Smart Manufacturing Platform Market

Global Smart Manufacturing Platform Market Size (2024 to 2029)

The global Smart manufacturing platform technology size is expected to be worth USD 7.55 Billion in 2024. It is expected to grow at a CAGR of 19.70% during the forecast period and reach a value of USD 18.55 Billion by 2029.

Smart manufacturing platform technology enables an operator to control the production process by connecting equipment and devices with Internet access to an individual platform. The smart manufacturing platform not only verifies and monitors device performance but also helps optimize overall performance.

Global Smart Manufacturing Platform Market Drivers:

Industrial automation has been one of the most important factors behind the adoption of an intelligent manufacturing platform. Manufacturers and operators are constantly investing and adopting new technologies to improve operational efficiency and reduce overall manufacturing and labour costs. The smart manufacturing platform has helped operators bring devices together on a single platform to monitor and improve conditional performance and predictive maintenance, thereby reducing maintenance costs. The move to cloud-based services for the deployment of a smart manufacturing platform is expected to become a dominant trend, given the system's ability to monitor and leverage processes from remote locations.

The developing significance of Industry 4.0 and, in this way, of the keen production line are further boosting the global smart manufacturing platform market growth. The developing premiums of automation administrators in the smart manufacturing platform and the computerization with cloud specialist co-ops are supporting the global market growth.

Global Smart Manufacturing Platform Market Restraints:

Lack of skilled manpower with IoT knowledge, cyber security threats, and implementation complexity are a number of key factors that should affect the platform market's overall growth. Smart ways of manufacturing. The overall market is expected to experience healthy demand in the coming years, given the wealth of benefits and high-cost savings in implementing a smart manufacturing platform.

Impact of COVID-19 on the smart manufacturing platform market:

Because of the negative effects of COVID-19, a portion of the non-clinical manufacturing organizations have begun producing clinical-related items, for example, masks, ventilators, related segments, sanitizer, and others. This is one such approach to limit the effect of COVID-19 by the manufacturing organizations. Be that as it may, this is certainly not a drawn-out methodology for endurance, and organizations need to concentrate on advancement to endure the pandemic. Manufacturing execution frameworks offer organizations the capacity to screen constant manufacture and different activities of manufacturing plants. This significantly decreases the requirement for on-location and shop floor workers, along these lines keeping the lockdown and social separating commands to battle COVID-19. During post-COVID-19, the market for MES is relied upon to enroll a bigger market size in 2020 when contrasted with 2019; be that as it may, since assembling enterprises have endured a significant shot, it will be trying to achieve the market size assessed pre-COVID-19 by 2025.

REPORT COVERAGE:

This research report on the global smart manufacturing platform market has been segmented and sub-segmented into the following categories.

Global Smart Manufacturing Platform Market - By Application:

• Performance Optimization
• Condition Monitoring 

Smart manufacturing platforms are formable systems that are used to optimize performance on a larger network in real time and run the entire production process autonomously. Platforms used for performance optimization enable real-time analysis of all processes, optimize machine usage, increase machine performance, reduce downtime to require timely corrective action, and reduce security incidents with real-time information on operations in critical industries, which successively leads to plant efficiency.

Global Smart Manufacturing Platform Market - By Type:

• Device Management
• Connectivity Management
• Application Enablement Platform 

Global Smart Manufacturing Platform Market - By Industry:

• Process Industry 
  • Automotive
  • Electronics & Semiconductors
  • Aerospace & Defense
  • Medical Devices
  • Industrial Manufacturing
• Discrete Industry 
  • Food & Beverages
  • Metals & Mining
  • Power Generation
  • Oil & Gas
  • Chemicals
  • Pharmaceuticals 

Processors are forced to cut operating costs; for example, oil and gas producers have to cut production costs due to lower crude oil prices. The platforms can be used in various applications, including exploration of oil activities, optimization of fieldwork, equipment maintenance, job security, and predictive maintenance in refineries.

Global Smart Manufacturing Platform Market - By Deployment Type:

• Cloud
• On-site

Global Smart Manufacturing Platform Market - By Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

North America held the top position in leading the dominant shares of the smart manufacturing platform market with rapid technological advances, and the rate of adoption of new technologies is significantly higher in these regions than in the rest of the world.

Europe is expected to have a significant growth rate in the coming years owing to increasing investments in automation.

Countries like India, Japan, South Korea, and China have taken many initiatives to support IoT deployment in hosting their respective industries. These growing government initiatives to demand the latest automation technology are creating opportunities for smart manufacturing platforms in this global market.

The Latin American region is also expected to experience significant growth in demand due to government-supported initiatives in Brazil and Mexico for the import and adoption of technology.

KEY MARKET PLAYERS:

The Major Players of the Smart Manufacturing Platform are Microsoft Corporation (Microsoft, US), IBM Corporation (IBM, US), PTC Inc. (PTC, US), SAP SE (SAP, Germany), Hitachi, Ltd. ( Hitachi, Japan), Amazon.com, Inc. (Amazon, US), General Electric (GE, US)  Siemens AG (Siemens, Germany); Schneider Electric SE (Schneider Electric, France), ABB Group (ABB, Switzerland), Emerson Electric Co. (Emerson, US), Fujitsu Ltd. (Fujitsu, Japan), Accenture plc. (Accenture, Ireland), Robert Bosch GmbH (Bosch, Germany), Oracle Corporation.

RECENT HAPPENINGS IN THE MARKET:

• Komatsu is one of the world's leading manufacturers of excavators, diggers, and other heavy equipment. The company has decades of experience in manufacturing machines capable of digging, lifting, and moving all kinds of physical things.
•  But when it comes to collecting and managing data to improve its own manufacturing and productivity capabilities, Komatsu needed help. Thus, he turned to the Azure cloud and thus to Microsoft specialists.
• HANNOVER - SAP SE (NYSE: SAP) today announced the launch of SAP Digital Manufacturing Cloud, an alternative solution to help companies optimize performance, improve production quality and efficiency, and ensure worker safety. The new Cloud Solution expands and complements SAP's portfolio of on-site digital manufacturing solutions and is available in multiple packages to serve manufacturers of different sizes across industries and discrete and process processes within their respective organizations.
• Initiatives that use IoT are increasing in the manufacturing industry worldwide. IoT adoption. Data-driven solutions are implemented by compiling the common method flows to collect data from devices and systems at a production site and to use site information. IoT platform solutions help improve production efficiency through system-wide optimization.