Smart Manufacturing Industry Opportunity Assessment 2020-2025 – High Adoption of IoT & Cloud Platforms, Rapid Industrial Growth in Emerging Economies

Dublin, April 17, 2020 (GLOBE NEWSWIRE) — The “Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global smart manufacturing market is expected to be worth USD 214.7 billion by 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025.However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, the lack of awareness about the benefits of adopting information and enabling technologies, and the lack of skilled workforce pose challenges to the growth of the market.The key players operating in the smart manufacturing market are 3D Systems (US), ABB (Switzerland), Cisco (US), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan).Market for AI in Manufacturing is expected to grow at highest CAGR among enabling technologies from 2020 to 2025With continuous changes in materials, technologies, and markets, these manufacturing plants need to be highly efficient, productive, and flexible. The implementation of EMI in these sectors ensures optimal supply-chain management through the integration of production processes. It automates production processes and helps reduce manufacturing costs.However, manufacturing companies across the world are focusing on adopting smart manufacturing technologies that would assess equipment and their performance in real time and accordingly decide on the effective predictive maintenance plan. Thus, smart manufacturing solutions help companies to reduce the overall operational and maintenance costs and eliminate the need for unnecessary maintenance.
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