DUBLIN--(BUSINESS WIRE)--The "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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), Siemens (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.
- Growing Adoption of Industry 4.0
- Rising Emphasis on Industrial Automation in Manufacturing Processes
- Increasing Government Involvement in Supporting Industrial Automation
- Growing Emphasis on Regulatory Compliances
- Increasing Complexities in Supply Chains
- Surging Demand for Software Systems that Reduce Time and Cost
- High Investments and Costs Involved in Implementing Smart Manufacturing Solutions
- Lack of Standardization Among Equipment Manufacturers and in Connectivity Protocols
- Constant Need for Software Upgrades
- Low Adoption of Technologies Owing to Technical Issues
- High Adoption of IoT and Cloud Platforms
- Increased Integration of Different Solutions to Provide Improved Performance
- Rapid Industrial Growth in Emerging Economies
- Threats Related to Cybersecurity
- Complexity in Implementation of Smart Manufacturing Technology Systems
- Lack of Awareness About Benefits of Adopting Information and Enabling Technologies
Lack of Skilled Workforce
- 3D Systems
- Mitsubishi Corporation
Other Key Players
- Universal Robots
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