Smart Manufacturing Market Size, Industry Analysis Report By Component (Hardware, Software, Services), By Technology Outlook (Machine Execution Systems, Programmable Logic Controller, Enterprise Resource Planning, SCADA, Discrete Control Systems, Human Machine Interface, Machine Vision, 3D Printing, Product Lifecycle Management, Plant Asset Management), By End-Use Outlook (Automotive, Aerospace & Defense, Chemicals & Materials, Healthcare, Industrial Equipment, Electronics, Food & Agriculture, Oil & Gas) & Region – Forecast

  • 14/11/2022
  • 263
  • Information Communication & Technology
Smart Manufacturing Market- Overview
The Smart Manufacturing Market is valued at USD 97.6 billion in 2022 and is projected to reach a value of USD 379.49 billion in 2030 expanding at a CAGR of 18.5% over the forecast period of 2022-2030. Smart technologies have been able to provide the global market with real-time analysis and synchronization that has helped in the reduction of costs and have also saved out time. The market is directly proportional to technological developments, where both grow together. During the pandemic, all the industries and elements that were involved in industrial automation had been affected or shut down. But, during the initial worldwide lockdown, the global supply chains and operational logistics were suddenly affected. As the demand for non-essential products reduced, the market became more focused on the essential products manufacturing in order to survive during the pandemic. But, the market had a boom during the pandemic period as industries needed to provide their products and services safely and quickly. The market grew during this unprecedented event as a direct result of demand and also government financial assistance and technical support.

Smart Manufacturing Market- Growth Factors
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the growing adoption of industry, rising emphasis on industrial automation in manufacturing processes. Also, the information technology industry is at the forefront for the existence of the market and also its development. The market has thus, seen a boom in its growth as a result of the recent installation and widespread standardization of the Internet of Things (IoT) over the forecast period. The Internet of Things has normalized the entry-level, application, and execution of manufacturing market technology around the world. Additionally, the industry has been rising momentum in developing nations such as, India, Mexico, and Brazil. As the developing countries are undergoing industrialization at an exorbitant rate, the companies as well as industrial plants are seeing this as an opportunity. Along with technological and logistical advancements, governments in developing countries have also been enacting laws that benefit businesses, thus boosting the market growth over the forecast period.

Smart Manufacturing Market- Market Trends
• The rising growth of the market is a result of the growing implementation and adoption of Industry 4.0. The increase in automation and software-based processes has added to the market share. This has boosted the market over the forecast period.
• Increasing government involvement in the smart manufacturing market has also fuelled the market growth over the forecast period. They have been supporting as well as funding R&D for technologies such as, IIoT and industrial 3D printing.

Smart Manufacturing Market- Segmentation
The smart manufacturing market is segmented into component, technology, and end-use.

Based on Component
• Hardware
• Software
• Services

Based on Technology Outlook
• Machine Execution Systems
• Programmable Logic Controller
• Enterprise Resource Planning
• Discrete Control Systems
• Human Machine Interface
• Machine Vision
• 3D Printing
• Product Lifecycle Management
• Plant Asset Management

Based on End-Use Outlook
• Automotive
• Aerospace & Defense
• Chemicals & Materials
• Healthcare
• Industrial Equipment
• Electronics
• Food & Agriculture
• Oil & Gas
• Others

Smart Manufacturing Market- Regional Segmentation
The smart manufacturing market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. Also, the region is anticipated to be the fastest-growing region over the forecast period. Developing countries such as, India and China have vast unexplored opportunities and are aiming toward full automation in smart manufacturing. These countries also want to be independent in terms of production and manufacturing so they invest heavily in industry 4.0.

Smart Manufacturing Market- Key Market Players
Some of the prominent companies operating in the market are Siemens; General Electric; Rockwell Automation, Inc.; Schneider Electric; Honeywell International Inc.

Report scope
Smart Manufacturing Market : Historical Years- 2018-2021
Smart Manufacturing Market : Forecast Years- 2022-2030
Smart Manufacturing Market 2022- USD 9.11 billion
Smart Manufacturing Market CAGR- 4.5%

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).


The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.

Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


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