Smart Manufacturing Market to Reach $548.14 Billion by 2024

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The global smart manufacturing market is gaining significantly from the effective engagement of the operating technology (OT) and information technology (IT), both. The integration of both these technologies supported by smart manufacturers to produce an intelligent assembling and the optimization of business, digital, and physical methods offer a strong impetus to the market. This, in turn, is expected to support the value chain of the manufacturing industry. With the introduction of intelligent manufacturing solutions developed through the usage of human ingenuity with IT, more optimized results can be achieved in the years to come.

According to Transparency Market Research (TMR), the opportunity in the global smart manufacturing market is likely to touch $548.14 billion by 2024, expanding at a CAGR of 13.02% between 2016 and 2024.

The key players functional in the global smart manufacturing market are Emerson Electric Co., Johnson Controls Inc., ABB Ltd., Siemens AG, and Honeywell International Inc. These participants are experimenting with a number of strategies to sustain in this market. Amid a highly competitive environment, these players are investing heavily in product innovations as a part of their business development strategy. Apart from this, they are looking to penetrate into untapped regional markets in an effort to gain traction.

ERP to Report Significant Rise

The global smart manufacturing market is anticipated to be boosted by the demand for a wide array of technologies, such as machine vision, supervisory controller and data acquisition (SCADA), human machine interface (HMI), distributed control system (DCS), programmable logic controller (PLC), enterprise resource planning (ERP), and manufacturing execution system (MES). Among these technologies, ERP is witnessing the most prominent rise across the world, thanks to its high popularity among the mass.

The smart manufacturing transformation begins with the Internet of Things (IoT). IoT-enabled gadgets send performance-related data through sensors over the system. During the phase of early-adoption, many market players struggle to build IoT applications and assimilate them with different business applications.

Smart manufacturing technologies offer a substantial competitive benefit for producers. But they're not easy to implement. Producers can overcome the challenge of early-adoption with the assistance of expertise. When seeking an expertise, it's significant to consider experts who have substantial experience aiding companies transition to smart manufacturing technologies. This will aid to cut the implementation phase and place producers on the right path from the start.

Significant Integration of Smart Manufacturing in Defense and Aerospace Industries

Among the various industries such as automotive, pharmaceuticals, aerospace and defense, food and beverages, and consumer electronics, highest demand for smart manufacturing is seen in aerospace and defense sector.  Rising need for quality-controlled and customizable equipment made the aerospace and defense sector highest consumer of smart manufacturing. Simulation, modeling, and 3D printing in manufacturing has drawn attention of the leaders operating in the aerospace and defense sector. Moreover, availability to get the real-time analytics and digital-twin has also grabbed attention of players in this sector that benefit in making advanced products.