Connectivity Management
4.3.1.2.3.Application Enablement Platform
4.3.1.3. Global Market Share Analysis, By Industry, 2023-2030 (Value US$ MN)
4.3.1.3.1. Process Industry
4.3.1.3.1.1.Oil & Gas
4.3.1.3.1.2.Power & Energy
4.3.1.3.1.3.Chemicals
4.3.1.3.1.4.Pharmaceuticals
4.3.1.3.1.5.Food & Beverages
4.3.1.3.1.6.Metals & Mining
4.3.1.3.1.7.Others
4.3.1.3.2. Discrete Industry
4.3.1.3.2.1.Automotive
4.3.1.3.2.2.Electronics & Semiconductor
4.3.1.3.2.3.Industrial Manufacturing
4.3.1.3.2.4.Medical Devices
4.3.1.3.2.5.Aerospace & Defense
4.3.1.3.2.6.Others
4.3.1.4. Global Market Share Analysis, By Organization Size, 2023-2030 (Value US$ MN)
4.3.1.4.1.Small & Medium Enterprises
4.3.1.4.2.Large Enterprises
4.3.1.5. Global Market Share Analysis, By Deployment Type, 2023-2030 (Value US$ MN)
4.3.1.5.1.Cloud
4.3.1.5.2.On-Premises
4.4. North America Smart Manufacturing Platform Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.4.1.1. North America Market Share Analysis, By Application, 2023-2030 (Value US$ MN)
4.4.1.1.1.Performance Optimization
4.4.1.1.2.Asset and Condition Monitoring
4.4.1.1.3.Others
4.4.1.2. North America Market Share Analysis, By Type, 2023-2030 (Value US$ MN)
4.4.1.2.1.Device Management
4.4.1.2.2.Connectivity Management
4.4.1.2.3.Application Enablement Platform
4.4.1.3. North America Market Share Analysis, By Industry, 2023-2030 (Value US$ MN)
4.4.1.3.1.Process Industry
4.4.1.3.1.1.Oil & Gas
4.4.1.3.1.2.Power & Energy
4.4.1.3.1.3.Chemicals
4.4.1.3.1.4.Pharmaceuticals
4.4.1.3.1.5.Food & Beverages
4.4.1.3.1.6.Metals & Mining
4.4.1.3.1.7.Others
4.4.1.3.2.Discrete Industry
4.4.1.3.2.1.Automotive
4.4.1.3.2.2.Electronics & Semiconductor
4.4.1.3.2.3.Industrial Manufacturing
4.4.1.3.2.4.Medical Devices
4.4.1.3.2.5.Aerospace & Defense
4.4.1.3.2.6.Others
4.4.1.4. North America Market Share Analysis, By Organization Size, 2023-2030 (Value US$ MN)
4.4.1.4.1.Small & Medium Enterprises
4.4.1.4.2.Large Enterprises
4.4.1.5. North America Market Share Analysis, By Deployment Type, 2023-2030 (Value US$ MN)
4.4.1.5.1.Cloud
4.4.1.5.2.On-Premises
4.4.1.6. North America Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.4.1.6.1.US
4.4.1.6.2.Canada
4.4.1.6.3.Mexico
4.5. Europe Smart Manufacturing Platform Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.5.1.1. Europe Market Share Analysis, By Application, 2023-2030 (Value US$ MN)
4.5.1.2. Europe Market Share Analysis, By Type, 2023-2030 (Value US$ MN)
4.5.1.3. Europe Market Share Analysis, By Industry, 2023-2030 (Value US$ MN)
4.5.1.4. Europe Market Share Analysis, By Organization Size, 2023-2030 (Value US$ MN)
4.5.1.5. Europe Market Share Analysis, By Deployment Type, 2023-2030 (Value US$ MN)
4.5.1.6. Europe Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.5.1.6.1.UK
4.5.1.6.2.France
4.5.1.6.3.Germany
4.5.1.6.4.Italy
4.5.1.6.5.Spain
4.5.1.6.6.Sweden
4.5.1.6.7.Austria
4.5.1.6.8.Rest Of Europe
4.6. Asia Pacific Smart Manufacturing Platform Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.6.1.1. Asia Pacific Market Share Analysis, By Application, 2023-2030 (Value US$ MN)
4.6.1.2. Asia Pacific Market Share Analysis, By Type, 2023-2030 (Value US$ MN)
4.6.1.3. Asia Pacific Market Share Analysis, By Industry, 2023-2030 (Value US$ MN)
4.6.1.4. Asia Pacific Market Share Analysis, By Organization Size, 2023-2030 (Value US$ MN)
4.6.1.5. Asia Pacific Market Share Analysis, By Deployment Type, 2023-2030 (Value US$ MN)
4.6.1.6. Asia Pacific Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.6.1.6.1.China
4.6.1.6.2.India
4.6.1.6.3.Japan
4.6.1.6.4.South Korea
4.6.1.6.5.Australia
4.6.1.6.6.ASEAN
4.6.1.6.7.Rest Of APAC
4.7. South America Smart Manufacturing Platform Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.7.1.1. South America Market Share Analysis, By Application, 2023-2030 (Value US$ MN)
4.7.1.2. South America Market Share Analysis, By Type, 2023-2030 (Value US$ MN)
4.7.1.3. South America Market Share Analysis, By Industry, 2023-2030 (Value US$ MN)
4.7.1.4. South America Market Share Analysis, By Organization Size, 2023-2030 (Value US$ MN)
4.7.1.5. South America Market Share Analysis, By Deployment Type, 2023-2030 (Value US$ MN)
4.7.1.6. South America Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.7.1.6.1.Brazil
4.7.1.6.2.Argentina
4.7.1.6.3.Rest Of South America
4.8. Middle East and Africa Smart Manufacturing Platform Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.8.1.1. Middle East and Africa Market Share Analysis, By Application, 2023-2030 (Value US$ MN)
4.8.1.2. Middle East and Africa Market Share Analysis, By Type, 2023-2030 (Value US$ MN)
4.8.1.3. Middle East and Africa Market Share Analysis, By Industry, 2023-2030 (Value US$ MN)
4.8.1.4. Middle East and Africa Market Share Analysis, By Organization Size, 2023-2030 (Value US$ MN)
4.8.1.5. Middle East and Africa Market Share Analysis, By Deployment Type, 2023-2030 (Value US$ MN)
4.8.1.6. Middle East and Africa Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.8.1.6.1.South Africa
4.8.1.6.2.GCC
4.8.1.6.3.Egypt
4.8.1.6.4.Nigeria
4.8.1.6.5.Rest Of ME&A
Chapter 5 Stellar Competition Matrix
5.1.1.Global Stellar Competition Matrix
5.1.2.North America Stellar Competition Matrix
5.1.3.Europe Stellar Competition Matrix
5.1.4.Asia Pacific Stellar Competition Matrix
5.1.5.South America Stellar Competition Matrix
5.1.6.Middle East and Africa Stellar Competition Matrix
5.2. Key Players Benchmarking
5.2.1. Key Players Benchmarking By Application, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
5.3. Mergers and Acquisitions in Industry
5.3.1. M&A by Region, Value and Strategic Intent
Chapter 6 Company Profiles
6.1. Key Players
6.1.1.Microsoft Corporation.
6.1.1.1. Company Overview
6.1.1.2. Source Portfolio
6.1.1.3. Financial Overview
6.1.1.4. Business Strategy
6.1.1.5. Key Developments
6.1.2.IBM Corporation
6.1.3.SAP SE
6.1.4.Amazon.com, Inc.
6.1.5.Siemens AG
6.1.6.Accenture Plc.
6.1.7.Oracle Corporation
6.1.8.Cisco Systems, Inc.
6.1.9.Software AG
6.1.10.Robert Bosch GmbH
6.1.11.ABB
6.1.12.Schneider Electric
6.1.13.PTC Inc.
6.2. Key Findings
6.3. Recommendations
