Press Release / Technology / Smart Manufacturing Platform Market Size | Industry Analysis and Market Forecast to 2024

Smart Manufacturing Platform Market Size | Industry Analysis and Market Forecast to 2024

The 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 compound annual growth rate (CAGR) of 19.7%. Increasing demand for streamlined and automated data to enhance productivity and reduce operational costs, support from governments for industrial automation, and growth in industrial automation in various industries are some of the driving factors of the market.

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Device management segment would account for larger share of smart manufacturing platform market, by 2024

Increasing adoption of industrial IoT solutions requires a number of IoT devices in industries or plants. As the number of connected devices keeps increasing to deliver more data, the overall efficiency of operation is also expected to grow in tandem. Effective device management is essential for monitoring & maintaining the health, connectivity, and security of IoT devices. Device management platforms assist manufacturing enterprises in effectively managing and tracking and securing devices used in plants or industries.

Process industry to account for the largest market share during the forecast period

Oil & gas, chemicals, energy & power, food & beverages, pharmaceuticals, and metals & mining are among a few major process industries. Critical industries are required to be monitored remotely, all the time. Increasing automation in process industries drives the growth of smart manufacturing platform market. Smart manufacturing platforms provide the required data to optimize utilization, improve quality & performance, reduce waste, and maximize profit. Many platforms can connect and collect data from any industrial asset or process. Data can be accessed anytime, anywhere through any device, including desktops, laptops, tablets, or smartphones.

APAC to witness the highest CAGR in smart manufacturing platform market during the forecast period
Some of the important industries in APAC include automotive, electronics, power & energy, chemical, and oil & gas. Countries such as China, Japan, South Korea, and India have undertaken numerous initiatives to encourage the implementation of IIoT in their respective domestic industries. Increasing government initiatives to adopt advanced automation technologies creates an opportunity for this market. Also, the increasing interests of smart manufacturing platform providers by collaborating with cloud service providers to expand their presence in APAC is one of the vital opportunity in this market.

Major players in the smart manufacturing platform market include Microsoft Corporation (Microsoft, US), IBM Corporation (IBM, US), PTC Inc. (PTC, US), SAP SE (SAP, Germany), Hitachi, Ltd. (Hitachi, Japan), Amazon.com, Inc. (Amazon, US), Siemens AG (Siemens, Germany), Schneider Electric SE (Schneider Electric, France), ABB Group (ABB, Switzerland), Emerson Electric Co. (Emerson, US), Fujitsu Ltd. (Fujitsu, Japan), Accenture plc (Accenture, Ireland), Robert Bosch GmbH (Bosch, Germany), Oracle Corporation (Oracle, US), Cisco Systems, Inc. (Cisco), Rockwell Automation, Inc. (Rockwell, US), Atos SE (Atos, France), C3 IoT (US), Telit Communications PLC (Telit, UK), Software AG (Germany), Seebo Interactive Ltd. (Seebo, US), QiO Technologies (QiO, UK), Altizon Systems (Altizon, US), Losant (US), Litmus Automation (US), and Flutura Decision Sciences and Analytics (Flutura, US).

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