Smart Manufacturing Platform Market Expected to Reach USD
Smart Manufacturing Platform Market
Smart Manufacturing Platform Market
The smart manufacturing platform market is expected to reach USD 14.2 trillion by 2026 and is expected to grow at a CAGR of 18% over the forecast period (2019-2026).
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Factors driving the growth of the smart manufacturing platform market include growing corporate focus on reducing manufacturing costs, government initiatives to promote industrial automation, growing popularity of smart machines, rapid digitization and the increase in the number of small and medium-sized enterprises in the world. world. Industrial automation systems eliminate human intervention, help companies minimize labor costs, improve productivity in the manufacturing process, optimize resources, reduce downtime and inaccuracies and these systems record valuable information to identify patterns, are some of the features that are accelerating market growth. Additionally, the growing adoption of Industry 4.0 and smart manufacturing technologies, the growing demand for streamlined and automated data to improve productivity, and the increasing use of interconnected sensors and instruments in manufacturing are some- some of the additional factors complementing the Smart Manufacturing Platform market size. Additionally, growing investments by key players in research and development, strategic partnerships among key companies, and rising disposable income are further propelling the smart manufacturing platform market share.
However, the growth of the smart manufacturing platform market is hampered due to the insufficient availability of skilled labor.
Major players operating in the market include ABB Group, Robert Bosch GmbH, Emerson Electric Co., Microsoft Corporation, IBM Corporation, PTC, Inc., Fujitsu Ltd., General Electric Company, Rockwell Automation, Inc., SAP SE, and Hitachi . Ltd., among others.
On the basis of type, the Device Management segment is expected to grow at a Significant CAGR during the forecast period
Device management systems help to monitor and track devices along with growing demand for connected devices are some of the factors driving the growth of the segment.
On the basis of application, the Performance Optimization segment is expected to grow at a remarkable CAGR during the forecast period
Growing application of smart manufacturing platform solutions in oil & gas, automotive, and consumer electronics industries is propelling the growth of the segment.
Based on region, Asia Pacific is expected to hold the highest market share during the forecast period
The growing number of start-ups and mid-sized companies, rapid digitalization, government policies promoting industrial automation, improving living standards, rising per capita incomes and high population growth rates are some of the important factors increasing the growth of the market in Asia. Pacific region.
In April 2019, Microsoft Corporation, in partnership with BMW Group, inaugurated the Open Manufacturing Platform to transform the efficiency of digital production in industry, which will enable faster and more profitable progress in the sector. manufacturer.
In December 2018, Fujitsu partnered with Amazon Web Service, this partnership will enable Fujitsu customers to move their IT assets to the AWS cloud, improve business processes and accelerate innovation.
Segmentation by type
Application Enablement Platform
Segmentation by application
Asset and Condition Monitoring
Segmentation by industry
Power and energy
Food and drinks
Metals and Mining
electronics and semiconductor
Aeronautics and Defense
Segmentation by type of deployment
On the site
Segmentation by region
Rest of APAC
the United States of America
The rest of Europe
United Arab Emirates
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