Smart manufacturing is a technology-based approach which makes use of Internet-connected devices to track and monitor the production process. Growing adoption of industrial automation in the manufacturing process, increasing focus on regulatory companies, growing government investment in industrial automation, rising demand for software processes which reduce cost as well as time and raised complexities in the supply chain are some of the major factors fueling the growth of the smart manufacturing industry.
Smart manufacturing platform is used to manage the manufacturing processes with the help of computer control, big data, modeling, and other automation to increase manufacturing efficiency. However, the platform is specially designed to take advantage of advanced manufacturing technologies and information to enable the feasibility of several physical processes. In this process, labor training, as well as advanced technologies, is used to improve manufacturing flexibility to finish several tasks. The services which are enabled by the smart manufacturing are specially designed to the store, collect, delivering, and processing of the data.
On the other hand, the positive impact of government investment and initiatives to encourage the adoption of smart manufacturing has been the most significant factor boosting the demand for smart manufacturing. In addition, aerospace & defense and automotive industries are the crucial growth avenue for service providers. Likewise, with the propagation of modeling, 3D printing, and simulation in design and manufacturing, these industries are likely to remain with a substantial growth rate during the prediction period. However, the huge number of solutions now available in the market, real-time analytics and digital twin are expected to increase the penetration of digitalization in these markets.
In addition, the rising focus on business process proficiency and cost reduction, the continuous growth of analytical solutions are likely to drive the global market for smart manufacturing. The global smart manufacturing market also has several productive prospects, as major service providers launching innovative solutions to SMBs. However, these new solutions are specially designed to overcome several productions challenged in the manufacturing process.
Furthermore, the requirements for modernization and upgrade of legacy control systems become significant to compete at global standards. Increasing investment and interest in smart manufacturing from a discrete, batch, and continuous manufacturers are one of the crucial aspects of the manufacturing industry. However, the number of regions has begun investing in smart manufacturing. With the huge number of ongoing projects, several emerged regions such as Japan, the U.S., and Germany are witnessing the huge demand for smart manufacturing. On the other hand, developing regions such as China are adopting technological advancements. Thus, the Asia Pacific region is dominated for the highest share of smart manufacturing across the world; this is due to the existence of a huge number of manufacturing companies in the region.
The numbers of service providers in the market are seeking ways to improve production efficiency, reduce cost, and improve product quality. However, reduced production cost and improved productivity are significant factors expected to drive the growth of the global smart manufacturing market.
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