Global Smart Manufacturing Market to Expand at 15.75% CAGR till 2023
According to a new report on Industry 4.0 published by Research on Global Markets, the global smart manufacturing market is expected to exhibit a significant compound annual growth rate (CAGR) of 15.75% during the 2018-2023 period.
Developed by Netscribes, the report says that the increasing need for data-driven decision making, intense cost competition, and streamlining of manufacturing processes for higher productivity are the key driving forces of this market. Advancements in digital technologies such as machine learning, machine vision, and motion control, are resulting in the higher adoption of industrial automation across several sectors, especially in the automotive industry. With regard to application, the industrial automation segment currently occupies the largest market share across the world, followed closely by the Industrial Internet of Things (IIoT) segment.
The report also suggests that the aerospace sector will generate the highest demand for smart manufacturing solutions. The sector is anticipated to witness considerable expansion during the forecasted period, mainly due to an increase in the production of advanced aircraft, such as the Boeing 787 and Airbus A350. Based on region, North America is leading the innovation in the smart manufacturing industry, and occupied the largest share of the global market. Significant investments in smart manufacturing technologies, tax subsidies for manufacturers, and innovations in robotics are propelling the growth of the smart manufacturing market in the region.
Key highlights of this report:
- Comprehensive global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global smart manufacturing market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on application (industrial automation, smart factory, and industrial Internet of Things [IIoT]) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on end users (automotive, aerospace, chemicals and materials, electrical and electronic equipment, food and agriculture, healthcare, industrial equipment, and others) - market size (USD Bn), key drivers and challenges, and penetration
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America, and The Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for smart manufacturing solutions across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.