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Dubai, UAE, Feb. 01, 2023 (GLOBE NEWSWIRE) — Smart Manufacturing Market Report Forecast till 2028:
As per the recent research report published by Extrapolate, the global Smart Manufacturing Market was valued at USD 87.4 billion in 2021. The market is projected to grow to USD 238.8 billion by 2028, at a CAGR of 15.40% during the forecast period.
The smart manufacturing market is a quickly expanding and evolving part of the global economy. It uses sophisticated information technology such as Artificial Intelligence (AI), the Internet of Things (IoT), Big Data, Augmented Reality (AR), and Machine Learning (ML) to enhance and optimize the production process. These technologies improve efficiency and productivity, reduce costs, and enable companies to make better use of their resources while maintaining high-quality standards.
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This new way of manufacturing enables factories to be more efficient, cost-effective, and sustainable. There are several key factors driving demand for Smart Manufacturing such as increasing pressure to automate production processes and reduce costs, demand for faster response times, better quality control, and improved safety. Additionally, there is an increased demand for personalized products, shorter product life cycles, and rapid innovation in the global smart manufacturing market.
The Asia Pacific (APAC) region is expected to be the fastest-growing region in the global market, as it accounts for more than 27% of the total revenue. This is mainly attributable to the rising demand for smart manufacturing solutions among leading economies in the APAC region, such as China, Japan, and India. Moreover, rising urbanization, investments in industrial automation, and technological advancements are contributing significantly to the growth of the smart manufacturing market in the region.
Top 5 factors Driving Growth of the Smart Manufacturing Market
1. Increasing demand for industrial robots
2. Growing emphasis on energy efficiency
3. Resource Optimization: Smart factories leverage data-driven approaches to maximize the output of resources such as raw materials and energy. By optimizing resources, companies can save money on inputs and increase their overall profits.
4. Cost reduction in production operations
5. Rising demand for IoT and artificial intelligence in the production process
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Top Players in the Global Smart Manufacturing Market
- ABB Ltd. (Zürich, Switzerland)
- Siemens AG (Munich, Germany)
- General Electric (Massachusetts, U.S.)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Robert Bosch GmBH (Gerlingen, Germany)
- Rockwell Automation Inc. (Wisconsin, U.S.)
- Schneider Electric (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Fanuc Corporation (Yamanashi, Japan)
- Yokogawa Electric Corporation (Tokyo, Japan)
- Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)
Software Segment to Generate Over 51% of Market Revenue
The smart manufacturing market is set to see substantial growth due to the demand for efficient and cost-effective automation solutions across various industries. The software segment is poised to be the largest contributor, accounting for over 51% of total revenue. Demand for smart software solutions is on the rise, as they reduce labor costs and improve production rates and product quality.
These solutions automate design, production planning, inventory management, process control, and machine maintenance, resulting in improved efficiency and cost savings. Integration with existing infrastructure provides enhanced flexibility and scalability. Additionally, industry 4.0 is driving demand for software solutions in smart manufacturing. Connected production processes utilizing IoT, sensors, machine learning, intelligence platforms, and data analytics automate processes and increase efficiency, offering manufacturers opportunities for increased productivity and cost savings.
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Large Enterprise to Lead the Global Smart Manufacturing Market
Large businesses are poised to dominate the revenue generated by the smart manufacturing industry due to their advantage in several areas. Firstly, they have ample financial resources to invest in the latest technology and processes, essential components of successful smart manufacturing. This allows them to stay ahead of the curve and maintain a competitive edge. Furthermore, they have access to specialized and experienced personnel, adding to their technical expertise and helping to drive innovation.
In addition to these advantages, large businesses also benefit from their ability to scale up production through automation and data analysis. By streamlining operations, they can reduce costs, increase efficiency, and ultimately increase profits. Furthermore, by leveraging smart manufacturing, these businesses can also gain insights into their operations, allowing them to make data-driven decisions, enhance their products and services, and create new business opportunities.
North America to Remain One of the Key Regions in the Global Smart Manufacturing Market
North America is expected to hold second largest revenue share in the global smart manufacturing market after Asia Pacific. North America is estimated to account for 26% of the global smart manufacturing market’s revenue by 2028. The United States and Canada are the major contributors to the regional market due to various factors such as technological advancements, increasing investments in research & development activities, a large number of IT service providers, and the presence of well-established manufacturing companies.
The US smart manufacturing market is expected to grow at a CAGR of 12.5% from 2022 to 2028 and remain the key contributor to regional market growth due to rapid technological advancements, increasing adoption of automation technology, and the presence of various smart factory hubs. Additionally, the US is investing heavily in research & development activities and has favourable government policies, which are contributing to the growth of the smart manufacturing market.
Canada holds a significant share of the North American smart manufacturing market owing to the presence of a large number of automotive manufacturers and metalworking companies. The increase in public-private investments and the expansion of the aerospace sector are some of the factors that are driving the growth of the smart manufacturing market in Canada. Hence, with its continuous technological advancements, the presence of well-established manufacturing companies, government support, and increasing investments in R&D activities, North America is likely to make its market position stronger in the years to come.
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Section II: Industrial Automation Market Report, Forecast till 2028
The global Industrial Automation Market was valued at USD 191.89 billion in 2021 and is expected to increase to USD 395.09 billion by 2028 at a CAGR of 9.8% during the forecast period of 2022-2028.
According to the latest report from Extrapolate, the market growth is driven by several factors, such as the increasing adoption of smart technologies and growing demand for industrial robots and automated control systems. The report highlights the increasing demand for automation solutions in the manufacturing and processing industries. Manufacturers are deploying automation solutions such as robotic process automation (RPA), machine vision, and artificial intelligence (AI) to reduce manual labor costs, improve product quality, and increase production efficiency. As a result, there has been a rise in investments in the automation industry, which has further fueled the growth of the industrial automation market.
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The demand for industrial robots and automated control systems is surging in various industries such as automotive, pharmaceuticals, and food & beverage. These systems improve production processes by reducing cycle time, increasing safety and accuracy, and lowering labor costs. The use of IoT in smart factories is driving the growth of the industrial automation market, as it allows for real-time data analysis and quicker decision making for improved efficiency and reduced downtime.
The global industrial automation industry is dominated by a few key players, including Yaskawa Electric, Omron Corp., Yokogawa Electric, Nidec Corp., and Mitsubishi Electric. These leading companies offer a wide range of products and services related to industrial automation, including robots, control systems, and vision systems that can be used to automate production processes and improve efficiency. Additionally, these industry giants are constantly investing in research and development to stay ahead of the competition and provide innovative solutions for their customers.
Some of the major players in the Industrial Automation Market are:
- ABB (Switzerland)
- Emerson Electric Co. (U.S.)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation. (Japan)
- Omron Corporation (Japan)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Yokogawa Electric Corporation (Japan)
Distributed Control Systems to Generate Over 35% of Market Revenue
The global industrial automation market is experiencing rapid growth due to increasing demand from industries such as mining, automotive, and manufacturing. Distributed Control Systems (DCS) are expected to drive a significant portion of the industrial automation market revenue with an estimated 35% of the total revenue generated in the next few years. DCS offers enhanced features and capabilities compared to traditional automation systems. They are capable of acquiring data from multiple points, such as machines, process parameters, and environmental conditions, which helps in monitoring, controlling, and optimizing the production process. Additionally, they also provide a centralized platform to control various components of the production line, allowing production managers to have complete control over the process.
DC systems are becoming more popular amongst manufacturers due to their flexibility, scalability, and ease of integration with other systems. They allow the manufacturers to configure the system according to their requirements and quickly implement changes if needed. Moreover, their distributed architecture ensures reliability and allows for easy maintenance. In conclusion, the need for automation in various industries has resulted in a large demand for distributed control systems. These systems offer enhanced features and flexibility for manufacturers and are expected to generate over 35% of the total revenue of the global industrial automation market in the coming years.
Hardware Segment to Contribute the Most to Global Industrial Automation Market Revenue
The global industrial automation market is poised for high growth as automation solutions become more widely adopted across industries. The hardware segment is expected to be the largest contributor. Demand for industrial automation hardware components is rising as they play a critical role in automation processes. The need for efficient and cost-effective solutions has spurred the development of new technologies like robotics and control systems, which reduce labor costs, improve production rates and product quality.
The hardware segment is forecast to see steady growth due to increasing demand for automation solutions. The popularity of Industry 4.0 and connected production processes will further drive demand for industrial automation hardware. Companies are focused on developing intelligent systems that can be integrated with existing infrastructure to automate production processes, offering manufacturers opportunities for improved flexibility, productivity, and cost-efficiency.
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North America to Lead Global Industrial Automation Market
North America is projected to remain the largest consumer of industrial automation, accounting for a market share of 29.4% in 2022 and expected to grow even further with a CAGR of 8.6% during the forecast period. This is mainly due to the presence of leading industrial automation players in the region and the development of advanced automation technologies. The US holds the largest share of the North American automation market and is expected to account for more than 80% of the total market by 2028. The country has been making significant investments in automation and digitalization technologies to uplift its manufacturing sector. The US government has also announced initiatives such as the National Network for Manufacturing Innovation (NNMI) and the Smart Manufacturing Leadership Coalition (SMLC) to promote innovation and digitalization in manufacturing.
In addition, the US Department of Defense has recently released an updated policy on Industrial Control Systems (ICS) security to improve the security of automation systems across critical infrastructures in the country. Moreover, the increasing adoption of AI, machine learning, and other analytics techniques has enabled the automation of processes in various industries. According to a study by Extrapolate, the likelihood of using AI applications is estimated to increase up to 85% by 2030. Automation is also expected to help increase sales by 20% through automating offers based on past customer data.
Some Major Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Industrial Automation Market
Chapter 5. Global Industrial Automation Market Overview, By Component, 2015 – 2028(USD Million)
Chapter 6. Global Industrial Automation Market Overview, By Control and Safety System, 2015 – 2028(USD Million)
Chapter 7. Global Industrial Automation Market Overview, By Industry, 2015 – 2028(USD Million)
Chapter 8. Global Industrial Automation Market Overview, By Geography, 2015 – 2028(USD Million)
Chapter 9. North America Industrial Automation Market Overview, By Countries, 2015 – 2028(USD Million)
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets – not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.
HER HIGHNESS SHEIKHA MOZA OPENS 11TH EDITION OF WISE SUMMIT
Safeena Husain recognized as the 2023 Wise Prize for Education Laureate for work with Educate Girls
DOHA, Qatar, Nov. 28, 2023 /PRNewswire/ — Her Highness Sheikha Moza bint Nasser, Chairperson of Qatar Foundation, spoke at the opening of the 11th edition of the WISE Summit taking place from 28-29 November in Doha, Qatar, under the theme ‘Creative Fluency: Human Flourishing in the Age of AI’.
Her Highness Sheikha Moza said: “I want to ensure WISE is a platform for new ideas that keep pace with the changes taking place in the world, and the obstacles that education faces in certain countries for reasons of which we are all too aware. There is no alternative but to innovate if we are to find solutions to intractable problems.”
During the opening plenary, Her Excellency Sheikha Hind bint Hamad Al Thani, Vice Chairperson and CEO of Qatar Foundation, awarded the prestigious WISE Prize for Education. This is the first global award of its kind that honors an individual for an outstanding contribution to education. Husain was recognized for dedicating 16 years to building the non-profit organization focused on empowering communities for girls’ education in some of India’s hardest to reach villages.
Over the years, Educate Girls has mobilized more than 1.4 million girls for enrolment and supported over 1.9 million children in their learning in India. Thanks to a precision targeting method using AI, Educate Girls is able to target, in 5 years, the same number of out-of-school girls, which would otherwise require 45 years. Through a network of over 21,000 community-based champions in some of the most marginalized communities in the country, the organization has been working to break the intergenerational cycle of inequality and exclusion.
Commenting on the award, Husain said: “This is a collective win for all of us working toward girls’ education, right from the government and local communities to dedicated gender champions and our supporters. It is a testament to the array of initiatives that are actively addressing this global challenge to ensure that every girl, in every village, is in school and learning well.
“Girls’ education is the closest thing we have to a silver bullet to solve some of the world’s most complex problems. We must recognize that the right to education is a girl’s inherent right – a right that must always take center stage.”
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Cisco Doubles Down on Network Assurance with AWS
Cisco delivers seamless integration between ThousandEyes and Amazon CloudWatch Internet Monitor.ThousandEyes’ unmatched cloud and Internet visibility combined with AWS’s Internet health and performance insights will allow a complete view of an application’s entire service delivery path, across private environments, the public Internet and into AWS’s network.Customers benefit from new operational insights and recommendations enabling them to optimize deployments and assure exceptional digital experiences for any AWS-hosted application.LAS VEGAS, Nov. 28, 2023 /PRNewswire/ — AWS re:Invent — Today at AWS re:Invent 2023, Cisco (NASDAQ: CSCO) announced new integrations between Cisco ThousandEyes and Amazon CloudWatch Internet Monitor (CWIM), a new Internet monitoring service from Amazon Web Services (AWS). The first-of-its-kind integration empowers customers with unparalleled visibility into their cloud deployments, enabling them to deliver unmatched optimized digital experiences.
With this new integration, customers can leverage operational insights to ensure optimal placement of AWS instances and monitoring coverage based on user traffic profiles. This integration comes on the heels of ThousandEyes announcing AWS Network Path Enrichment, giving customers deeper visibility into AWS by enriching ThousandEyes Path Visualization with data from AWS data sources—helping customers work more collaboratively with providers to resolve issues that are impacting application performance.
Building upon the existing relationship between AWS and Cisco, the new integration demonstrates Cisco’s deep commitment to its end-to-end network assurance vision. Cisco securely and sustainably connects everyone to everything and assures the digital experience of every one of those connections. By working with AWS, Cisco is delivering on its promise to provide visibility into every domain that impacts digital experience—whether user, enterprise, Internet, or cloud—so it can ultimately provide artificial intelligence (AI)-driven insights, recommendations, and remediations to support the digital transformation of every customer, wherever they are on their journey.
“Since launching one year ago, Amazon CloudWatch Internet Monitor has delivered real-time insights into the traffic and performance of our customers’ AWS VPCs, CloudFront distributions, and Workspaces towards Internet destinations. In-depth Internet visibility is critical to our customers, so we’re excited to combine forces with ThousandEyes to provide a comprehensive view of Internet health.” — Robert Kennedy, VP of AWS Border Network Engineering, AWS
“Connectivity is key to Sutherland’s business model and to our customer interactions. Cloud visibility is a big part of that and with ThousandEyes’ end-to-end visibility all the way from our employees’ home environments to AWS, we’re able to quickly catch and resolve issues which allows us to deliver consistent high-quality application experiences to both our employees and customers.”—Ted Sanfilippo, VP Infrastructure, Head of Global Network Services and GTOC, Sutherland
“Customers today need to assure digital experiences over any network—the ones they own and the ones they don’t. As the leader in Internet visibility, Cisco is on a mission to deliver unmatched, end-to-end network assurance. Today’s integration with AWS demonstrates our shared commitment to empower our customers to more effectively monitor and manage their cloud environments.”— Mohit Lad, Senior Vice President and General Manager, Network Assurance, Cisco, and Co-Founder, ThousandEyes
For more information and live demos visit ThousandEyes at AWS re:Invent at booth #1621. Join our Lightning Talk on the exhibit floor: NET102-S, “Extending ThousandEyes visibility to the AWS network,” November 28 at 3:30 PM – 3:50 PM (PDT)
The Amazon CloudWatch Internet Monitor integration will be available in Cisco ThousandEyes in spring 2024. The ThousandEyes platform is available for purchase today in AWS Marketplace.Additional Resources
ThousandEyes Announcement BlogAWS Marketplace: CiscoCisco at AWS re:Invent 2023Additional Cisco news at AWS re:InventAbout CiscoCisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
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Artificial Neural Network Market to Reach $1.4 Billion by 2032 at 19.9% CAGR: Allied Market Research
The growing demand for AI-based solutions and the rising need for intelligent business processes are expected to drive the global artificial neural network market growth.
NEW CASTLE, Del., Nov. 28, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Artificial Neural Network Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry (Healthcare, BFSI, Retail and E-commerce, Manufacturing, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032”. According to the report, the artificial neural network industry generated $227.8 million in 2022 and is anticipated to generate $1.4 billion by 2032, witnessing a CAGR of 19.9% from 2023 to 2032.
Prime determinants of growth
The notable factors positively affecting the artificial neural network market include the growing demand for AI-based solutions and the rising need for intelligent business processes. However, a lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN) can hinder market growth. Furthermore, advancements in big data analytics and the availability of high-performance computing systems offer lucrative market opportunities for the market players.
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Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Component, Deployment Mode, Enterprise Size Industry, and Region.
Growing demand for AI-based solutions
The rising need for intelligent business processes
Advancements in big data analytics.
The availability of high-performance computing systems.
A lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN)
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for less than two-fifths of the artificial neural network market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization which is one of the primary reasons enterprises are increasing their investment in the artificial neural network market. However, the services segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. The services segment is expected to witness the highest growth, as these services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
The on-premise segment to maintain its lead position during the forecast period
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based artificial neural network solutions. However, the cloud segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
The large enterprises segment to maintain its lead position during the forecast period
Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue, owing to the growing demand for artificial neural network solutions in large enterprises which is fueling the market growth in these enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 22.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.
The healthcare segment to maintain its lead position during the forecast period
Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing for less than two-fifths of the artificial neural network market revenue, owing to the development of digital technologies in IT sector. However, the manufacturing segment is projected to manifest the highest CAGR of 24.3% from 2023 to 2032. The surge in implementation of automation trends and the increase in utilization of digital technology in this sector are expected to provide lucrative opportunities for the market.
North America region dominated the global artificial neural network market in 2022
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the artificial neural network market revenue. The increase in the usage of artificial neural network solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.
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Recent Product launches in the Artificial Neural Network Market
In April 2023, Google LLC launched a cloud-based automation toolkit for healthcare organizations and previewed Med-PaLM 2, a neural network capable of answering medical exam questions.In August 2021, IBM Corporation unveiled details of the upcoming new IBM Telum Processor designed to bring deep learning inference to enterprise workloads to help address fraud in real-time..Recent Partnerships in the Artificial Neural Network Market
In June 2023, Snowflake partnered with Microsoft to simplify joint customers’ artificial intelligence projects. A core focus of the collaboration is Microsoft’s Azure OpenAI Service. It provides cloud-based versions of OpenAI LP’s machine learning models, including GPT-4.In November 2021, Qualcomm Technologies partnered with Google Cloud, on Neural Architecture Search (NAS), enabling the companies to create and optimize AI models automatically rather than manually.Leading Market Players: –
Amazon Web Services Inc. Google Inc. Hewlett Packard Enterprise Development LP IBM Corporation Intel Corporation Microsoft Corporation NVIDIA Corporation Oracle Corporation Qualcomm Technologies Inc. Salesforce Inc.The report provides a detailed analysis of these key players in the artificial neural network market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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- HER HIGHNESS SHEIKHA MOZA OPENS 11TH EDITION OF WISE SUMMIT
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