Nester's research estimates the growth and size of the global smart manufacturing market, which is expected to be driven by the growing adoption of modern technologies and advanced software systems in business.
New York – May 24, 2023 – Research Nester's recent Smart Manufacturing Market Analysis, “The Smart Manufacturing Market: Global Demand Analysis and Opportunity Forecast to 2035,” provides an in-depth competitor analysis and an in-depth overview of the global Smart Manufacturing market in terms of market segmentation by components. , Technology, Deployment, End User and Region.
Growing trend of business automation to increase the share of smart manufacturing in the global market
The main factors positively influencing the global smart manufacturing market are the growing adoption of modern technologies in business automation, such as Industry 4.0, artificial intelligence, machine learning, Internet of Things (IoT) devices and others. Moreover, such advanced technologies are also being adopted in the growing manufacturing sector to streamline processes, thereby increasing revenue generation and eliminating human intervention. Additionally, the growing demand for advanced software solutions that reduce time and costs in the manufacturing process is estimated to drive the expansion of the smart manufacturing market.
Here are some of the major growth drivers and challenges associated with the growth of the global smart manufacturing market:
Growth drivers:
- Increased investment in research and development activities
- Rapid urbanization around the world
Problems:
Increasing concerns over the rise of cybersecurity along with the need for large investments and unavailability of skilled labor to design, install and maintain smart manufacturing technologies are some of the major factors expected to hamper the size of the global smart manufacturing market.
Based on end use, the global smart manufacturing market is segmented into Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Electronics, Food & Agriculture, Oil & Gas, and Others. Of these, the automotive segment will account for the largest share by the end of 2035, exhibiting a strong CAGR. The rapid growth of the automobile sector along with increasing production and demand for automobiles is expected to propel the growth of the segment. In addition, intelligent manufacturing technologies have helped automobile manufacturers build automated lines for assembling vehicle parts and producing the entire vehicle.
By region, the North American smart manufacturing market is expected to generate the highest revenue by the end of 2035. The rapid adoption of advanced technologies such as Internet of Things and IIoT helping to improve productivity and reduce operational and maintenance costs is a major factor driving the market. value in the region. Additionally, the implementation of several favorable initiatives undertaken by the United States government is estimated to create lucrative market growth opportunities over the next few years.
This report also presents the existing competitive scenario of some key players in the global Smart Manufacturing market which includes company profiles of ABB Group, Siemens Aktiengesellschaft, Honeywell International Inc., General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Robert Bosch GmbH , Mitsubishi Electric Corporation, FANUC and other key players.
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