Smart Manufacturing Market Size, Share & Trends Analysis Report By Component, By Technology (Product Lifecycle Management, 3D Printing, Enterprise Resource Planning, Discrete Control Systems), By End-use, By Region And Segment Forecasts, 2022 - 2030

Smart Manufacturing Market Growth & Trends

The global smart manufacturing market size is predicted to hit USD 787.85 billion by 2030. The market is also anticipated to register a CAGR of 13.4% from 2022 to 2030, based on a recent report by Grand View Research, Inc. This market is popularly known as industry 4.0 as the advancement and integration of manufacturing with technology and automation processes in manufacturing is driven by the Internet of Things (IoT), machine learning, and real-time data. It is focused on combining innovation and efficiency as production processes grow faster. The industry is intended to adopt smart production methods across various domains. The need to increase productivity and improve the visibility of the entire system are two major factors driving the market growth.

The proliferation of the Industrial Internet of Things (IIoT) is expected to create challenges in controlling large amounts of data and accessing data and hence Participants can opt for self-study programs and Artificial Intelligence (AI) technologies to avoid challenges. However, with increasing reliance on data, the industry aims to prevent contact with processes from preventing unintended issues. An essential aspect of the industry is the need to integrate various technologies such as intelligent sensors, robots, and cloud computing. Digital development has created the opportunity to use integrated technologies to achieve measurable results. Simulation, 3D printing, and network technology development have made the market a promising investment center for technology developers and users.

Several countries around the world imposed strict closures to prevent the spread of COVID-19, with severe restrictions and safety measures. Leading companies that produce smart devices started using IoT deployment, statistics, and AI-based digital platforms to reduce the need for human interaction. In addition, reduced efficiency in production lines due to social isolation processes is also strengthened with the help of automated solutions, thereby reducing employee involvement in production processes.

While established retailers are pushing their technology harder in new fields and operating environments, the barriers to entry and sale of entrants are declining rapidly. These trends have led to an increase in competition among retailers, thus, leading to the introduction of fictional business models as advanced products. Buyers are experiencing a paradigm shift and focus on ordering rather than production to sell stock. These circumstances are expected to drive a comprehensive overhaul of production business models. This, in turn, is expected to fuel the market during the forecast period.

Smart Manufacturing Market Report Highlights

• Industrial 4.0 has been helping to transform the market from acquiring legacy systems to smart components and sophisticated equipment to the development of digital factories, and later, to the ecosystem of plants and connected businesses
• Based on the technology segment, the 3D printing type of smart manufacturing is anticipated to grow with the highest CAGR of 16.4% during the forecast period of 2022-2030. The growth in this segment is attributed to the recent rise in the use of 3D animation in the production of spare parts
• The software segment is poised to grow with the highest CAGR of 14% during the forecast period of 2022-2030, while the use of smart manufacturing in the automotive industry had the largest market share of 23.5% in 2021. The advent of analytics and AI-driven systems is expected to be a key factor driving the partial growth of smart manufacturing
• The Asia Pacific region contributed the largest revenue share in 2021 to the market owing to the constant advancements in automation and reducing dependency on other nations for an in-house manufacturing facility. For instance, India in the Asia Pacific region has largely been depending on in-nation resources and technologies as a part of their “Make in India” concept