Market Size – USD 5.58 Billion in 2019, Market Growth – at a CAGR of 21.4%, Market Trends – Increasing adoption of advanced digital technologies across manufacturing industries
The global smart manufacturing platform market is expected to reach a market size of USD 29.64 Billion in 2028 and register a robust double-digit CAGR over the forecast period, according to latest analysis by Emergen Research. This steady growth can be attributed to rising need for real-time production monitoring and rising need to increase resource efficiency in a manufacturing network through dynamic sharing of manufacturing services, which is driving adoption of cloud manufacturing platforms. Industries are increasingly adopting smart manufacturing platforms to create smart manufacturing networks with higher productivity to improve resource efficiency and utilization rates.
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Key Highlights of Report
- In June 2020, Microsoft announced the acquisition of CyberX to accelerate and secure IoT deployments of customers. With the help of CyberX, customers can manage and improve the security postures of existing IoT devices. CyberX is expected to help customers see a digital map of thousands of devices across a factory floor, which would securely enable smart manufacturing across production facilities and the supply chain.
- The performance optimization segment accounted for largest market share of 49.8% in 2019. Adoption of performance optimization applications and smart manufacturing platforms has been growing across industries such as energy & power, automotive, oil & gas, and electronics & semiconductors, which is driving revenue growth of the performance optimization segment to a significant extent.
- Asia Pacific accounted for largest revenue share contribution to the global smart manufacturing platform market in 2019. Increasing initiatives by government regarding industrial automation is driving growth of the smart manufacturing platform market in the region.
- Key players in the market include Microsoft, IBM, PTC Inc., SAP SE, Hitachi, ABB, Amazon, Bosch, Emerson, and Fujitsu Ltd.
Emergen Research has segmented the global smart manufacturing platform market on the basis of application, industries, type, and region:
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Asset & Condition Monitoring
- Performance Optimization
- Industries Outlook (Revenue, USD Billion; 2021–2028)
- Discrete (Medical Devices, Electronics & Semiconductor, Automotive, Industrial Manufacturing, Aerospace & Defense)
- Process (Chemicals, Food & Beverages, Oil & Gas, Metals & Mining, Power & Energy, Pharmaceuticals)
- Type Outlook (Revenue, USD Billion; 2021–2028)
- Connectivity Management
- Device Management
- Application Enablement
The Global Smart Manufacturing Platform Market can be geographically bifurcated on the basis of regional demand, output, and estimated revenue share. The most prominent regions dictating the global market include:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, Italy)
- Asia Pacific (China, Japan, India, Korea)
- Latin America (Brazil, Argentina, Ecuador, Chile)
- Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran)
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The following are the main reasons to buy the Global Smart Manufacturing Platform Market report:
- The latest report closely evaluates the overall market size and infers on various aspects, such as the current business trends, market share, product offerings, and product share.
- It offers a detailed account of the end-use applications of the products & services offered by this industry.
- It offers an insightful analysis of the various regional segments of the market that are projected to witness enormous growth over the forecast period.
- Furthermore, the report covers the latest developments taking place in the market and effective business strategies implemented by the leading market rivals.
The report considers the following market growth estimation timeline:
- Historical Years: 2018-2019
- Base Year: 2020
- Estimated Year: 2028
- Forecast Years: 2021-2028
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2028
Chapter 3. Key Insights
Chapter 4. Smart Manufacturing Platform Market Segmentation & Impact Analysis
4.1. Smart Manufacturing Platform Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
220.127.116.11. Rising need to automate manufacturing operations
18.104.22.168. Increasing need to improve productivity and decrease operational costs
22.214.171.124. Increasing adoption of Industry 4.0
4.2.3. Market restraints analysis
126.96.36.199. Limited availability of skilled workforce
188.8.131.52. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Smart Manufacturing Platform Market By Application Insights & Trends, Revenue (USD Billion)
5.1. Application Dynamics & Market Share, 2019 & 2028
5.1.1. Asset & Condition Monitoring
5.1.2. Performance Optimization
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