Global Smart Manufacturing Market is accounted for $214.70 billion in 2020 and is expected to reach $634.27 billion by 2028 growing at a CAGR of 14.5% during the forecast period. Some of the key factors propelling the market growth include growing adoption of industry 4.0, increasing government involvement in supporting industrial automation, increasing complexities in supply chains, growing demand for knowledge-based manufacturing and connected supply chains, Proliferation of Internet of Things, and rising emphasis on regulatory compliances.
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On the basis of geography, Asia Pacific region is projected to have considerable market growth during the forecast period, owing to the presence of a large number of smart manufacturing companies stimulated by the need to compete at international levels. The economy in the APAC region is the world’s one of the fastest evolving due to increased spending on improving performance, security, and economic stability. The region is witnessing a surge in the deployment of smart manufacturing technologies. China, being one of the top manufacturing countries, has been adopting enabling technologies to increase operational efficiency and production in the country. Due to increasing maintenance costs in manufacturing, manufacturing, and energy & utilities industries have been genuinely considering the adoption of advanced technologies, such as predictive maintenance, to optimize maintenance processes and reduce operational costs.
Some of the key players in Smart Manufacturing Market include Fanuc Corporation, General Electric Company, Robert Bosch GMBH, Schneider Electric SE, Texas Instruments Incorporated, Rockwell Automation Inc., ABB Ltd, Emerson Electric Co., Intel Corp., SAP SE, Yokogawa Electric Corporation, Siemens AG, Honeywell International Inc., Mitsubishi Electric Corporation, IBM Corp., Microsoft, Cisco Systems, Inc., Fujitsu Ltd., Larsen & Toubro Infotech Ltd., and Oracle Corp.
Product Types Covered in Smart Manufacturing Market
• Application Enablement
• Device and Connectivity Management
• Automation Control System (Field Control Systems (FCS))
• Manufacturing Information Technology (IT)
• Instrumentation & Field Devices
Components Covered:
• Software
• Hardware
• Solution
• Services
Technologies Covered:
• Enabling Technology
• Information Technology
Enterprise Sizes Covered:
• Large Enterprise
• Small & Medium Enterprises (SMEs)
Deployments Covered:
• On-Premise
• Cloud
End Users Covered:
• Discrete Industry
• Process Industry
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