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Smart Manufacturing Market Trends – Implementation of Industrial IoT in manufacturing

VANCOUVER, BC, CANADA, May 23, 2022 /EINPresswire.com/ -- The global Smart Manufacturing Market will be worth USD 484.97 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the increasing adoption of digital technologies across all major industries, including food & beverage, petrochemicals, automotive, aerospace & defense, and energy & power. The rising need to eliminate human & machine errors, enhanced asset efficiency and production quality has increased the adoption of digitized supply chain management solutions.

The increasing need for operational efficiency, connected logistics, better connectivity, and scalability is most likely to increase the adoption of Industrial IoT in the manufacturing industry.

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Companies profiled in the global Smart Manufacturing Market:
IBM, ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, Emerson Electric

Key Highlights from the Report
In May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI) in Stockholm, Sweden. The LOI was exchanged to accelerate the realization of smart manufacturing in Vietnam.

The Manufacturing Execution System segment held the largest market share of 28.7% in 2019. Increasing utilization of the advanced and cost-effective technologies, such as the cloud-based Manufacturing Execution System, in the manufacturing process by the small and medium-sized enterprises (SMEs) is expected to drive the segment's growth.

Industrial Robotics is forecasted to grow with the fastest CAGR of 13.6% over the forecast period. Implementation of artificial intelligence and the increasing investments for automation across all major industries in the developing countries is driving the growth of the segment.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.emergenresearch.com/industry-report/smart-manufacturing-market/toc

The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.

Emergen Research has segmented the global Smart Manufacturing Market on the basis of Information Technology, Enabling Technology, Industry, and region:
Information Technology Outlook (Revenue, USD Billion; 2017-2027)
Manufacturing Execution System
Human-Machine Interface
Warehouse Management System
Plant Asset Management
Industrial Communication
Enterprise Manufacturing Intelligence
Product lifecycle Management
Others

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Enabling Technology Outlook (Revenue, USD Billion; 2017-2027)
Industrial Robotics
Machine Vision
Industrial 3D printing
Industrial Internet of Things (IIoT)
Artificial Intelligence (AI) in manufacturing
Blockchain in manufacturing
Augmented Reality and Virtual Reality in manufacturing
Others

Industry Outlook (Revenue, USD Billion; 2017-2027)
Energy & Power
Aerospace & Defense
Pharmaceuticals
Automotive
Food & Beverage
Semiconductor & electronics
Oil & Gas
Chemicals
Others

Subject matter experts behind the study dive deep into the competitive landscape to assess the top performers across the world and unearth the strategies that have given them a competitive edge over others operating in Smart Manufacturing Market industry. Other vital aspects including the market share, size and growth rate for the forecast period, 2019 - 2027 also forms an important of the study and valuable resource for business owners, stakeholders, and marketing personnel planning to zero in on their business strategy.

Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Detailed Regional Analysis covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key Features of the Smart Manufacturing Market Report:
The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats
The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares
Evaluation of key current and emerging market trends and growth prospects
It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth
Brief overview of industry with regards to research and development, technological advancements, and product development
In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario

Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Smart Manufacturing Market Segmentation & Impact Analysis
4.1. Smart Manufacturing Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for energy efficiency
4.2.2.2. Growing adoption of Industry 4.0
4.2.2.3. Rising need for industrial Intelligence and cost reduction
4.2.2.4. Increasing demand for automation
4.2.2.5. Increasing implementation IIoT, AI and blockchain in manufacturing
4.2.2.6. Rising adoption of industrial robots in manufacturing sector
4.2.3. Market restraints analysis
4.2.3.1. Limited availability of skilled workforce
4.2.3.2. High initial installation costs
4.2.3.3. Concerns regarding data security and cyberattacks
4.2.3.4. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Smart Manufacturing Market By Information Technology Insights & Trends, Revenue (USD Billion), Volume (Kilo Tons)
5.1. Information Technology Dynamics & Market Share, 2019 & 2027
5.1.1. Manufacturing Execution System
5.1.2. Human-Machine Interface
5.1.3. Warehouse Management System
5.1.4. Plant Asset Management
5.1.5. Industrial Communication
5.1.6. Enterprise Manufacturing Intelligence
5.1.7. Product lifecycle Management
5.1.8. Others
Chapter 6. Smart Manufacturing Market By Enabling Technology Insights & Trends Revenue (USD Billion), Volume (Kilo Tons)
6.1. Enabling Technology Dynamics & Market Share, 2019 & 2027
6.1.1. Industrial Robotics
6.1.2. Machine Vision
6.1.3. Industrial 3D printing
6.1.4. Industrial Internet of Things (IIoT)
6.1.5. Artificial Intelligence (AI) in manufacturing
6.1.6. Blockchain in manufacturing
6.1.7. Augmented Reality and Virtual Reality in manufacturing
6.1.8. Others

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