According to MarketsandMarkets, the global smart manufacturing platform market is projected to grow from USD 4.4 billion in 2019 to USD 10.8 billion by 2024; it is expected to grow at a CAGR of 19.7%. Major factors driving the growth of the smart manufacturing platform market include the rising importance of Industry 4.0 & smart factory, government support to increase industrial automation in various countries, and focusing on end-user industries to reduce operational costs & enhance efficiency.
The process industry is expected to account for the largest share of the smart manufacturing platform market during 2019–2024. Oil & gas, chemicals, energy & power, food & beverages, pharmaceuticals, metals & mining are among a few major process industries. The emergence of Industry 4.0 and the evolution of big data have provided unique opportunities to process industries. Process industries require critical monitoring and controlling processes. Smart manufacturing platforms help improve connectivity, efficiency, scalability, and achieve time & cost savings for end-users. Platforms help to connect assets and collect, monitor and analyze data in real-time which in turn improves efficiency and profitability
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The device management platform is expected to capture the largest market share and is likely to witness a higher CAGR in the smart manufacturing platform market during the forecast period. The emergence of the IIoT, smart manufacturing, Industry 4.0, digitization, and connected enterprise have resulted in end-user industries adopting advanced solutions in various sectors. Abundant data generates from multiple devices in plants. It becomes vital to manage these devices, and the data generated from these devices to operate more efficiently. The device management platform help in various aspects of devices including the ability to connect and disconnect new devices, control various devices, to view details of devices, and check their status to monitor devices remotely, among others
Cloud deployments expected to grow at the highest rate for smart manufacturing platform market during the forecast period as it offers advantages such as greater scalability, cost-effectiveness, reliability which means no single point of failure will interrupt entire service, and an easy backup. In terms of geographic coverage, the smart manufacturing platform market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of World (RoW). North America is expected to continue to lead the smart manufacturing platform market during 2019–2024. North America includes countries such as the US, Canada, and Mexico. North America is one of the most lucrative markets and one of the largest manufacturing hubs in the world. Strong economic position and active government support have contributed to the large-scale adoption of advanced technologies in the industrial segment. Rising adoption of automation in the industrial sector and implementation of industrial IoT are some of the primary reasons for the growing smart manufacturing platform market in this region. Presence of leading players including cloud service providers such as including Emerson, GE, Cisco, Rockwell Automation, Amazon, Microsoft, IBM, and PTC also provides an opportunity in this region.
