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from Smart Manufacturing Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028
Global Smart Manufacturing Market Research Report:
The latest report by IMARC, titled “ Smart Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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” finds that the global smart manufacturing market size reached US$ 290.7 Billion in 2022. Smart manufacturing refers to the utilization of internet-integrated machinery to automate production and various other operations. It is also used to identify failures in specific parts and carry out preventive maintenance to avoid unplanned device downtime. In recent years, smart manufacturing has gained traction due to the extensive product utilization in various industry verticals, such as healthcare, industrial equipment, electronics, automotive, oil and gas, defense, and aerospace.
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Global Smart Manufacturing Market Trends :
One of the primary factors driving the market is the increasing focus on automation in the manufacturing industries. Additionally, the exponential growth in the automotive industry has encouraged automotive manufacturers to adopt smart manufacturing solutions as they have helped them build automated assembly lines to manufacture parts and the entire car. Besides this, the rising demand for knowledge-based manufacturing and connected supply chains that are equipped with modelling, advanced control, sensing, and simulation capabilities is positively influencing the market growth. In line with this, the wide employment of these solutions on account of the advantages offered by them, such as reducing accidents, maintaining costs, dynamic production, and real-time optimization, represent another major growth-inducing factor. In line with this, the growing acceptance of cloud platforms, along with the Internet of Things (IoT) and rapid industrial growth, is creating lucrative growth opportunities for the key players operating in the industry. Looking forward, IMARC Group expects the market value to reach US$ 561.5 Billion by 2028, expanding at a CAGR of 10.8% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
