What is Smart Manufacturing Technology Market Scope?
Industry 4.0 has been aiding the transition of industries from having legacy systems to smart components and smart machines, facilitating digital factories, and later, to an ecosystem of connected plants and enterprises. Smart manufacturing initiatives are also on the rise. Smart Manufacturing Leadership Coalition (SMLC), a combination of US‐based industrial organizations, technology suppliers, laboratories, and universities, is currently working on a next-generation Smart Manufacturing Platform and Smart Factory connectivity. The growing adoption of digital technologies such as industrial IoT, autonomous robots, and big data analytics, to enable the fourth industrial revolution are the prime driving factors for market growth.
The Smart Manufacturing Technology market study is being classified and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Smart Manufacturing Technology market throughout the predicted period.
Emerson (United States), Honeywell (United States), Rockwell (United States), ABB (Switzerland), Schneider (France), IBM (United States), General Electric (United States), Siemens (Germany), SAP (Germany), Oracle (United States) and Honeywell (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Cisco (United States), Rockwell(United States), Yokogawa (Japan), Fanuc (Japan) and NVIDIA (United States).
Analyst at AMA have segmented the market study of Global Smart Manufacturing Technology market by Type, Application and Region.
On the basis of geography, the market of Smart Manufacturing Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Market Trend
- The availability of advanced technologies such as 3D printing, manufacturing execution systems (MES), and plant asset management solutions to small and medium enterprises
- The growing emphasis on regulatory compliances
- The positive impact of government initiatives and investments to promote smart manufacturing adoption
- Rising emphasis on industrial automation in manufacturing processes
- High adoption of IoT and cloud platforms
- Increased integration of different solutions to provide improved performance
- High investments and costs involved in implementing smart manufacturing solutions
- Threats related to cybersecurity
Key Target AudiencePotential Investors, Government Bodies, Government and Private Research Center and Others
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