Smart Manufacturing Platform Market Forecasts to 2030 - Global Analysis By Type, Organization Size, Deployment Type, Industry, Application and By Geography

According to Stratistics MRC, the Global Smart Manufacturing Platform Market is accounted for $11.18 billion in 2023 and is expected to reach $30.84 billion by 2030 growing at a CAGR of 15.6% during the forecast period. Smart manufacturing platform technology allows an operator to keep a check on the production process by connecting internet-assisted equipment and devices on a single platform. Smart manufacturing platform allows to not only check and monitor device performance, but also helps in optimizing the overall performance.

According to a study conducted by Harris Williams & Co. in 2017, the annual global spending on automation systems significantly increased from USD 65 billion in 2000 to approx. USD 155 billion in 2016, depicting more than 140% growth.

Market Dynamics:

Driver:

Increasing demand for Industrial automation

Intelligent machines are being employed in the manufacturing sector to complete the manufacturing process without the need for human interaction. Businesses that are involved in industrial manufacturing are under intense pressure to boost productivity and save costs. They are therefore implementing industrial automation in order to lower manufacturing costs, boost productivity, and maximise resource use. Systems for industrial automation help to reduce work, waste, and labour costs, minimise interruption and errors, improve process quality, and speed up response and processing times. The devices also keep track of and record crucial data, that can be used to improve the production process, spot patterns, and make adjustments to avoid similar incidents in the future.

Restraint:

Scarcity of qualified labour associated to IoT technology

The increasing demand for smart manufacturing platforms in manufacturing facilities is mostly driven by the desire to increase productivity, optimise resources, and reduce production costs. Additionally, this platform aids producers in gathering and managing data repeatedly to make informed decisions, and this platform uses IoT technology to transmit machine and sensor data to the cloud. Furthermore, a number of businesses globally have made significant progress in research and development and are implementing IoT technology to industrialise their manufacturing procedures. However, because of a scarcity of qualified labour associated to IoT technology, several businesses continue to use traditional production methods.

Opportunity:

Rise of IIoT and cloud technologies

Manufacturing facilities are being developed through the IIoT by linking a vast network of intelligent devices that can increase plant automation. Additionally, with the aid of the IIoT, plant floors are rapidly becoming more interconnected and integrated, which has caused industrial automation to become smart automation and allowed manufacturers to increase their return on investment. Furthermore, IIoT enables users to obtain data from inaccessible parts of a plant. The architecture of the IIoT offers real-time information about operational and business systems, enhancing the efficiency, productivity, and innovation of industrial operations. By utilising connectivity, automation, and analytics, the manufacturers who are investing in the IIoT are achieving benefits like enhanced and effective productivity.

Threat:

Implementation of smart manufacturing platforms is challenging

Technology improvements, escalating rivalry, and an unstable business environment are forcing manufacturing companies to alter how they conduct business and how they grow. To address these problems, organisations must achieve seamless interconnection. Any manufacturing business must have access to information and electronic communication to operate effectively. Only the best IT networks and infrastructure can make this possible. Utilising the highest calibre IT networks and infrastructure, industrial operations are monitored, resolved, assessed for economic performance, self-adapted, interpreted, and implemented.

COVID-19 Impact:

The COVID-19 outbreak has had a significant negative impact on the world economy, the global industry, and the worldwide supply chain. Due to the steep fall in product demand, economies all around the world have suffered. The pandemic-related scarcity of raw materials has hampered production across all industries. The main causes of the manufacturing output reduction are the decline in exports and the supply chain interruptions. Due to the closure of manufacturing plants all over the world, the demand for smart manufacturing has dramatically decreased. The demand for smart manufacturing platforms in many industries is anticipated to rise when industrial units resume their production activity.

The automotive segment is expected to be the largest during the forecast period

The automotive segment is expected to be the largest during the forecast period, because one of the important industries adopting smart manufacturing platforms is the automotive industry. The automobile industry has acknowledged the advantages of deploying these platforms, such as higher quality control, better supply chain management, and real-time data analytics. The market is growing as a result of the automobile industry's acceptance and usage.

The device management segment is expected to have the highest CAGR during the forecast period

The device management segment is expected to have the highest CAGR during the forecast period. A number of industries have implemented cutting-edge technologies in their facilities as a result of the growth of artificial intelligence, IIoT, smart manufacturing, Industry 4.0, digitization, and connected enterprise. It has become essential to control the devices and data generated, because numerous devices used in industrial facilities produce a lot of data. The device Management Platform enables remote device monitoring, device control, viewing device Details, and checking the Status of many devices.

Region with largest share:

Asia-Pacific region is anticipated to have the largest share during the forecast period, owing to the Automation and intelligence are on rising in the Asia-Pacific region, and regulatory agencies in nations like China, India, Japan, and South Korea are embracing disruptive technology by making investments and creating policies. For an instance, the South Korean government announced financing towards artificial intelligence (AI) in 2017. Such Attempts paint a picture of a situation in which the area is ready to attempt new technology that will boost the economy.

Region with highest CAGR:

Asia-Pacific region is anticipated to have the highest CAGR during the forecast period. A significant development in the industrialization of the Asia-Pacific Region, which has also been leading the rest of the world in the digital revolution. The area is clearly moving forward slowly towards the digital future. There are a lot of newly developing small and medium-sized firms in APAC. Emerging enterprises can implement Digitalization more easily. As a result, the region's pace of digitization is steadily increasing.

Key players in the market:

Some of the key players in Smart Manufacturing Platform market include: Microsoft, Siemens AG, Hitachi, Ltd, Rockwell Automation, Inc., Oracle, IBM Corporation, ABB, Emerson Electric Co, Schneider Electric SE, Fujitsu Limited, Accenture, Seebo Interactive, Cisco Systems, Altizon Systems, Robert Bosch GmbH, Amazon.com, Inc., Software AG, Atos SE, Qiu Technologies and General Electronics.

Key Developments:

In August 2023, ABB India Bags Order To Automate Reliance Life Sciences' Biopharma Facilities ABB India has secured a major automation contract from RLS to automate its new manufacturing plants in Nashik.

In June 2023, ABB launches new modular induction motor for oil, gas industry. ABB has developed the new generation AMI 5800 NEMA modular induction motor to offer exceptional energy efficiency and reliability in demanding applications such as pumps, compressors, fans, extruders, conveyors and crushers. Rated for a power output of up to 1750 HP, the AMI 5800 offers the capability for a high degree of modularity and customization to suit both new build and upgrade projects in a wide range of industries including chemical oil and gas.

Types Covered:

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

Organization Sizes Covered:

• Large Enterprises
• Small & Medium Enterprises

Deployment Types Covered:

• On-Premises
• Cloud

Industries Covered:

• Process Industry
• Discrete Industry
• Other Industries

Applications Covered:

• Asset and Condition Monitoring
• Performance Optimization
• Other Applications

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 2021, 2022, 2023, 2026, and 2030
• 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

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances