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At 13.1% CAGR, Smart Manufacturing Market Size to Reach USD 658.41 Billion in 2029

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Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) — As per the report published by Fortune Business Insights, The Smart Manufacturing Market Size is projected to grow from USD 277.81 billion in 2022 to USD 658.41 billion by 2029, exhibiting a CAGR of 13.1% during the forecast period [2022 to 2029]. Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component, By Deployment, By Enterprise Size, By Industry and Regional Forecast, 2022-2029.

Developing technologies such as Artificial Intelligence (AI), cloud, big data, and Machine Learning (ML) is predicted to refine smart manufacturing competencies. Augmented Investment by Government to Fast-track Implementation of Smart Manufacturing amid Pandemic

Report Coverage

We have offered a rounded review of the smart manufacturing market along with ongoing trends and upcoming anticipations to inaugurate proximate investment gains in this report. Moreover, an extensive review of any future opportunities, apprehensions, competitors, or navigating aspects is also stated in the report. A methodical detailed regional review is presented. The COVID-19 effects have been added to the report to aid stakeholders and business professionals to comprehend the jeopardies better. The prime players in the market are acknowledged, and their tactics to augment the market growth are mentioned in the report.

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Segmentation

Solution Sub-segment to Dominate Component Category Backed by Industrial 3D Growth

Based on the component, the market is categorized into solutions and services. The solution is expected to gain a major market share during the forecast period. Owing to the growth of industrial 3D printing which is attributed to increasing demand for IoT for advanced automation process in the manufacturing industry.

Based on deployment, the market is categorized into the cloud and on-premises.

Based on enterprise size, the market is segmented as large enterprises and small & medium enterprises.

Based on industry, the market is segmented into discrete industry and process industry. The discrete industry is subdivided further into automotive, transportation, industrial machinery, medical devices, semiconductor and electronics/high-tech, and others (Aerospace and Defense, and so on).

The Smart Manufacturing Market has been analyzed across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Driving Factors

Urgent Need to Develop Robust Positions to Drive Growth

The increasing demand for IoT and industry 4.0-enabled technologies is set to accelerate the smart manufacturing market growth in the upcoming years. The surging effectiveness of production processes is also another growth driver. Various emerging economies have started establishing a robust position in terms of smart type of manufacturing. However, the requirement of high capital investments may act as a hindrance for the Smart Manufacturing Market. 

Development in 5G Technologies and Investment in New Network Infrastructure to Support Growth

The advent of the 5G era is anticipated to alter the present Internet of Things (IoT)-based utilizations leveraged in smart manufacturing. 5G has the latent to make a ground breaking impression on the future IoT ecosystems designs, particularly in the areas of scalability, expectancy, dependability, safety, and the level of individual administration on connectivity factors. As the IoT usage zones are widening, more progressive usage cases necessitating augmented network competencies are also developing. Examples of such abilities involve backing for incorporated sensors, more precise device installation, and device movement at great speed.

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Regional Insights

North America to Hold Second Position Due to Surging Spending on Advanced Manufacturing Technologies

North America held the second-largest smart manufacturing market share. The growth of this region is accredited to the increasing spending on progressive manufacturing technologies in countries such as Canada and the U.S. Technical progressions, obtainability of replacement of printing material, and declined equipment costs have further driven the implementation of the smart manufacturing concept.

Europe is predicted to grow at a steady pace during the forecast period, owing to the spread of the internet of things (IoT) in nations such as Germany, Italy, Spain, and others that balance the smart manufacturing market growth across the region.

Investments in Intelligent Manufacturing Industry to Boost Growth in Asia Pacific

Geographically, Asia Pacific held USD 79.09 billion in terms of revenue in 2020. This growth is attributable to the increasing investments by companies in the intelligent manufacturing industry. At the same time, in India, Japan, and Australia, several small and medium enterprises are gradually trying to spend more on smart manufacturing solutions. Asia Pacific is estimated to grow at a prompt pace during the forecast period owing to the encouraging ecosystem across nations such as Japan, India, Australia; SMEs are anticipated to fuel the usage of smart manufacturing solutions.

Competitive Landscape

Key Players Introduce Novel Technologies to Spur Market Growth

The pivotal players functioning in the market embrace numerous tactics to boost their position in the market as leading companies. One such prime strategy is procuring companies to spur the brand value among users. Another vital approach is frequently presenting the users with technologically advanced products introduced with an expansive review of the market and its users.

Industry Development

  • September 2021: Honeywell International, Inc. unveiled robotic technology, ‘Smart Flexible Depalletizer,’ to reduce labor-centered work. This technology is rising warehouse efficiency and declining labor damages.

Companies Covered in the Smart Manufacturing Market Report

  • HP Development Company, L.P. (California, U.S.)
  • ABB (Zurich, Switzerland)
  • Emerson Electric Co. (Missouri, U.S.)
  • General Electric (Massachusetts, U.S.)
  • Honeywell International, Inc. (North Carolina, U.S.)
  • Mitsubishi Electric Corporation (Tokyo, Japan)
  • Robert Bosch GmbH (Stuttgart, Germany)
  • Rockwell Automation, Inc. (Wisconsin, U.S.)
  • Schneider Electric (France, Europe)
  • Siemens AG (Munich, Germany)

Quick Buy – Smart Manufacturing Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/103594

Major Points in TOC:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Global Smart Manufacturing Key Players Market Share Insights and Analysis, 2021
    • Porter’s Five Force Analysis
  • Global Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Component (USD)
      • Solution
        • Industrial 3D Printing
        • Programmable Logic Controller (PLC)
        • Product Lifecycle Management (PLM)
        • Manufacturing Execution System(MES)
        • Robotic Process Automation (RPA)
        • Remote Monitoring Software
        • Supervisory Controller and Data Acquisition (SCADA)
        • Others
      • Services
        • Professional Services
        • Managed Services
    • By Deployment (USD)
      • Cloud
      • On-premise
    • By Enterprise Size (USD)
      • Small & Medium Size Enterprise
      • Large Enterprises
    • By Industry(USD)
      • Discrete Industry
        • Automotive
        • Transportation
        • Industrial Machinery
        • Medical Devices
        • Semiconductor and Electronics/High-Tech
        • Others
      • Process Industry
        • Pharmaceuticals
        • Mining & Metals
        • Chemicals
        • Pulp and Paper
        • Others
    • By Region (USD)
      • North America
      • Latin America
      • Europe
      • Middle East & Africa
      • Asia Pacific
  • North America Market Size Estimates and Forecasts, By Segments, 2018-2029

TOC Continued…!

FAQs:

What was the value of the Smart Manufacturing Market in 2020?

The market was valued at USD 225.80 billion in 2020.

At what CAGR is the Smart Manufacturing Market projected to grow in the forecast period (2022-2029)?

The market is projected to grow at a CAGR of 13.1%.

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

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Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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