Smart Manufacturing Platform Market Forecasts to 2028 – Global Analysis By Type (Application Enablement Platform, Device Management, Connectivity Management, Other Types), Deployment Type (On-site, Cloud), Application (Condition Monitoring, Performance Op

Smart Manufacturing Platform Market Forecasts to 2028 – Global Analysis By Type (Application Enablement Platform, Device Management, Connectivity Management, Other Types), Deployment Type (On-site, Cloud), Application (Condition Monitoring, Performance Optimization) Organization Size (Large Enterprises, Small & Medium Enterprises), Industry (Discrete Industry, Process Industry, Other Industries) and Geography

According to Stratistics MRC, the Global Smart Manufacturing Platform Market is accounted for $97.6 billion in 2022 and is expected to reach $298.7 billion by 2028 growing at a CAGR of 20.5% during the forecast period. Industry 4.0 and smart manufacturing are related concepts that enable businesses to connect to the Industrial Internet of Things (IIoT). It emphasises gathering, analysing, and using as much data as is practical. A ""smart manufacturing platform"" is an all-inclusive software architecture that gathers and links data from any industrial assets and equipment, processes it, and then immediately sends it to various applications. A smart manufacturing platform aids in the facilitation of application functionality, data flow, and device management.

Market Dynamics

Driver:

Growth in adoption of IIoT and cloud technologies

The use of interconnected sensors, instruments, and other mechanical equipment in the industrial sector is known as the IIoT. The IIoT is transforming industrial facilities by establishing a vast network of intelligent devices that can boost plant automation. Due to the IIoT, factory floors are becoming more networked and interconnected, which has caused industrial automation to become smart automation and enabled businesses to get a greater return on investment. Users can at any moment access data from inaccessible regions of a plant thanks to IIoT. The design of the IIoT delivers real-time information regarding operational and business systems, which improves the efficiency, productivity, and creativity of industrial processes. With connection, automation, and analytics, manufacturers who invest in the IIoT profit from improved and effective productivity. The plant managers have total visibility of all assets, resources, processes, and goods thanks to IIoT.

Restraint

Lack of skilled IoT-related workforce

The increasing need for smart manufacturing platforms in manufacturing facilities is a result of factors such as the growing need to increase productivity, maximise resources, and reduce production costs. A smart manufacturing platform enables producers to automatically collect and arrange data for decision-making. IoT technology is used to transmit these machine and sensor data to the cloud. Several companies all over the globe have made significant investments in R&D and are embracing IoT technology to automate their production processes. Yet, due to a dearth of experienced workers with knowledge of IoT technology, several firms continue to use traditional production techniques.

Opportunity

Growth in industrial automation

Industrial automation is the managing of machinery and various processes in either industry by use of control systems like computers or robots. For instance, intelligent machines are being employed in the industrial sector to complete the production process without the need for human interaction. Industrial manufacturing companies are under intense pressure to increase productivity and reduce production costs. so as to maximise productivity, lower production costs, and best use available resources.

Threat

Complexity in integration of smart manufacturing platforms

The way manufacturing companies function and how they build their businesses must change as a result of escalating rivalry, increasing market volatility, and technology improvements. Organizations must achieve seamless interoperability to address these problems. E-communication and the accessibility of information are crucial for the efficient running of any industrial business. Only the best IT networks and architecture will allow for this. The finest IT networks and infrastructure are used to handle the manufacturing operations' surveillance, resolution, economic performance evaluation, and consciousness, interpretation, and implementation challenges.

Covid-19 Impact

All worldwide industry and the global economy have been significantly impacted by COVID-19. Governments all across the world have implemented lockdowns to halt the epidemic's spread. The entire global lockdown during the initial phases of the epidemic in numerous nations severely impacted people’s health and quality of life. As a consequence, supply chain interruptions have happened everywhere. An enormous decline in product demand has hurt the economies of the world. The epidemic caused a lack of raw supplies, which hindered output across many industries. Export declines and supply chain disruptions are the main factors for the output decrease.

The Device management segment is expected to be the largest during the forecast period

The Device management segment is estimated to have a lucrative growth. A variety of sectors have implemented cutting-edge technologies in their facilities as a result of the growth of artificial intelligence, IIoT, advanced manufacturing, Industry 4.0, digitalization, and linked enterprise. It has become essential to control the devices and data created since numerous devices used during industrial facilities produce a lot of data. The device management platform enables remote device monitoring, device control, viewing device data, and checking the status of many devices.

The Process industry segment is expected to have the highest CAGR during the forecast period

The Process industry segment is anticipated to witness the fastest CAGR growth during the forecast period. The oil and gas, chemical, energy and power, food and beverage, pharmaceutical, mining & metals sectors, and other industries are all included in the process industry. The power and petrol sector is faced with a number of difficulties, including the influence on the environment and the paucity of traditional energy sources, which may cause an energy shortage in the years to come. Hence, in order to boost productivity, efficiency, and its usage, optimisation in the energy and power industry has become important, which has boosted the acceptance of automated manufacturing platforms.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to quickly growing emerging economies in the region and the execution of several measures by the government to promote automation in the region. The use of automation technologies has grown along with the desire for remote monitoring and higher productivity across a number of sectors, which is fueling the expansion of the market for smart manufacturing platforms. The industry's expansion is further aided by increased investment in and the growth of industrial IoT (IIoT), in conjunction with other technologies.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to the region's rapid technological adoption and growing IT sector. The development of novel goods and services through strategic alliances amongst leading market players is another important element anticipated to fuel the expansion of the region's market for smart manufacturing platforms.

Key players in the market

Some of the key players profiled in the Smart Manufacturing Platform Market include Schneider Electric SE, Microsoft Corporation, Fujitsu Ltd, Robert Bosch GmbH, Flutura Decision Sciences and Analytics, Hitachi Consulting Corporation, SAP SE, ABB Group, OSRAM GmbH, IBM , Amazon.com, Inc., Accenture Plc., Cisco Systems, Inc. and Oracle Corporation.

Key Developments

In October 2020, Schneider Electric introduced EcoStruxure Automation Expert, the world’s first software-centric industrial automation system. Through this innovation, the company aims to help the customers unlock the full potential of the fourth industrial revolution.

In July 2020, ABB announced the launch of new analytical software and services, namely, ABB Ability Genix Industrial Analytics and AI Suite, which are capable of combining operational data with IT and engineering data to deliver actionable intelligence. The newly launched software will help industries optimize asset management, enhance operations, streamline business sustainability, and ensure process safety.

Types Covered:
• Application Enablement Platform
• Device Management
• Connectivity Management
• Other Types

Deployment Types Covered:
• On-site
• Cloud

Applications Covered:
• Condition Monitoring
• Performance Optimization

Organisation Sizes Covered:
• Large Enterprises
• Small & Medium Enterprises

Industries Covered:
• Discrete Industry
• Process Industry
• Other Industries

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements