Smart Manufacturing Market- Insights By Revenue, Upcoming Trends And Worldwide Players Foresights Till 2028

The Smart Manufacturing Market is expected to grow from US$ 258.72 billion in 2022 to US$ 365.22 billion by 2028; it is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

The adoption of real-time location systems (RTLS) is rapidly increasing and becoming a crucial aspect of Industry 4.0. These location tracking technologies are essential for tracking mining and construction equipment in various industries such as architecture, engineering, and construction. By utilizing location tracking tools, worker safety and manufacturing efficiencies can be significantly improved through the optimization of machinery usage, monitoring of production efficiency, and the prevention of risky collisions between machinery and personnel. As a result, RTLS is gaining popularity in industries such as automotive, construction, manufacturing, logistics, healthcare, and more. These location tracking technologies also enable better product traceability for digital engineering and assist management teams in organizing inventory tracking while enhancing manufacturing processes and standardizing production output.

Get Exclusive Sample PDF @: https://www.premiummarketinsights.com/sample/TIP00073675?utm_source=OpenPr&utm_medium=10640

The List of Companies -
1. Yokogawa Electric Corporation
2. Cisco Systems, Inc
3. Honeywell International Inc.
4. 3D Systems, Inc
5. Daifuku Co., Ltd
6. GENERAL ELECTRIC
7. IBM Corporation
8. Oracle Corporation
9. Siemens AG
10. Schneider Electric SE

The smart manufacturing market is bifurcated on the basis of end-user and component. Based on end-users, the smart manufacturing market is divided into discrete industry and process industry. The discrete industry segment held a larger market share in 2020. Due to the rising production of medical devices, defense equipment, semiconductors, cars, and machines, advanced technologies are being adopted Based on component, the smart manufacturing market is bifurcated into hardware and software. The hardware segment holds a larger share of the market. The segment growth is due to the growing integration & implementation of RTL, robots, and sensors are expanding in manufacturing plants. Based on geography, the smart manufacturing market is segmented into North America (the US, Canada, and Mexico), Europe (Austria, Italy, Poland, Switzerland, Sweden, Norway, Denmark, the Netherlands, Finland, Spain, Baltic states and Rest of Europe), and Asia Pacific (Australia, Japan, South Korea, Taiwan, and Rest of APAC).

Get full Report Description, TOC, Table of Figure, Chart, etc. @: https://www.premiummarketinsights.com/reports-tip/smart-manufacturing-market

The adoption of digitization in the manufacturing sector has been driven by the need to enhance visibility and improve productivity in manufacturing processes. This has led to the growth of the smart manufacturing market, which is further boosted by technological advancements in data analytics, predictive maintenance, and industrial networking. The market is also being driven by the growing demand for software systems that provide real-time information over a single platform and the transformation of industries from legacy systems to smart components facilitated by Industry 4.0.

Smart factory solutions are particularly beneficial for the automotive sector, which is witnessing rapid growth due to asset efficiency, cost savings, quality, and sustainability. The investments in the smart factory offer automotive manufacturers a competitive advantage, including better profitability and a shorter time to market. The smart manufacturing market growth is further fueled by various government initiatives such as the Smart Manufacturing Leadership Coalition (SMLC) and the Industrial Internet Consortium (IIC), which are aimed at boosting industrial automation.

A considerable portion of the worldwide smart manufacturing market is held by North America. The market growth in the region is driven by several factors, such as the growing adoption of industrial automation solutions that include IoT and cloud platforms, a rise in regulatory compliances, and an increasing demand for software systems that save time and cost. Manufacturing companies in Canada, the US, and Mexico are utilizing enterprise integration platforms, like enterprise service buses (ESBs), manufacturing service buses (MSBs), and application programming interface (API) managers to collect, analyze, and merge data, activate process controls, and optimize business processes across the enterprise and value chain systems.

The adoption of various technologies such as 3D food printing and machine vision, along with high investments in automation technologies for design flexibility, advanced software tools, and integrated safety solutions, are driving the growth of the smart manufacturing market in European Union countries like France, Germany, and the UK. Several manufacturers in industries such as automotive, aerospace & defense, food & beverages, and semiconductor & electronics are using 3D printing technologies to produce lightweight and cost-effective products. In addition, the processing capabilities of Big Data technologies like Hadoop, R, Storm, and streaming analytics support supply chain visibility, analysis, and diagnostics. The integration of Big Data analytics into industrial equipment enables the market players to analyze equipment lifespan, capacity fluctuation, and demand patterns, which further contributes to the adoption of smart manufacturing solutions.

Buy this research report at @: https://www.premiummarketinsights.com/buy/TIP00073675?utm_source=OpenPr&utm_medium=10640

During the forecast period, the APAC region is anticipated to witness the highest CAGR in the smart manufacturing market. Countries in the region are concentrating on automating their manufacturing facilities with initiatives such as "Make in India" and "Made in China 2025." The aim is to streamline supply chains, enhance safety, and reduce operational costs to gain a competitive advantage over other players. China, a major manufacturing hub, is currently undergoing rapid industrial transformation and is expected to spend approximately US$ 1.4 trillion on its digital infrastructure public spending program. Chinese manufacturers are adopting various smart manufacturing approaches, such as Industry 4.0 and Industrial IoT (IIoT), to optimize their manufacturing processes.

Contact Us:
If you have any queries about this report or if you would like further information, please
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email: sales@premiummarketinsights.com

About Us:
Premium Market Insights is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost-effective research reports and solutions from various publishers.
The market research industry has changed in last decade. As corporate focus has shifted to niche markets and emerging countries, a number of publishers have stepped in to fulfil these information needs. We have experienced and trained staff that helps you navigate different options and lets you choose best research solution at most effective cost.
Premium Market Insights has an extensive coverage of industry reports, company reports and country reports across all industries. In case your research needs are not met by syndicated reports offered by leading publishers, we can help you by offering a customized research solution by liaising with different research agencies saving your valuable time and money.
We provide best in class customer service and our customer support team is always available to help you on your research queries. Our commitment to customer service is best exemplified by free analyst support that we offer to our clients which sets us apart from any other provider. We also offer enterprise subscriptions which provide significant cost savings to our clients.

This release was published on openPR.