The global smart manufacturing market is expected to be worth USD 214.7 billion by 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025.
Major factors driving the growth of the smart manufacturing market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, the growing emphasis on regulatory compliances, increasing complexities in supply chains, and surging demand for software systems that reduce time and cost.
However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, the lack of awareness about the benefits of adopting information and enabling technologies, and the lack of skilled workforce pose challenges to the growth of the market.
The key players operating in the smart manufacturing market are 3D Systems (US), ABB (Switzerland), Cisco (US), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siesmens (Germany), and Yokogawa (Japan).
Market for AI in Manufacturing is expected to grow at highest CAGR among enabling technologies from 2020 to 2025
The AI in manufacturing market is expected to grow at the highest CAGR from 2020 to 2025. AI in manufacturing is used to communicate with machines, extract data from the field, analyze that data, and perform required tasks. From material movement to machinery inspection and self-diagnostics, which are usually performed by human labor or robots with the help of human intelligence, manufacturing operations can be performed in lesser time and cost and without human intervention with AI-based systems.
Market for enterprise manufacturing intelligence is expected to grow at highest CAGR among information technologies from 2020 to 2025
In the process industry, manufacturers aim for the consistency, efficiency, and quality of process inputs to achieve the highest yield. EMI software assists these manufacturers to optimize their manufacturing processes in real-time and help drive greater yields and ensure product quality consistently. Individual or separate production units often characterize discrete industries, wherein produce is in low volume with very high complexity or in high volume with low complexity.
With continuous changes in materials, technologies, and markets, these manufacturing plants need to be highly efficient, productive, and flexible. The implementation of EMI in these sectors ensures optimal supply-chain management through the integration of production processes. It automates production processes and helps reduce manufacturing costs.
APAC to continue to hold largest share of global smart manufacturing market during forecast period
APAC is expected to continue to hold the largest share of the smart manufacturing market from 2020 to 2025. Rapid industrialization in APAC has boosted the manufacturing sector in APAC. Countries in APAC have the presence of a large number of small- and mid-sized enterprises (SMEs), which employ more than 70% of the total population in the countries. The need for huge investments for the successful implementation of industrial control systems security projects restricts SMEs from adopting a strong security practice within their organizations.
However, manufacturing companies across the world are focusing on adopting smart manufacturing technologies that would assess equipment and their performance in real time and accordingly decide on the effective predictive maintenance plan. Thus, smart manufacturing solutions help companies to reduce the overall operational and maintenance costs and eliminate the need for unnecessary maintenance.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Growth Opportunities in Smart Manufacturing Market 4.2 Smart Manufacturing Market, By Enabling Technology 4.3 Smart Manufacturing Market, By Process Industry 4.4 Smart Manufacturing Market, By Discrete Industry 4.5 Smart Manufacturing Market, By Geography
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Growing Adoption of Industry 4.0 184.108.40.206 Rising Emphasis on Industrial Automation in Manufacturing Processes 220.127.116.11 Increasing Government Involvement in Supporting Industrial Automation 18.104.22.168 Growing Emphasis on Regulatory Compliances 22.214.171.124 Increasing Complexities in Supply Chains 126.96.36.199 Surging Demand for Software Systems That Reduce Time and Cost 5.2.2 Restraints 188.8.131.52 High Investments and Costs Involved in Implementing Smart Manufacturing Solutions 184.108.40.206 Lack of Standardization Among Equipment Manufacturers and in Connectivity Protocols 220.127.116.11 Constant Need for Software Upgrades 18.104.22.168 Low Adoption of Technologies Owing to Technical Issues 5.2.3 Opportunities 22.214.171.124 High Adoption of IoT and Cloud Platforms 126.96.36.199 Increased Integration of Different Solutions to Provide Improved Performance 188.8.131.52 Rapid Industrial Growth in Emerging Economies 5.2.4 Challenges 184.108.40.206 Threats Related to Cybersecurity 220.127.116.11 Complexity in Implementation of Smart Manufacturing Technology Systems 18.104.22.168 Lack of Awareness About Benefits of Adopting Information and Enabling Technologies 22.214.171.124 Lack of Skilled Workforce 5.3 Industrial Wearable Devices Trends in Smart Manufacturing 5.3.1 By Device 126.96.36.199 Smart Watches 188.8.131.52 Smart Bands 184.108.40.206 Smart Clothing 220.127.116.11 Wearable Cameras 5.3.2 By Application 18.104.22.168 Field Repair Services 22.214.171.124 Operation and Assembly 126.96.36.199 Employee Monitoring 188.8.131.52 Warehouse Management 184.108.40.206 Emergency Response
6 Smart Manufacturing Market, By Information Technology 6.1 Introduction 6.2 Human Machine Interface 6.2.1 By Offering 220.127.116.11 Software 18.104.22.168.1 HMI Software Enhances Efficiency of Production Processes 22.214.171.124 Hardware 126.96.36.199.1 Evolution of Industrial Internet of Things Leading to Adoption of HMI 6.2.2 By Configuration Type 188.8.131.52 Increasing Requirement for High Efficiency and Monitoring in Manufacturing Plants is Expected to Drive HMI Market 6.3 Enterprise Manufacturing Intelligence 6.3.1 By Offering 184.108.40.206 Growing Demand for Enhanced Operational Efficiency Increases Demand for EMI 6.3.2 By Deployment Type 220.127.116.11 High Pressure on Reducing Total Cost of Ownership in Manufacturing Plants Increases Deployment of EMI Solutions 6.4 Plant Asset Management 6.4.1 By Offering 18.104.22.168 Pam Solutions Help Improve Operational Efficiency of Business Processes 6.4.2 By Deployment 22.214.171.124 Cloud (Online) Deployment Mode is Gaining Popularity Due to Growing Demand for Advanced Technologies 6.4.3 By Asset Type 126.96.36.199 Pam Solutions Are in Demand for Production Assets Such as Monitoring Rotating and Reciprocating Equipment 6.5 Manufacturing Execution System 6.5.1 By Deployment Type 188.8.131.52 Market for Hybrid Deployment to Grow at Highest Rate During Forecast Period 6.5.2 By Offering 184.108.40.206 Reduction in Manufacturing Cycle Time and Electronic Maintenance of Data Are Major Drivers for High Demand for Manufacturing Execution Systems 6.6 Industrial Communication 6.6.1 By Offering 220.127.116.11 Components 18.104.22.168.1 Market for Industrial Controllers and Processors to Witness Significant Growth 22.214.171.124 Software 126.96.36.199.1 Growing Importance of Network-Management Software With Rising Network Complexities 188.8.131.52 Services 184.108.40.206.1 Increasing Focus of Tier 1 Players Toward Comprehensive Industrial Communication Solutions to Propel Industrial Communication Service Market Growth 6.6.2 Communication Protocol 220.127.116.11 Rising Adoption of Wireless Communication Protocol in Remote Control and Remote Maintenance Systems 6.7 Warehouse Management System 6.7.1 By Offering 18.104.22.168 Digitization of Supply Chain Management Propels Growth of Warehouse Management System Market 6.7.2 Implementation Type 22.214.171.124 Increasing Adoption of On-Cloud Wms Solutions 6.7.3 By Tiber Type 126.96.36.199 Rising Demand for Wms from Several Industries
7 Smart Manufacturing Market, By Enabling Technology 7.1 Introduction 7.2 Industrial 3D Printing 7.2.1 By Offering 188.8.131.52 Printers 184.108.40.206.1 Increasing Demand from Several Industries Propels Growth of Industrial 3D Printing Market 220.127.116.11 Materials 18.104.22.168.1 Rapid Increase in Demand for Wide Range of Materials Owing to Emerging Technologies 22.214.171.124 Software 126.96.36.199.1 Surging Demand for Development of User-Friendly Software 188.8.131.52 Services 184.108.40.206.1 3D Printing Service Sector is Gaining Significant Traction 7.2.2 By Application 220.127.116.11 Rising Demand for Industrial 3D Printing in Emerging Applications 7.2.3 By Process 18.104.22.168 Government Investments and Aggressive R&D Activities Undertaken By Industry Experts Drive Industrial 3D Printing Market 7.2.4 By Technology 22.214.171.124 Ability of Industrial 3D Printing Solutions to Improve Manufacturing Processes and Enhance Supply Chain Management Likely to Offer Opportunity to Industrial 3D Printing Market 7.3 Collaborative Robot 7.3.1 By Payload Capacity 126.96.36.199 High Potential for Robot Installations in Many Countries 7.3.2 By Application 188.8.131.52 Increasing Investments in Automation By Industries 7.4 IIoT 7.4.1 By Device & Technology 184.108.40.206 Support from Governments of Different Countries for R&D Activities Related to IIoT 7.4.2 By Software 220.127.116.11 Increasing Use of Cloud Computing Platforms Propels Growth of IIoT Market, By Software 7.5 AI in Manufacturing 7.5.1 By Offering 18.104.22.168 Hardware 22.214.171.124.1 Evolving Industrial IoT and Automation Boost Hardware Market Growth 126.96.36.199 Software 188.8.131.52.1 AI Solution Providers Are Focusing on Developing Robust Cloud-Based Solutions for Their Clients 7.5.2 By Technology 184.108.40.206 AI Technologies Enable Machines to Execute Activities That Are Currently Being Performed By Humans 7.5.3 By Application 220.127.116.11 Ai-Based Quality Control Applications Enable Plant Operators to Quickly Detect Product Variations During Production 7.6 Machine Condition Monitoring 7.6.1 By Monitoring Technique 18.104.22.168 Rising Adoption of Wireless Communication Technology in Machine Condition Monitoring 7.6.2 By Offering 22.214.171.124 Hardware 126.96.36.199.1 Industrial Internet of Things to Unfold New Growth Avenues 188.8.131.52 Software 184.108.40.206.1 Condition Monitoring Software Help in Evaluating Equipment Reliability Parameters 7.6.3 By Deployment Type 220.127.116.11 Advantages of Cloud Deployment Over On-Premises Deployment to Drive Demand for Cloud-Based Monitoring Solutions 7.7 Industrial Machine Vision 7.7.1 By Component 18.104.22.168 Hardware 22.214.171.124.1 Growing Demand for Vision-Guided Robotic Systems 126.96.36.199 Software 188.8.131.52.1 Deep Learning Frameworks Offer Great Flexibility to Program Developers Owing to Their Ability to Design and Train Customized Deep Neural Networks 7.7.2 By Product 184.108.40.206 Increasing Adoption of 3D Machine Vision Systems 7.7.3 By Application 220.127.116.11 Increasing Demand for Quality Inspection and Automation to Drive Adoption of Machine Vision Systems 7.8 Industrial Cybersecurity 7.8.1 By Type 18.104.22.168 Government Funding to Improve Cybersecurity of Industrial Environment 7.8.2 By Product 22.214.171.124 Growing Incidents of Data Breaches Due to Increasing Number of Connected Devices in Industrial Control System Drive Market for Industrial Cybersecurity Solutions 7.8.3 By Solution and Service 126.96.36.199 Growth in Number of Connected Devices and Increasing Adoption of IoT in Industrial Control Systems Propel Industrial Cybersecurity Market Growth 7.9 Digital Twin 7.9.1 Increasing Adoption of Emerging Technologies Such as IoT and Cloud for Implementation of Digital Twin Are Driving Growth of Digital Twin Market 7.10 Automated Guided Vehicle 7.10.1 By Type 188.8.131.52 Growing Demand for Automation in Material Handling Across Industries Propels AGV Market Growth 7.10.2 By Navigation Technology 184.108.40.206 Increasing Demand for Automation in Material Handling Across Industries Propels Growth of Navigation Technology in AGV Market 7.10.3 By Application 220.127.116.11 High Adoption of Automated Guided Vehicles in Transportation Sector Drives AGV Market 7.11 Blockchain in Manufacturing 7.11.1 By Application 18.104.22.168 Growing Emphasis on Energy Efficiency and Cost of Production Fuel Demand for Blockchain in Manufacturing 7.12 Ar and Vr in Manufacturing 7.12.1 By Technology 22.214.171.124 Augmented Reality Technology 126.96.36.199.1 Increased Interest of Tech Giants in Ar Market Has Resulted in Upsurge in Investments 188.8.131.52 Virtual Reality Technology 184.108.40.206.1 Advancements in Technologies and Growing Digitization Propel Growth of Vr Technology Market 7.12.2 By Offering 220.127.116.11 Hardware 18.104.22.168.1 Sensors Are Widely Used in Ar Devices
22.214.171.124 Software 126.96.36.199.1 Emergence of Mobile Devices With Ar Capabilities Drives Demand for Cloud-Based Ar Solutions 7.12.3 By Device Type 188.8.131.52 Ar-Head-Mounted Displays Are Widely Adopted Across Companies to Improve Work Efficiency
8 Smart Manufacturing Market, By Industry 8.1 Introduction 8.2 Process Industry 8.2.1 Oil & Gas 184.108.40.206 Increasing Demand for Remote Monitoring Solutions Due to Growing Number of Operations in Remote Offshore Locations 8.2.2 Food & Beverages 220.127.116.11 Rapid Technological Developments in Industries Leading to Growth of Smart Manufacturing Market 8.2.3 Pharmaceuticals 18.104.22.168 Rising Implementation of Automated Processes to Ensure Operational Efficiency in Manufacturing Processes 8.2.4 Chemicals 22.214.171.124 Increasing Focus of Chemical Companies to Ensure Asset Reliability and Operational Efficiency Propels Demand for Smart Manufacturing Solutions 8.2.5 Energy & Power 126.96.36.199 High Demand for Advanced Control and Advanced Solutions in Energy & Power Sector to Foster Smart Manufacturing Market Growth 8.2.6 Metals & Mining 188.8.131.52 Strict Regulations to Ensure Safety During Mining Operations Fuel Adoption of Smart Manufacturing Technologies 8.2.7 Pulp & Paper 184.108.40.206 Growing Adoption of Digitalization in Paper Industry to Increase Implementation of Smart Manufacturing Process 8.2.8 Others 8.3 Discrete Industry 8.3.1 Automotive 220.127.116.11 Technological Innovations in Automotive Industry Drive Smart Manufacturing Market Growth 8.3.2 Aerospace & Defense 18.104.22.168 High Equipment Costs Encourage Adoption of Smart Manufacturing Technologies to Avoid Equipment Failure Risks 8.3.3 Semiconductor & Electronics 22.214.171.124 Continuous Advancements in this Industry Drive Demand for Smart Manufacturing Solutions to Increase Productivity 8.3.4 Medical Devices 126.96.36.199 Increasing Demand for Smart Manufacturing Solutions for Higher Efficiency in Manufacturing Processes 8.3.5 Machine Manufacturing 188.8.131.52 Surging Demand for Predictive Maintenance to Propel Smart Manufacturing Market Growth 8.3.6 Others
9 Geographic Analysis 9.1 Introduction 9.2 North America 9.3 Europe 9.4 APAC 9.5 RoW