Smart Manufacturing Market

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to be
Smart Manufacturing Market Worth 733.4 Billion
by 2031
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Global Smart Manufacturing Market 2024-2031
Meticulous Researchleading global market
research company, published a research
report titled, Smart Manufacturing Market by
Technology (Industrial IoT, AR/VR, Robotics
Automation, Blockchain), Application
(Surveillance Safety, Inventory
Warehouse Management, Quality Management),
End-use Industry, and Geography - Global Forecast
to 2031. According to this latest publication
from Meticulous Research, the smart
manufacturing market is expected to reach 733.4
billion by 2031, at a CAGR of 24.6 from
20242031.The growth of the smart manufacturing
market is driven by the increasing demand to
reduce operational costs through predictive
maintenance, the rising integration of AI ML
technologies, and the expanded use of 3D printing
for additive manufacturing. However, high capital
and operating expenses pose challenges to market
growth. The introduction of 5G connectivity and
the growing adoption of smart manufacturing in
developing countries are anticipated to generate
significant growth opportunities for the players
operating in this market. However, challenges
such as the need for more skilled personnel and
concerns about privacy and data protection
continue to impact market growth. Furthermore,
the growing use of advanced human-robot
collaboration represents a notable technology
trend in this market. The smart manufacturing
market is segmented by technology (industrial
internet of things, cloud computing storage,
robotics automation, industrial cybersecurity,
additive manufacturing, augmented reality
(AR)/virtual reality (VR), digital twin,
artificial intelligence, and blockchain),
application (surveillance safety, quality
management, resource optimization, inventory
warehouse management, machine inspection
maintenance, production planning, energy
management, and other applications), end-use
industry (automotive, heavy machinery tools,
aerospace defense, metals mining, electronics
semiconductors, medical devices, food
beverage, pharmaceuticals, oil gas, fast-
moving consumer goods (FMCG), paints chemicals,
energy power, pulp paper, and other end-use
industries), and geography. The study also
evaluates industry competitors and analyzes the
market at the country and regional levels. By
technology, in 2024, the industrial Internet of
Things segment is expected to account for the
largest share of over 33.4 of this market. The
rising integration of industrial IoT in the
manufacturing process to create end-to-end
operational visibility and improve process
efficiency and increasing utilization of IoT
helps manufacturers to lower manual processes and
entries to reduce the risk associated with human
labor. Moreover, several manufacturers are
focusing on new developments to improve logistics
operations and increase productivity, supporting
the growth of this market. For instance, In
February 2021, Nexans S.A. (France) partnered
with Schneider Electric SE (France) on a digital
transformation program. This partnership focuses
on accelerating the digitalization of factories,
improving the efficiency of production lines,
enabling predictive maintenance, and reducing
carbon emissions. By application, in 2024, the
surveillance safety segment is expected to
account for the largest share of over 21.1 of
this market. This segment's large market share is
attributed to the increasing investment in
deploying a 5G network in manufacturing
facilities to provide security solutions with low
latency and high speed and the rising integration
of smart cameras to monitor worker behaviors,
machinery compliance, and safety anomalies to
boost productivity and increase employee safety
by enhancing facility processes. Additionally,
the integration of motion detection, facial
recognition, geofencing violation detection, and
fire recognition allows employees to become more
aware of the workplace surroundings. By end-use
industry, in 2024, the automotive segment is
expected to account for the largest share of over
14.3 of this market. This segment's large market
share is attributed to the growing adoption of
smart manufacturing solutions in automotive
manufacturing facilities to reduce costs and
downtime in production lines and the increasing
implementation of AI and industrial IoT to
provide real-time data for better decision-making
during product development. Additionally, several
companies are focusing on new strategic
developments to accelerate smart manufacturing
across the automotive industry.
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Global Smart Manufacturing Market 2024-2031

• For instance, in January 2022, ABB Ltd
  (Switzerland) partnered with HASCO Hasenclever
  GmbH Co KG (Germany) to deliver increased
  automation and sustainability for auto parts
  production and accelerate the next generation of
  smart manufacturing in Chinas automotive
  industry.
• By geography, in 2024, Asia-Pacific is expected
  to account for the largest share of over 37.3 of
  this market. Asia-Pacifics significant market
  share can be attributed to the increasing
  adoption of cloud- based smart manufacturing
  solutions in industries such as automotive,
  healthcare, and pharmaceuticals and the growing
  expansion of manufacturing hubs in countries such
  as China, South Korea, and Japan. Additionally,
  rising developments from manufacturing industries
  in the region for launching smart manufacturing
  solutions help to increase the growth of this
  market.
• For instance, in October 2021, RRI (The Robot
  Revolution Industrial IoT Initiative) (Japan)
  partnered with CESMII (U.S.) to promote the
  development of smart manufacturing and robotics
  in Japan. RRI promotes the development of smart
  manufacturing and robotics in Japan by developing
  pre-competitive concepts, recommendations, and
  use cases for practical applications.
• Key Players
• The key players operating in the smart
  manufacturing market are International Business
  Machines Corporation (U.S.), Siemens AG
  (Germany), Microsoft Corporation (U.S.), SAP SE
  (Germany), Capgemini SE (France), ABB Ltd
  (Switzerland), Deutsche Telekom AG (Germany),
  Telefónica, S.A. (Spain), Accenture plc
  (Ireland), TE Connectivity Ltd. (Switzerland),
  NXP Semiconductors N.V. (Netherlands),
  Telefonaktiebolaget LM Ericsson (Sweden), Intel
  Corporation (U.S.), Tata Consultancy Services
  Limited (India), Cisco Systems, Inc. (U.S.),
  Honeywell International, Inc. (U.S.), Mitsubishi
  Electric Corporation (Japan), Robert Bosch GmbH
  (Germany), Rockwell Automation, Inc (U.S.), and
  Schneider Electric SE (France).
• Download Sample Report Here _at_
  https//www.meticulousresearch.com/download-sample
  - report/cp_id5265
• Key Questions Answered in the Report
• Which are the high-growth market segments in
  terms of technology, application, and end-use
  industry?
• What is the historical market size for global
  smart manufacturing?
• What are the market forecasts and estimates for
  20242031?
• What are the major drivers, restraints,
  opportunities, challenges, and trends in the
  smart manufacturing market?
• Who are the major players in the smart
  manufacturing market, and what are their market
  shares?

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Global Smart Manufacturing Market 2024-2031
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