SMART MANUFACTURING MARKET ANALYSIS

Smart Manufacturing MarketSize and Trends

The global smart manufacturing market size was valued at USD 186.68 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.18% from 2023 to 2030.  Increasing investment by leading companies will contribute to the growth of the smart manufacturing market over the next several years. The rising need to reduce downtime and costs is expected to fuel the market.  Increased automation has been a major factor driving the market. This market is also expected to expand rapidly due to the demand for software solutions.

Figure 1: Global Smart Manufacturing Market Share (%), By Region, 2022

Global Smart Manufacturing Market Trends:

Growing products demand is a recent trend in the market

Due to increased product demand, companies are boosting their production efficiency in order to cater the demand. For this, these companies are increasingly adopting smart manufacturing. Due to COVID-19 pandemic manufacturing industry was significantly disrupted. This has led to several manufacturers adopting smart manufacturing, wireless communication solutions in order to prepare for such future disruptive events. This trend is expected to continue in the global smart manufacturing market over the forecast period.

Increasing data monetization is a growing trend in the market

Data monetization is anticipated to play an important role in smart manufacturing in the future. There will be more customization in factories facilitated by demand identifying data, minimizing the downtime required for reset and retool. Along with this, augmented reality is also expected to be a significant feature in the smart manufacturing in the future, specifically in highly complex lines of assembly. Thus, the growing trend of data monetization is expected to propel growth of the market during the forecast period.