June 29, 2023
The smart manufacturing market is slated for rapid expansion from now until 2031, a new study has found.
Conducted by Research Dive, the new report identifies advancements in IoT, big data and automation as the primary drivers of this growth, with the use of AI and cloud computing anticipated to make the software element of the industry highly lucrative.
According to the study, the global smart manufacturing market will generate a revenue of $830 billion between 2022 and 2031 and identifies the U.S. as the region most likely to profit in this time frame. This is due to the presence of major market players in the region, as well as high levels of automation adoption across various industries in the area.
Market players named by the report as likely leading market players include Schneider Electric, Honeywell, Siemens, Fujitsu, IBM and Rockwell.
In the wake of the pandemic, an increasing number of industries have turned to automation to mitigate ongoing challenges seen in high labor costs and a dwindling workforce. Smart manufacturing technologies have become increasingly popular, perceived as offering more cost-effective and sustainable operations, without jeopardizing efficiency.
Additionally, rising demand for the introduction of smart manufacturing in food and agriculture, as well as aerospace industries is anticipated to bolster market growth.
“The product lifecycle management (PLM) sub-segment is expected to have a significant growth rate by 2031,” the report said. “Rising demand for smart manufacturing solutions to deliver real-time data and insights for supporting decision-making is driving demand for PLM solutions, which is predicted to augment the growth rate of this sub-segment.”
The only possible obstacles identified in the report were the high cost of deploying smart manufacturing technologies, as well as the cultural shift needed to see wide-scale deployment of these technologies.
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