Global Smart Manufacturing Platform Market Overview
The key driver impacting the Smart manufacturing platform market is the rising adoption of industry 4.0 solutions and industrial automation. For instance, The World Economic Forum report shows that only 35% of the time will be spent on manual routine work, and over 60% work process is estimated to be automated by 2030. By 2035, jobs with high automation potential will be closer to 35-50% for manufacturing, transportation and storage, and retail trade sectors. The massive adoption of innovative manufacturing platforms in the automotive industry is also positively impacting the market growth. Moreover, increasing support from governments for industrial automation contributes to Smart manufacturing platform market demand later.
According to Value Market Research, the global Smart manufacturing platform market size was valued at about USD 5.07 billion in 2020 and is expected to grow at a CAGR of around 18.2% during the forecast period 2021 to 2027.
The mounting need for streamlined and automated data to boost productivity in industries will likely augment the need for a smart manufacturing platform in the forecast period. However, the lack of a skilled IoT-related workforce hinders the market in the long run. In addition, the requirement of maintenance attributed to frequent software up-gradation is negatively affecting the market growth. Even so, the climb in the adoption of IIoT and cloud technologies with growing partnerships of cloud service providers and platform providers might offer massive market opportunities to the market's key players.
The Smart manufacturing platform market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are ABB, IBM, Microsoft, PTC, Hitachi, SAP SE, Schneider Electric SE, Siemens AG, Fujitsu, Emerson Electric, Accenture, Telit Communications, Robert Bosch GmbH, Rockwell Automation, Oracle, Cisco Systems, C3 IoT, Atos SE, Qiu Technologies, Software AG, Seebo Interactive, Losant, Altizon Systems, Flutura, and Litmus Automation.
In this research report, the Smart manufacturing platform market is segmented by type, industry, deployment type and region.
Analysis by Type:
By type, the report is segmented into Device Management, Connectivity Management, Application Enablement Platform. The Device Management segment dominates the type segment with the highest share in 2020. It is due to the emergence of artificial intelligence, IIoT, smart manufacturing, Industry 4.0, digitization, and connected enterprise that has influenced various industries to deploy advanced solutions in their plants. Moreover, the device management platform allows connecting and disconnecting new devices, controlling numerous devices, viewing details of devices and checking their status, and monitoring devices remotely, contributing to the device management segment's growth in the forecast period.
Analysis by Industry:
By end-use industry, the report is divided into Process Industry and discrete industry. The discrete industry segment is expected to record the highest CAGR of 11% in the coming years. The discrete industry is segmented into industrial manufacturing, automotive, aerospace & defense, medical device, electronics & semiconductor, and others. Among all the industries, automotive is dominant and likely to grow with the highest CAGR of 22% in the forecast period. It is due to the inefficiency of traditional processes changing consumer preferences and the adoption of automation in the automotive sector. Moreover, technological advancements, changing consumer preferences, and the introduction of regulations related to the automotive industry contributes to the discrete industry segment growth.
Analysis by Deployment Type:
By deployment type, the report is segmented into cloud and on-premise. The cloud segment dominates the deployment type segment with the highest share in 2020. It is due to the growing need among IT teams to address remote workforce and to support scalable infrastructure for their service offering and products. Moreover, growing industry migration towards digitization, automation, and IIoT adoption creates demand for scalable, reliable, and secure, and off-premise advanced technology contribute to the public utility segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global Smart manufacturing platform market, the Asia Pacific region dominated with the largest market share and is anticipated to grow with the highest CAGR in the forecast period. It is due to the rapidly growing industrialization, and developing nations such as Japan, China, and India have undertaken many initiatives to support the IIoT implementation in their domestic industries. Moreover, Government support for the adoption of automation technologies and rapid industrialization with the presence of many manufacturing units across China and India contribute to the tremendous market demand across the Asia Pacific.
Market Segmentation covered in the Report:
By Type
- Device Management
- Connectivity Management
- Application Enablement Platform
By Industry
- Process Industry
- Oil & Gas
- Power & Energy
- Chemicals
- Pharmaceuticals
- Food & Beverages
- Metals & Mining
- Others
- Discrete Industry
- Automotive
- Electronics & Semiconductor
- Industrial Manufacturing
- Medical Devices
- Aerospace & Defense
- Others
By Deployment Type
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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