USD 241 Billion Smart Manufacturing Market by 2028: An Insight into the Future

The industrial landscape is changing due to notable breakthroughs and innovations in smart manufacturing, which is driving the market's robust expansion. The Smart Manufacturing Market Size was valued at USD 108.9 billion in 2023 and is expected to rise at a fantastic compound yearly growth rate (CAGR) of 17.2% to reach USD 241.0 billion by 2028. The aforementioned growth trajectory highlights the growing global usage of smart manufacturing technologies across many industries.

The market for smart manufacturing is growing as a result of the widespread use of digital technologies including artificial intelligence (AI), robotics, Internet of Things (IoT), and sophisticated analytics. Manufacturers are able to increase product quality, streamline manufacturing procedures, and increase operational efficiency thanks to these technologies. Furthermore, the incorporation of smart manufacturing solutions enables data-driven decision-making, predictive maintenance, and real-time monitoring, giving businesses a competitive advantage in the ever-changing market.

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The Warehouse Management System (WMS) segment is expected to register a higher CAGR during the forecast period.

A major force behind the expansion of the smart manufacturing market is the Warehouse Management System (WMS) industry. This is because real-time data provides actionable insights and accurate inventory control, as well as effective logistics management. WMS plays a critical role in enabling efficient supply chain management, reducing operational costs, and enabling smooth coordination between production and distribution channels as more and more industries embrace smart manufacturing principles to optimise their operations. WMS is essential for coordinating the movement of resources and goods through warehouses and distribution centres in the fast-paced, high-response business world of today. WMS helps companies to manage items in transit, improve inventory visibility, and maximise storage space utilisation by utilising cutting-edge technology like automation, barcode scanning, and RFID (Radio Frequency Identification). Additionally, WMS solutions enable companies to reduce supply chain interruptions, optimise order fulfilment procedures, and forecast demand variations—all of which boost overall operational effectiveness and client happiness.

Digital Twin segment to record the highest CAGR during the forecast period.

In the field of smart manufacturing, the use of digital twins is exploding due to the need for increased productivity, preventive maintenance, and ongoing innovation. Organisations can get unparalleled visibility and control over their operations through the creation of virtual replicas or simulations of actual assets, processes, or systems. This allows for real-time monitoring, analysis, and optimisation. The power of digital twins to unite the physical and digital realms and provide a comprehensive perspective of assets and processes over their whole lifecycle is what makes them so appealing. By use of sophisticated sensor technology, Internet of Things connectivity, and data analytics, digital twins offer priceless insights into the performance of assets, operational efficacy, and any weaknesses.

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Energy & Power segment to record the highest CAGR in the process industry during the forecast period.

The integration of smart manufacturing technologies is causing a disruptive evolution in the Energy & Power sector. Adopting the tenets of Industry 4.0, companies in this field are revolutionising their operations by utilising cutting-edge technology like data analytics, artificial intelligence (AI), and the Internet of Things (IoT). These technologies are optimising resource utilisation across multiple aspects of the energy landscape, enabling predictive maintenance, and improving operational efficiency. The use of intelligent systems is changing conventional procedures and workflows in a variety of industries, including renewable energy sources, smart grids, and power plants. Energy firms may reduce costly downtime, forecast equipment breakdowns, and optimise maintenance plans by utilising real-time data insights and predictive analytics.

North America is expected to grow at the highest CAGR in the Smart Manufacturing market from 2023 to 2028.

The integration of cutting-edge technologies like automation, artificial intelligence (AI), and the Internet of Things (IoT) is driving the rapid growth of the smart manufacturing industry in North America. The confluence of innovation is transforming conventional production models, as industries such as electronics and automotive are adopting new developments to improve productivity, improve product quality, and attain increased cost-effectiveness. Numerous important reasons support North America's leadership in the global smart manufacturing scene. First of all, the area is known for its innovative and entrepreneurial culture, which supports a vibrant ecosystem that promotes trial and error as well as the uptake of cutting-edge technologies. North America also benefits from a highly skilled labour force that has the know-how to successfully utilise and exploit these cutting-edge technologies.

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Smart Manufacturing Companies:

• 3D System, Inc. (US),
• ABB (Switzerland),
• Cisco System, Inc. (US),
• Emerson Electric Co. (US),
• General Electric (US),
• Honeywell International Inc. (US),
• IBM (US),
• Mitsubishi Electric Corporation (Japan),
• Rockwell Automation (US),
• Schneider Electric (France),
• Siemens (Germany),
• Oracle (US),
• SAP (Germany),
• Stratasys (US),
• Yokogawa Electric Corporation (Japan).

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