DUBLIN--(BUSINESS WIRE)--The "Smart Manufacturing Platform Market by type (Device & Connectivity Management, Application Enablement), Application (Performance, Optimization, Asset & Condition Monitoring), Industry, Deployment Type, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Smart Manufacturing Platform Market is Projected to Grow from USD 4.4 Billion in 2019 to USD 10.8 Billion By 2024; It is Expected to Record a CAGR of 19.7%.
Rising importance of Industry 4.0 and smart factory drive the growth of the smart manufacturing platform market
The smart manufacturing platform market is driven by various factors, such as the rising importance of industrial automation, growing focus of manufacturers on reducing maintenance & operational costs, and increasing investments by automation players in the software market, government support to increase industrial automation in various countries. However, a shortage of a skilled workforce may hinder the growth of the market.
Device management platform segment to witness the highest CAGR during the forecast period
The rise in automation is resulting in the increasing implementation of IoT devices in various industries. As many IoT deployments comprise hundreds of thousands to millions of devices, it becomes important to track, monitor, and manage connected device fleets. Device management platform enables users to track, monitor, and manage IoT devices. It helps monitor health, detect and remotely troubleshoot problems, and manage software and firmware updates. Increasing requirements of monitoring industrial devices remotely any time drive the growth of the market
Based on industries, the discrete industry is likely to be the fastest-growing industry during 2019-2024
Discrete industries mainly include automotive, electronics & semiconductor, industrial manufacturing, medical devices, and aerospace & defense industries. Smart manufacturing platforms for discrete industries enable process management, condition monitoring, facility management, asset tracking, and overall equipment efficiency, which help these sectors maximize operational excellence and reduce cost. Discrete industries, particularly automotive and electronics, are expected to adopt smart manufacturing platform solutions at a faster rate.
APAC to record the highest growth rate in smart manufacturing platform market during the forecast period
APAC is likely to be the fastest growing region for the smart manufacturing platform market in the coming years. APAC has become a global focal point for large investments and business expansions, thereby providing opportunities for the smart manufacturing platform market.
Major factors driving the growth of the smart manufacturing platform market in APAC include the rising demand for smart tools due to the growing automation in the industry; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing investments in smart manufacturing platform to optimize productivity and improving maintenance efficiency. Various collaborations of players to expand footprint in APAC is also expected to provide an opportunity in this market.
For instance, Siemens Collaborated with Alibaba Cloud for MindSphere's launch in the Chinese mainland.
- Growth in Industrial Automation
- Support From Governments for Industrial Automation
- Increasing Need for Streamlined and Automated Data to Enhance Productivity
- Lack of Skilled IoT Workforce
- Frequent Software Upgrade
- Growth in Adoption of IIoT and Cloud Technologies
- Partnership of Platform Providers With Cloud Service Providers
- Complexity in Integration of Smart Manufacturing Platform
- Wireless Networking May Lead to Concerns Over Security
- Fujitsu Ltd.
- Litmus Automation
- PTC Inc.
- QiO Technologies
- Rockwell Automation
- SAP SE
- Schneider Electric
- Software AG
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