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Smart Manufacturing Market to Enlarge Vigorously; Launch of Subscription-based Smart Manufacturing Solutions by SK Telecom to Enable Speedy Expansion, states Fortune Business Insights™

Pune, India, March 01, 2021 (GLOBE NEWSWIRE) -- The global smart manufacturing market size is expected to reach USD 506.33 billion by 2027, exhibiting a CAGR of 12.2% during the forecast period. The increasing adoption of advanced robotic solutions including swarm robotics, autonomous mobile robots, and cobots in industries will provide impetus to the market during the forecast period, states Fortune Business Insights in a report, titled “Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-premise), By Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), By Industry (Discrete and Process), and Regional Forecast, 2020-2027.” The market size stood at USD 204.95 billion in 2019.

The coronavirus pandemic has caused an enormous financial crisis across various sectors around the globe. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.

We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic. 

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The report on the smart manufacturing market incorporates:

  • Authoritative analysis of the market for smart manufacturing
  • Evolving plans and tactics of corporations
  • Present and future projections
  • Dominant regions in the world
  • Covid-19 influence on the manufacturing industry

Market Driver:

Rising Trend towards Industrial Automation to Encourage Market

Major manufacturing companies have implemented industrial automation solutions to elevate their production capacities and productivity. The growing shift towards automation solutions to eradicate human errors in the production process will significantly benefit the market in the forthcoming years. For instance, giant automotive companies such as BMW, Audi, Tesla, Volkswagen, jaguar, and others have embraced industry 4.0 in their manufacturing units. The smart factory solutions leverage organization’s proficiencies to reduce manufacturing costs and improve productivity. Furthermore, the hefty investments in industry 4.0 projects from various countries such as the U.S., China, U.K., and others will have an excellent influence on smart manufacturing market growth. According to PricewaterhouseCoopers (PwC), global spending on Industry 4.0 technology is expected to be USD 907 billion per year through to 2020.

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Implementation of AI-enabled Platforms to Ease Workforce Amid COVID-19

The financial jeopardy caused by coronavirus has disrupted the manufacturing sector. The stop on production processes and supply chains will negatively influence market growth. The dependency on skilled laborers and workers across manufacturing hubs will simultaneously pose a risk to the business of the sector. However, the constant efforts of industries to adopt newer technologies such as Industry 4.0, artificial intelligence in their processes can consequently dismiss the losses that occurred during the pandemic. Additionally, the introduction of smart solutions by players can further aid the market amid coronavirus. For instance, in July 2020, SK Telecom Co., Ltd announced it has introduced a subscription-based smart manufacturing solution for SMEs to optimize equipment maintenance and eliminate the financial damage caused by the COVID crisis.

Regional Analysis:

Heavy Investment in Smart Factory Projects to Foster Growth in North America

Asia Pacific is predicted to witness a rapid growth rate during the forecast period due to the increasing adoption of industrial automation in developing countries. According to the IoT Council, the China-based manufacturing organizations' spending on the internet of things (IoT) is expected to be around USD 127.5 Bn in 2020. The Smart Manufacturing Market in North America is expected to dominate the global market owing to the rising investments in smart factory projects. For instance, in June 2019, Telefonaktiebolaget LM Ericsson invested around USD 100 Mn for the deployment of the fully automated smart factory in the U.S. Europe is expected to rise tremendously during the forecast period due to the well-established automotive production industry in the region.

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Important Development

November 2019 – Schneider Electric inaugurated its second smart factory facility in Bengaluru. The factory encompasses the company’s EcoStruxure open platform that enables preventive maintenance to optimize costs & enhance agility and real-time monitoring of machine performance.

The Report Lists the Main Companies in the Smart Manufacturing Market:

  • ABB Ltd. (Zürich, Switzerland)
  • Siemens AG (Munich, Germany)
  • General Electric (Massachusetts, U.S.)
  • Mitsubishi Electric Corporation (Tokyo, Japan)
  • Robert Bosch GmBH (Gerlingen, Germany)
  • Rockwell Automation Inc. (Wisconsin, U.S.)
  • Schneider Electric (Rueil-Malmaison, France)
  • Honeywell International Inc. (North Carolina, U.S.)
  • Emerson Electric Co. (Missouri, U.S.)
  • Fanuc Corporation (Yamanashi, Japan)
  • Yokogawa Electric Corporation (Tokyo, Japan)
  • Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)

Quick Buy - Smart Manufacturing Market:

Major Table Of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Smart Manufacturing Market Share Analysis and Matrix, 2019
  • Key Smart Manufacturing Market Insights and Analysis, By Segments
  • Global Smart Manufacturing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Component (Value)
      • Solution
        • Industrial 3D Printing
        • Programmable Logic Controller (PLC)
        • Product Lifecycle Management (PLM)
        • Manufacturing Execution System (MES)
        • Robotic Process Automation (RPA)
        • Remote Monitoring software
        • Supervisory Controller and Data Acquisition (SCADA)
        • Others (Energy Management Systems, Fleet Management Solutions, etc.)
      • Services
        • Professional Services
        • Managed Services
    • By Deployment (Value)
      • Cloud
      • On-premise
    • By Enterprise Size (Value)
      • Small & Medium Enterprise (SMEs)
      • Large Enterprise
    • By Industry (Value)
      • Discrete Industry
        • Automotive
        • Transportation
        • Industrial machinery
        • Medical devices
        • Semiconductor and Electronics/High-Tech
        • Others (Aerospace and Defense, etc.)
      • Process Industry
        • Pharmaceuticals
        • Mining and Metals
        • Chemicals
        • Pulp and Paper
        • Others (Cable, etc.)
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued…!

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Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. 

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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