Smart Manufacturing Market to grow by USD 20,265.52 million from 2022 to 2027| Need for simplification of complex manufacturing activities boosts the market - Technavio

NEW YORK, Aug. 1, 2023 /PRNewswire/ -- The smart manufacturing market size is estimated to grow by USD 20,265.52 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 13.95%. The growth momentum will progress during the forecast period. APAC is estimated to account for 38% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing adoption of IoT, cloud computing, and automation in the manufacturing sector is accountable for the APAC region being the largest regional smart manufacturing market. Specifically, the oil and gas industry, which requires smart solutions for various new chemical and petrochemical projects in the region in the future, is the major factor driving the demand. For instance, the Sunshine Project by Formosa Petrochemical Corp in 2021 involved the construction of an ethane cracker for cracking ethane into approximately 1.2 million tons per annum of ethylene, 600,000 tons per annum of propylene, and 400,000 tons per annum of polyethene. Thus, the rising influence of automation in the industry is likely to have a favorable influence on the demand for the smart manufacturing market, resulting in market growth during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Smart Manufacturing Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on industry application (process and discrete), technology (Human-machine interface, Manufacturing execution system, Plant asset management, and Warehouse management system) and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The market share growth by the process segment will be significant during the forecast period. In 2022, this segment was the largest and is further subdivided into pharmaceuticals, mining and metals, energy and power, chemicals, pulp and paper, and oil and gas. Industries where the primary production activities occur continuously or on an identical batch of materials are called process industries. The critical factor driving this segment is the advanced equipment and hardware that these industries possess. Benefits given by process manufacturing such as cost savings, increased scalability, improved efficiency, and higher-quality products. In the manufacturing industry, it can cut down on processing costs, save time and improve the ability to continually carry out operations in a sustainable manner. Therefore these factors are expected to drive the growth of the process industry segment of the smart manufacturing market during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Smart Manufacturing Market – Market Dynamics

Key factor driving market growth

The need for simplification of complex manufacturing activities is the major factor notably driving market growth. The interrelated production equipment, inventory, and support systems in different plants have resulted in greater complexity of the industrial process, particularly in industries like oil and gas, food and beverage, and water treatment. Specific industrial solutions include SCADA, distributed control systems (DCS), and programmable logic controllers (PLC), which helps to track complex processes, operations, and systems in industrial plants and streamline operations. Further, operational efficiency and critical asset management can be optimized. They help reduce revenue loss due to the high dependence of the entire operational cycle on these critical assets. Correspondingly, this can even be done remotely, giving the added advantages of decreased exposure to risk and hostile working conditions. Therefore, the multiple benefits of automation are likely to contribute to the growth of the market during the forecast period.

Leading trends influencing the market 

The emergence of IIoT is a significant trend shaping market growth. The factors that increased the scope of scaling operations by leveraging these tools are the technological advances like smart devices, wireless, and cloud technology, and the development of the IIoT. For instance, IIoT enables to integration of several smart machines for allowing companies to accomplish their desired goals in the manufacturing industry. Thus, vendors are expanding their market by delivering exceptionally intuitive human-machine interfaces so that even those without technical skills can operate them. As IIoT becomes increasingly adopted, different machines such as expert systems, autonomous robots, and other smart machines are also anticipated to experience growing demand. Therefore such factors are expected to drive the growth of the market during the forecast period.

Major challenges hindering the market growth

Data privacy and security concerns are the major challenges hindering market growth. Despite the several advantages of automation and the adoption of smart manufacturing, it leaves the business system weak to cyberattacks and data breaches. This can have a severe effect on asset-heavy industries like oil and gas, power, water, and wastewater. Data breach issues in the oil and gas industry can lead to the possibility for external parties to use infrastructure data about pipelines, drilling rigs, and refinery processes for unethical purposes. However, with greater integration of multiple systems within a utility, the breach of even one system can compromise all systems, adversely affecting the integrity and privacy of the entire industrial network. Therefore, the existence of a loophole in any part of the network puts the entire interlinked system at risk which can restrain market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Smart Manufacturing Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the smart manufacturing market between 2023 and 2027
• Precise estimation of the smart manufacturing market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the smart manufacturing market across APAC, North America, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of smart manufacturing market vendors

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Related Reports:

The manufacturing execution systems (MES) market size is estimated to grow at a CAGR of 11.07% between 2022 and 2027. The market size is forecast to increase by USD 9,651.66 million. This report extensively covers market segmentation by end-user (discrete industries and process industries), deployment (hybrid, on-premise, and cloud-based), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). One of the major market growth drivers in the global manufacturing execution systems market is the continued demand for automation in industrial sectors.

The Manufacturing Operations Management (MOM) Software Market size is estimated to grow at a CAGR of 12.03% between 2022 and 2027. The market size is forecast to increase by USD 17,728.56 million. This report extensively covers market segmentation by end-user (automotive, food and beverages, chemical, pharmaceutical, and others), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa). One of the key factors driving the global MOM software market growth is the increasing demand for automation in industrial sectors.

Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Industry Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global smart manufacturing market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global smart manufacturing market 2017 - 2021 ($ million)

• 4.2 Industry Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Industry Application Segment 2017 - 2021 ($ million)

• 4.3 Technology Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Industry Application

• 6.1 Market segments 
• Exhibit 30: Chart on Industry Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Industry Application - Market share 2022-2027 (%)

• 6.2 Comparison by Industry Application 
• Exhibit 32: Chart on Comparison by Industry Application
• Exhibit 33: Data Table on Comparison by Industry Application

• 6.3 Process - Market size and forecast 2022-2027
• Exhibit 34: Chart on Process - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Process - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Process - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Process - Year-over-year growth 2022-2027 (%)

• 6.4 Discrete - Market size and forecast 2022-2027
• Exhibit 38: Chart on Discrete - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Discrete - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Discrete - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Discrete - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Industry Application
• Exhibit 42: Market opportunity by Industry Application ($ million)
• Exhibit 43: Data Table on Market opportunity by Industry Application ($ million)

7 Market Segmentation by Technology

• 7.1 Market segments 
• Exhibit 44: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Technology - Market share 2022-2027 (%)

• 7.2 Comparison by Technology 
• Exhibit 46: Chart on Comparison by Technology
• Exhibit 47: Data Table on Comparison by Technology

• 7.3 Human-machine interface - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Human-machine interface - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Human-machine interface - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Human-machine interface - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Human-machine interface - Year-over-year growth 2022-2027 (%)

• 7.4 Manufacturing execution system - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Manufacturing execution system - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Manufacturing execution system - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Manufacturing execution system - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Manufacturing execution system - Year-over-year growth 2022-2027 (%)

• 7.5 Plant asset management - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Plant asset management - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Plant asset management - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Plant asset management - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Plant asset management - Year-over-year growth 2022-2027 (%)

• 7.6 Warehouse management system - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Warehouse management system - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Warehouse management system - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Warehouse management system - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Warehouse management system - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Technology 
• Exhibit 64: Market opportunity by Technology ($ million)
• Exhibit 65: Data Table on Market opportunity by Technology ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027
• Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 119: ABB Ltd. - Overview
• Exhibit 120: ABB Ltd. - Business segments
• Exhibit 121: ABB Ltd. - Key offerings
• Exhibit 122: ABB Ltd. - Segment focus

• 12.4 Cisco Systems Inc. 
• Exhibit 123: Cisco Systems Inc. - Overview
• Exhibit 124: Cisco Systems Inc. - Business segments
• Exhibit 125: Cisco Systems Inc. - Key news
• Exhibit 126: Cisco Systems Inc. - Key offerings
• Exhibit 127: Cisco Systems Inc. - Segment focus

• 12.5 Emerson Electric Co. 
• Exhibit 128: Emerson Electric Co. - Overview
• Exhibit 129: Emerson Electric Co. - Business segments
• Exhibit 130: Emerson Electric Co. - Key news
• Exhibit 131: Emerson Electric Co. - Key offerings
• Exhibit 132: Emerson Electric Co. - Segment focus

• 12.6 FANUC Corp. 
• Exhibit 133: FANUC Corp. - Overview
• Exhibit 134: FANUC Corp. - Product / Service
• Exhibit 135: FANUC Corp. - Key offerings

• 12.7 General Electric Co. 
• Exhibit 136: General Electric Co. - Overview
• Exhibit 137: General Electric Co. - Business segments
• Exhibit 138: General Electric Co. - Key news
• Exhibit 139: General Electric Co. - Key offerings
• Exhibit 140: General Electric Co. - Segment focus

• 12.8 Hewlett Packard Enterprise Co. 
• Exhibit 141: Hewlett Packard Enterprise Co. - Overview
• Exhibit 142: Hewlett Packard Enterprise Co. - Business segments
• Exhibit 143: Hewlett Packard Enterprise Co. - Key news
• Exhibit 144: Hewlett Packard Enterprise Co. - Key offerings
• Exhibit 145: Hewlett Packard Enterprise Co. - Segment focus

• 12.9 Honeywell International Inc. 
• Exhibit 146: Honeywell International Inc. - Overview
• Exhibit 147: Honeywell International Inc. - Business segments
• Exhibit 148: Honeywell International Inc. - Key news
• Exhibit 149: Honeywell International Inc. - Key offerings
• Exhibit 150: Honeywell International Inc. - Segment focus

• 12.10 International Business Machines Corp.
• Exhibit 151: International Business Machines Corp. - Overview
• Exhibit 152: International Business Machines Corp. - Business segments
• Exhibit 153: International Business Machines Corp. - Key news
• Exhibit 154: International Business Machines Corp. - Key offerings
• Exhibit 155: International Business Machines Corp. - Segment focus

• 12.11 Mitsubishi Electric Corp. 
• Exhibit 156: Mitsubishi Electric Corp. - Overview
• Exhibit 157: Mitsubishi Electric Corp. - Business segments
• Exhibit 158: Mitsubishi Electric Corp. - Key news
• Exhibit 159: Mitsubishi Electric Corp. - Key offerings
• Exhibit 160: Mitsubishi Electric Corp. - Segment focus

• 12.12 Robert Bosch GmbH 
• Exhibit 161: Robert Bosch GmbH - Overview
• Exhibit 162: Robert Bosch GmbH - Business segments
• Exhibit 163: Robert Bosch GmbH - Key news
• Exhibit 164: Robert Bosch GmbH - Key offerings
• Exhibit 165: Robert Bosch GmbH - Segment focus

• 12.13 Rockwell Automation Inc. 
• Exhibit 166: Rockwell Automation Inc. - Overview
• Exhibit 167: Rockwell Automation Inc. - Business segments
• Exhibit 168: Rockwell Automation Inc. - Key news
• Exhibit 169: Rockwell Automation Inc. - Key offerings
• Exhibit 170: Rockwell Automation Inc. - Segment focus

• 12.14 Schneider Electric SE 
• Exhibit 171: Schneider Electric SE - Overview
• Exhibit 172: Schneider Electric SE - Business segments
• Exhibit 173: Schneider Electric SE - Key news
• Exhibit 174: Schneider Electric SE - Key offerings
• Exhibit 175: Schneider Electric SE - Segment focus

• 12.15 Siemens AG 
• Exhibit 176: Siemens AG - Overview
• Exhibit 177: Siemens AG - Business segments
• Exhibit 178: Siemens AG - Key news
• Exhibit 179: Siemens AG - Key offerings
• Exhibit 180: Siemens AG - Segment focus

• 12.16 Texas Instruments Inc. 
• Exhibit 181: Texas Instruments Inc. - Overview
• Exhibit 182: Texas Instruments Inc. - Business segments
• Exhibit 183: Texas Instruments Inc. - Key news
• Exhibit 184: Texas Instruments Inc. - Key offerings
• Exhibit 185: Texas Instruments Inc. - Segment focus

• 12.17 Yokogawa Electric Corp. 
• Exhibit 186: Yokogawa Electric Corp. - Overview
• Exhibit 187: Yokogawa Electric Corp. - Business segments
• Exhibit 188: Yokogawa Electric Corp. - Key offerings
• Exhibit 189: Yokogawa Electric Corp. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 190: Inclusions checklist
• Exhibit 191: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 192: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 193: Research methodology
• Exhibit 194: Validation techniques employed for market sizing
• Exhibit 195: Information sources

• 13.5 List of abbreviations 
• Exhibit 196: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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