The Smart Manufacturing Market is expected to develop at a fast Compound Annual Growth Rate (CAGR) of 17.2%, rising from USD 108.9 billion in 2023 to USD 241.0 billion by 2028.

This expected spike highlights how smart manufacturing technologies are being adopted by a wider range of businesses. The market is expanding at an accelerated rate due to the revolutionary effects of intelligent automation, data analytics, and connectivity in improving productivity, elevating efficiency, and fostering overall operational excellence. This anticipated development represents a paradigm shift towards technologically enhanced and networked industrial ecosystems as industries embrace the era of smart manufacturing.

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A number of major factors, including the move towards Industry 4.0 and an increased emphasis on industrial automation in manufacturing processes, are driving the smart manufacturing industry. The market's growth is also fueled by government programmes that assist industrial automation, an increasing focus on regulatory compliance, and the increased complexity of the supply chain. The increased demand for software systems designed to cut costs and time is a reflection of the industry's dedication to using cutting edge technology to improve overall operational effectiveness and adjust to changing industrial environments.

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Market for digital twins expected to grow at the fastest rate during the forecast period

The smart manufacturing market is expected to increase significantly, especially in the area of enabling technologies like digital twins. Based on projections, the market is expected to develop at a fast compound annual growth rate (CAGR) of 68.9% from 2022 to 2027, which will increase its estimated value from USD 2.1 billion in 2021 to USD 43.6 billion by 2027. A key component of this expansion are digital twins, which act as a link between tangible goods and their behaviour in the real world by providing a 3D digital model for in-depth analysis. Leaders in the industry, such as Dassault Systems, have promoted the idea of virtual twins, which allow design and engineering teams to visualise and analyse data virtually while simulating physical behaviours and offering important insights on dynamics related to software, vibration, and stress.

Automotive industry to hold largest share of Smart manufacturing market in 2027

With the largest market share and the potential for significant growth at a pace of 29.1% over the course of the projection period, the automotive industry is one of the key drivers of the smart manufacturing market. A number of factors have contributed to this domination, including changing consumer preferences and the inadequacies of traditional procedures. The automobile sector must deal with a high level of product complexity as a result of evolving consumer preferences, technology breakthroughs, and industry-specific laws. Because cars are complicated and technologically sophisticated, state-of-the-art techniques and procedures must be used. Furthermore, the introduction of new technologies such as gas- and electric-powered cars has sparked changes in the infrastructure, as the use of cutting-edge machinery and equipment gradually replaces the need for human operators in crucial automotive operations.

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Smart manufacturing market in APAC to grow at the highest CAGR

The Asia-Pacific (APAC) smart manufacturing industry is expanding rapidly, driven by a number of important factors. The automation boom in industries is driving an increasing demand for smart tools, which is being greatly aided by the widespread adoption of cutting-edge technologies such as Industry 4.0, smart factory solutions, Internet of Things (IoT), and Industrial Internet of Things (IIoT). The adoption of smart manufacturing solutions in the region is further driven by the imperative to improve productivity and reduce costs associated with operations and maintenance. The need for smart manufacturing is expected to rise in the near future due to the vital role played by government backing in driving industrialization throughout various APAC nations. Prominent endeavours like China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0" are expected to assume crucial roles in propelling industrial capabilities, offering substantial growth prospects for the smart manufacturing industry.

Major companies offering smart manufacturing technologies include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), and General Electric (US).

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