Global Smart Manufacturing Platforms Market

Smart Manufacturing Platform Market was calculated at USD 6.65 Billion in 2021, and it is estimated to reach USD 12.55 Billion by 2028, growing at a CAGR of 17.35% during the forecast period 2022 to 2028. The evolution of the market is attributed to an increase in industrial automation, increasing acceptance of the smart manufacturing platform in the automotive enterprise, expanding service from management for industrial automation, and rising need for streamlined and automated data to strengthen productivity and the growth in adoption of IIoT & cloud technologies and partnership of platform providers with cloud assistance providers are predicted to create opportunities for smart manufacturing platforms in the coming years.

What are Smart Manufacturing Platforms?

The device management platform authorizes to connect and disconnect new devices, control different devices, view facts of the devices and check their status, and monitor devices remotely. In the manufacturing industry, intelligent machines are being utilized to carry out the manufacturing procedure without human intervention. Companies in industrial manufacturing detect high pressure to improve productivity and lower manufacturing prices.

Growth Drivers

Increase in industrial automation 

Industrial automation is described as using control systems such as robots or computers for operating machinery and different functions in any industry. For example, intelligent machines are being operated to carry out the manufacturing process without any human intervention in the manufacturing industry. Businesses in industrial manufacturing notice high pressure to improve productivity and lower manufacturing costs. Thus, they adopt industrial automation to decrease manufacturing expenses, increase productivity, and optimize resources. Industrial automation systems destroy human intervention, reduce work, waste, and labor expense, minimize downtime and inaccuracies; increase process quality, and decrease the reaction and processing time. In addition, the systems also monitor and record useful information to improve the manufacturing process, recognize patterns, and implement modifications to control forthcoming events.

Opportunities

Expansion in the adoption of IIoT and cloud technologies

IIoT is the application of interconnected sensors, instrumentation, and different mechanical devices in the manufacturing enterprise. IIoT is revolutionizing manufacturing plants by joining a wide network of intelligent machines that can improve automation in plants. With IIoT, plant floors are becoming increasingly connected and integrated, which has changed industrial automation into smart automation, allowing manufacturers to achieve a higher return on investment. IIoT allows users to access data of the inaccessible parts of a plant at any time. The IIoT creates industrial operations efficient, productive, and innovative, as the architecture delivers knowledge about operational and business systems on a real-time basis. The manufacturers investing in the IIoT are achieving advanced and efficient productivity through connectivity, automation, and analytics. IIoT delivers total visibility of assets, resources, processes, and products to the plant managers.

Restraints

Shortage of qualified IoT connected workforce

The growing requirement to boost productivity, optimize resources, and lower manufacturing prices are responsible for the increasing need for smart manufacturing platforms in manufacturing skills. Smart manufacturing platforms help manufacturers collect and manage data automatically to make informed decisions. IoT technology communicates this data from machines and sensors to the cloud. Several enterprises across the globe have completely invested in analysis and development and are adopting IoT technologies to automate their manufacturing procedures. However, some major companies have unskilled or less qualified people, which negatively impacts smart manufacturing platforms.

Pre Covid-19 Impact on Global Smart Manufacturing Platforms

Pre-covid-19, the demand for smart manufacturing has decreased due to the shutdown of manufacturing facilities worldwide in Quarter 1 and Quarter 2 of 2020. However, industrial plants are anticipated to resume their production activities after the pandemic, increasing the demand for smart manufacturing platforms in various industries. Besides, manufacturers are highly focusing on digitization after the pandemic, increasing the adoption of smart manufacturing platforms.

Covid-19 Impact on Global Smart Manufacturing Platforms

During the covid-19 explosion, they harshly affected the global economy and all the industries throughout the world. Governments of different nations have levied lockdowns to prevent the spread of the epidemic. The total global lockdown in the initial stage of the pandemic in various countries severely impacted people’s livelihoods and quality of life. It has resulted in disturbances in the supply chain across the world. The economies across the world have reduced as there is a major decline in the market for products. The production across industries has been restricted due to the pandemic resulting in the lack of raw material. The reduction in exports and the troubles in the supply chain are the major elements contributing to the decline in production.

Post Covid-19 Impact on Global Smart Manufacturing Platforms

After the covid-19 outbreak, governments worldwide increasingly supported and invested in smart manufacturing initiatives. Both developed and developing economies embrace this avenue, contributing to market growth. For example, under the Made in China 2025 plan, the government of China is reportedly funding around USD 3.5 billion.

By Type Segmental Analysis

Based on type segmental analysis, the market is segmented into Device Management, Connectivity Management and Application Enablement Platform. Device management to maintain the largest share of the smart manufacturing platform market by 2026, the emergence of AI, IIoT, smart manufacturing, Industry 4.0, digitization, and associated enterprise has affected different industries to deploy developed solutions in their plants. As a large amount of data is generated from various devices used in industrial facilities thus, it has evolved to control the devices and data induced.

By Organization Size Segmental Analysis

The market is segmented into Small & Medium Enterprises and Large Enterprise based on organization size. Small & Medium Enterprise is expected to hold the highest share in the global smart manufacturing platform market.

By segmental Application Analysis

The market is segmented into Performance Optimization and Asset & Conditioning Monitoring based on application segmental analysis. Smart manufacturing platforms performance optimize data to improve utilization, reduce waste, and multiply earnings. These platforms allow connecting, managing, and accessing data from anywhere and anytime through equipment like desktops, laptops, or smartphones.

By Industry Segmental Analysis

The market is segmented into the process and discrete industries based on industry segmental analysis. The process industry is further segmented into Oil & Gas, Power & Energy, Chemicals, Pharmaceuticals, Food & Beverages and Metals & Mining and Discrete industry are further segmented into Automotive, Electronics & Semiconductor, Industrial Manufacturing, Medical Devices, Aerospace & Defense and others. Automotive, aerospace, and defense are the top revenue-generating end-user verticals, while oil and gas and industrial equipment are expected to rapidly scale up the digitization efforts.

By Regional segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Asia-Pacific is anticipated to have the largest growth rate of the global smart manufacturing platform market during the forecast period. Asia-Pacific has offered exceptional expansion in industrialization for the last few years and is at the forefront of the digital process from the rest of the world. The Asia-Pacific can be seen steadily advancing toward the digital future. In Asia-Pacific, there are many emerging new small- and medium-sized businesses. It is easier for occurring businesses to embrace digitalization.

Competitors Analysis

The company includes Microsoft, IBM, Siemens AG, ABB, Hitachi, Ltd., Emerson Electric Co., PTC, SAP, Rockwell Automation, Inc., Schneider Electric SE, Oracle, and other prominent global smart manufacturing platforms market players. Key Stakeholders

• Market research and consulting firms
• Smart Manufacturing Platforms Associates
• Local Governments
• Regulatory bodies
• Smart Manufacturing Platforms Market
• Suppliers
• Service Providers

Recent Developments

• In October 2020, Schneider Electric presented EcoStruxure Automation Expert, the foremost software-centric industrial automation system. Through this invention, the company desires to support the customers unlock the full possibility of the fourth industrial revolution.
• In July 2020, ABB announced new analytical software and services, namely, ABB Ability Genix Industrial Analytics and AI Suite, which connect operational data with IT and engineering data to provide actionable intelligence. The recently established software will allow industries to optimize asset management, improve operations, streamline business sustainability, and provide safety.
• In June 2020, PTC declared the release of the latest version of the Industrial IoT platform, namely, ThingWorx 9.0, with new elements to help industrial enterprises implement, create, customize, and scale their solutions. ThingWorx 9.0 has presented an optimized clustered configuration, which will improve the horizontal scalability of the platform.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 6.65 Billion
The revenue forecast in 2028	USD 12.55 Billion
Growth Rate	CAGR of 17.35 % from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Microsoft, IBM, Siemens AG, ABB, Hitachi, Ltd., Emerson Electric Co., PTC, SAP, Rockwell Automation, Inc., Schneider Electric SE, Oracle are the key players.

Market Modelling

By Type

• Device Management
• Connectivity Management
• Application Enablement Platform

By Organization Size

• Small & Medium Enterprises
• Large Enterprise

By Application

• Performance Optimization
• Asset and Conditioning Monitoring

By Industry

• Process Industry
• Oil & Gas
• Power & Energy
• Chemicals
• Pharmaceuticals
• Food & Beverages
• Metals & Mining
• Discrete Industry
• Automotive
• Electronics & Semiconductor
• Industrial Manufacturing
• Medical Devices
• Aerospace & Defense
• Others

By Deployment Type

• Cloud
• On-Premises

By Country

• North America
• Europe
• Asia-Pacific
• The Middle East & Africa

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