Research Nester assesses the growth and market size of the global smart manufacturing market which is anticipated to be on account of the growing adoption of modern technologies and advanced software systems in businesses.

New York – May 24, 2023- Research Nester’s recent market research analysis on “Smart Manufacturing Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global smart manufacturing market in terms of market segmentation by component, technology, deployment, end-user, and by region.

Growing Trend of Business Automation to Promote Global Market Share of Smart Manufacturing

The major factors contributing positively to the global smart manufacturing market are the rising adoption of modern technologies in business automation such as Industry 4.0, artificial intelligence, machine learning, Internet of Things (IoT) devices, and others. Furthermore, such advanced technologies are also being infused in the growing manufacturing sector to streamline the processes which elevates revenue generation and eliminates human intervention. Furthermore, the surging demand for advanced software solutions that reduces time and cost in the manufacturing process is also estimated to favor the smart manufacturing market size expansion.

Some of the major growth factors and challenges that are associated with the growth of the global smart manufacturing market are:

Growth Drivers:

- Surge in Investments in Research and Development Activities
- Rapid Urbanization Across the Globe
Challenges:

The rising concern for rising cybersecurity along with the requirement of high investments and the unavailability of a skilled workforce for designing, installing, and maintenance of smart manufacturing technologies are some of the major factors anticipated to hamper the global market size of smart manufacturing.

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By end-use, the global smart manufacturing market is segmented into automotive, aerospace & defense, chemicals & materials, healthcare, electronics, food & agriculture, oil & gas, and others. Out of these, the automotive segment is attributed to holding the largest share by the end of 2035 by growing with a steady CAGR. The rapid growth in the automotive sector along with the increase in the production and demand for vehicles is estimated to favor segment growth. Furthermore, smart manufacturing technologies have aided automotive manufacturers to build automated assembly lines for vehicle parts and producing the whole car.

By region, the North American smart manufacturing market is to generate the highest revenue by the end of 2035. The rapid adoption of advanced technologies such as IoT, and IIoT aid in enhancing productivity and lowering operational and maintenance costs is the major factor driving the market value in the region. Also, the introduction of several favorable initiatives taken by the United States government is estimated to bring lucrative growth opportunities for market growth during the next few years.

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This report also provides the existing competitive scenario of some of the key players of the global smart manufacturing market which includes company profiling of ABB Group, Siemens Aktiengesellschaft, Honeywell International Inc., General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Robert Bosch GmbH, Mitsubishi Electric Corporation, FANUC, and other key players.

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