Smart Manufacturing Market is an enhanced process of production with the objective of optimizing concept generation, product transaction, and manufacturing. It refers to a merger of operation technology and information technology which work together within an integrated process, in real time scenario. The whole technique implied is usually constituted of capturing data, simulation and modeling, analysis of big data, controlling and planning, and cloud computing.
Global Smart Manufacturing: Trends and Opportunities
The strong growth in the industrial internet of things technology market is driving the growth of the smart manufacturing market. Furthermore, growing adoption of analytics tools is acting as one of the major drivers of the smart manufacturing market globally. Increase in smart manufacturing is due to increasing access to the Internet and growing focus on cost reduction and commercial process efficiency. In addition, fall in the cost of important components and advancement in technology are supporting the market currently.
Mass scale technical progress across different domains has led the organizations to adopt innovative technologies, and gather competitive edge over their competitors. Smart manufacturing systems help to reduce redundant system costs effectively, while ensuring that producers achieve cost efficient manufacturing plans. Several developed economies have experienced mass scale adoption of the machine-to-machine communication and internet of things technologies in the industrial sector. These technologies have importantly staged a key driver impacting the growth in the global smart manufacturing market.
This 129 page report gives readers a comprehensive overview of the Smart Manufacturing Market. Browse through 18 data tables and 59 figures to unlock the hidden opportunities in this market:
The international market for smart manufacturing is anticipated to be bolstered by the demand for a range of technologies, including human machine interface (HMI), machine vision, distributed control system (DCS), enterprise resource planning (ERP), programmable logic controller (PLC), supervisory controller and data acquisition (SCADA), and manufacturing execution system (MES).
However, amongst these first-rate technologies, ERP could make a mark in the smart manufacturing market spread across the globe. The effortless social integration of this popularly used technology and copious economic development in various nations across the world could increase its adoption in the coming years. The rising uptake of the ERP technology is forecasted to be further strengthened by the booming growth of the defense and aerospace industry. As a result, the technology could receive a strong traction during the forecast period 2016–2024 as it finds application in upgrading defense and aerospace manufacturing processes.
According to end use, the international smart manufacturing market is predicted to be classified into several segments, viz. energy, consumer electronics, pharmaceuticals, defense and aerospace, food and beverage, and automotive.
The demand for smart manufacturing in these industries is seeing a towering rise on account of an aggressive growth in the need for connected devices. The smart manufacturing market associated with the energy sector could showcase a rushed consolidation for the reason that giant industrial consortiums are taking over smaller firms at a speedy rate. Among other end-use industries of smart manufacturing, consumer electronics and automotive are foreseen to provide their own resources, for example, warehouse operators.