Smart Manufacturing Platform Industry : A Breakdown of the Industry by Technology, Application, and Geography
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Rising need to improve manufacturing productivity and performance is a key factor driving global smart manufacturing platform market growth.
VANCOUVER, BRITISH COLUMBIA, CANADA, February 7, 2023 /EINPresswire.com/ -- The global smart manufacturing platform market is expected to reach a market size of USD 29.64 Billion in 2028 and register a robust double-digit CAGR over the forecast period, according to latest analysis by Emergen Research. This steady growth can be attributed to rising need for real-time production monitoring and rising need to increase resource efficiency in a manufacturing network through dynamic sharing of manufacturing services, which is driving adoption of cloud manufacturing platforms. Industries are increasingly adopting smart manufacturing platforms to create smart manufacturing networks with higher productivity to improve resource efficiency and utilization rates. Cloud-enabled smart manufacturing platform help in identification of manufacturing inefficiencies and bottlenecks and streamlines manufacturing processes. Smart manufacturing platform provide real-time data collection and monitoring, which helps to improve productivity of production systems.
Smart Manufacturing Platform Market By Application (Asset & Conditioning Monitoring, Performance Optimization), By Industries (Discrete, Process), By Type (Connectivity Management, Device Management), and By Region, Forecast to 2028
Asia Pacific accounted for largest revenue share contribution to the global smart manufacturing platform market in 2019. Increasing initiatives by government regarding industrial automation is driving growth of the smart manufacturing platform market in the region.
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Key players in the market include Microsoft, IBM, PTC Inc., SAP SE, Hitachi, ABB, Amazon, Bosch, Emerson, and Fujitsu Ltd.
Key Highlights of Report
In June 2020, Microsoft announced the acquisition of CyberX to accelerate and secure IoT deployments of customers. With the help of CyberX, customers can manage and improve the security postures of existing IoT devices. CyberX is expected to help customers see a digital map of thousands of devices across a factory floor, which would securely enable smart manufacturing across production facilities and the supply chain.
The performance optimization segment accounted for largest market share of 49.8% in 2019. Adoption of performance optimization applications and smart manufacturing platforms has been growing across industries such as energy & power, automotive, oil & gas, and electronics & semiconductors, which is driving revenue growth of the performance optimization segment to a significant extent.
The process industries segment revenue is expected to expand at a rapid CAGR of 21.9% during the forecast period. Rising need to lower operational expenditure and enhance productivity is boosting adoption of Industry 4.0 in process industries. This is also driving deployment of smart manufacturing platforms in process industries.
The device management segment accounted for a significantly high revenue share in the smart manufacturing platform market in 2019. Increased adoption of advanced digital technologies in the manufacturing sector such as digital twins, smart sensors, and Industrial Internet Of Things (IIoT) is resulting in increasing number of connected devices, which is driving the need for device management.
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Emergen Research has segmented the global smart manufacturing platform market on the basis of application, industries, type, and region:
Application Outlook (Revenue, USD Billion; 2021–2028)
Asset & Condition Monitoring
Performance Optimization
Others
Industries Outlook (Revenue, USD Billion; 2021–2028)
Discrete (Medical Devices, Electronics & Semiconductor, Automotive, Industrial Manufacturing, Aerospace & Defense)
Process (Chemicals, Food & Beverages, Oil & Gas, Metals & Mining, Power & Energy, Pharmaceuticals)
Type Outlook (Revenue, USD Billion; 2021–2028)
Connectivity Management
Device Management
Application Enablement
Regional Outlook (Revenue, USD Billion; 2021–2028)
North America
U.S.
Canada
Europe
Germany
U.K.
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Rest of MEA
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