Smart Manufacturing Market: Snapshot
Smart
manufacturing technologies use the best of operating technologies (OT)
and information technology (IT). The developers of smart manufacturing
technologies have integrated both the processes to create an intelligent
optimization and assembling of physical, business, and digital methods
for ironing out the creases in the value chain of manufacturing. These
processes also utilize human ingenuity with information technology to
create manufacturing intelligence for achieving optimum results.
Adoption of these technologies has completely transformed ways of
manufacturing, selling products, and shipping.
The
research report indicates that the global smart manufacturing market is
expected to be worth US$548.14 bn by the end of 2024, rising up from
US$159.05 bn in 2015. During the forecast period of 2016 to 2024, the
global market is anticipated to surge at a CAGR of 13.2%. The mammoth
amount of manufacturing activities in the past few years has made it
incredibly difficult for multinational organizations to effectively
manage their value chain. Therefore, companies are outsourcing their
manufacturing operations to third parties, who offer smart manufacturing
services, which, in turn, has boosted the overall market.
Furthermore,
regional expansion is a key strategy for many organizations. In order
to achieve this, MNCs have invested in distribution centers at strategic
locations around the world. These centers need effective smart
manufacturing services, thus fueling the demand generated for smart
manufacturing. The market is also thriving due to the application of
innovative digitization in developing smart manufacturing technologies
such as the programmable logic controller, supervisory controller, and
data acquisition.
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Global Market Picks Up Momentum as End Users Incline toward Enterprise Resource Planning
On
the basis of technology, the global smart manufacturing market is
segmented into manufacturing execution system (MES), supervisory
controller and data acquisition (SCADA), programmable logic controller
(PLC), enterprise resource planning (ERP), distributed control system
(DCS), machine vision, and human machine interface (HMI). Of these, the
enterprise resource planning is the popularly used smart manufacturing
technology across the globe. The prolific economic development of
several countries across the globe and easy social integration of this
technology have boosted its adoption rate in the past few years. The
booming defense and aerospace sector is also anticipated to take up
enterprise planning solutions for upgrading its manufacturing processes,
thereby lending a magnificent impetus to the technology segment.
This
129-page report gives readers a comprehensive overview of Smart
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Stress on Manufacturing Activities in Asia Pacific Fuels Region’s Growth
In
terms of regions, the global smart manufacturing market is segmented
into North America, Europe, Asia Pacific, Middle East and Africa, and
Latin America. Among all the regions, Asia Pacific held a lion’s share
of 39% in the overall market in terms of revenue in 2015. North America
closely followed this lead in the same year. The research indicates,
that North America and Asia Pacific will continue to hold a dominating
stance in the overall market as both these regions will offer lucrative
opportunities to the smart manufacturing players. The increasing stress
by governments of developing economies to focus on manufacturing
activities is anticipated to build a strong case for the growth of smart
manufacturing market in Asia Pacific.
The
regions are poised to witness a steady uptake of smart manufacturing in
the automotive industry and in the production of consumer electronics,
which are anticipated to stir the demand for these technologies in the
near future.
The
leading players operating in the global smart manufacturing market are
Honeywell International, Inc., Siemens AG, Johnson Controls, Inc., ABB
Ltd., Emerson Electric Company, General Electric Company, Rockwell
Automation, Schneider Electric, Fanuc Corp., Atos SE.
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