From GlobeNewswire.: 2024-05-24 08:00:00

The global Smart Manufacturing Market is projected to grow from USD 108.9 Billion in 2023 to USD 241.0 Billion by 2028, with a CAGR of 17.2%. New technologies like IoT, AI, and automation are transforming production processes, increasing efficiency, reducing costs, and providing valuable data insights for businesses to stay competitive and innovative.

The smart manufacturing industry is rapidly expanding as companies embrace digital transformation and automation to optimize production processes and enhance operations. The adoption of IoT, AI, and machine learning technologies is driving substantial growth across various sectors, including automotive, aerospace, food and beverages, pharmaceuticals, and electronics.

Key players in the smart manufacturing market include 3D Systems, ABB, Cisco Systems, Emerson Electric, General Electric, Honeywell, IBM, Mitsubishi Electric, Rockwell Automation, Schneider Electric, Siemens, Oracle, SAP, Stratasys, and Yokogawa Electric. These companies are leading the industry in integrating advanced technologies to drive operational efficiency and cost savings.

The integration of IoT and cloud technologies, rising adoption of advanced technologies like AI and robotics, and a focus on workforce development are shaping the smart manufacturing market’s growth. The market is driven by the demand for software systems that reduce time and cost, technologies like Plant Asset Management, industrial 3D printing, and digital twin are optimizing manufacturing processes and enabling proactive maintenance and cost savings.

The Smart Manufacturing Market is expected to see significant growth fueled by the adoption of advanced technologies, increasing demand for operational efficiency, and a focus on workforce development. Overcoming challenges related to standardization and workforce skill development will be vital for unlocking the full potential of smart manufacturing and driving sustainable growth across industries.



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