With a wide range of technologies including 3D printing, artificial intelligence (AI) in manufacturing, automated guided vehicles, condition monitoring, cybersecurity, digital twins, HMI, machine vision, MES, PAM, robots, and sensors, the Smart Manufacturing Market is expected to grow significantly on a global basis. The market is projected to grow at an outstanding Compound Annual Growth Rate (CAGR) of 17.2% over the course of the forecast period, from USD 108.9 billion in 2023 to USD 241.0 billion by 2028. The increased integration of cutting-edge technologies to improve manufacturing processes across a variety of industries is credited with this growth. Smart Manufacturing is becoming more and more popular around the world since it provides answers for increasing productivity, cutting expenses, and guaranteeing quality. The market is set for tremendous increase as sectors embrace the revolutionary power of smart technology, transforming global production in the process.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=105448439

The smooth integration of cutting-edge technologies like automation, artificial intelligence (AI), and the Internet of Things (IoT) is driving the expansion of the smart manufacturing industry. Together, these technologies can increase manufacturing decision-making processes, improve production efficiency, and add predictive maintenance capabilities. As a result, industries are transformed and are encouraged to become competitive and adaptive in the face of rapid evolution. In addition to streamlining operational procedures, the confluence of automation, artificial intelligence, and IoT opens the door to creative solutions that improve manufacturing performance as a whole. The smart manufacturing market, which presents a dynamic and technologically advanced landscape for organisations globally, is poised for continued expansion as sectors increasingly recognise the importance of these advancements.

The Warehouse Management System (WMS) segment is expected to register a higher CAGR during the forecast period.

Within the larger smart manufacturing business, there is currently strong growth being experienced by the Warehouse Management System (WMS) industry. The primary cause of this growth is the growing demand for real-time data insights, effective inventory control, and improved logistics. The adoption of smart manufacturing practises by enterprises in diverse sectors highlights the significance of WMS in augmenting supply chain efficiency. It is essential for cutting down on operating expenses and guaranteeing that the operations of production and distribution are seamlessly coordinated. This expanding tendency emphasises how crucial warehouse management systems are to the overall expansion and effectiveness of the smart manufacturing industry.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=105448439

Digital Twin segment to record the highest CAGR during the forecast period.

The smart manufacturing industry is witnessing a notable surge in the adoption of digital twins due to the growing recognition of their revolutionary potential. Real-time monitoring, analysis, and optimisation are made possible by digital twins, which generate virtual copies of real assets or processes. Digital twins offer essential insights that improve manufacturing processes, reduce downtime, and improve product development in an era where enterprises prioritise efficiency, predictive maintenance, and continuous innovation. The exponential growth in the application of digital twins highlights their crucial role in influencing the direction of smart manufacturing going forward, as they aid in the development of technologically sophisticated and data-driven production ecosystems.

Energy & Power segment to record the highest CAGR in the process industry during the forecast period.

In the context of smart manufacturing, the Energy & Power industry is rapidly growing, utilising cutting-edge technology such as artificial intelligence (AI), data analytics, and the Internet of Things (IoT). The industry's resource utilisation is optimised, predictive maintenance is made possible, and operational efficiency is increased through the integration of these cutting-edge technology. Intelligent systems improve overall productivity by optimising workflows, reducing downtime, and facilitating the development of renewable energy solutions and smart grid deployment. This expansion shows how important smart manufacturing has been in changing the Energy & Power sector and paving the way for more sustainable and effective energy resource production and distribution.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/smart-manufacturing-market-105448439.html

North America is expected to grow at the highest CAGR in the Smart Manufacturing Market from 2023 to 2028.

The integration of revolutionary technologies like automation, artificial intelligence (AI), and the Internet of Things (IoT) is driving the robust expansion of smart manufacturing in North America. Traditional production methods are being revolutionised by this paradigm change, and the automotive and electronics industries are leading the way in embracing these technologies. The objectives are to attain cost-effectiveness, improve product quality, and maximise operational efficiency. Driven by an innovative culture, a proficient workforce, and a resilient infrastructure, North America is fast becoming a major participant in the global smart manufacturing revolution. A more technologically advanced and efficient manufacturing landscape is being paved by the region's dedication to technology breakthroughs, which puts it as a pioneer in adopting and implementing smart manufacturing practises.

Key players operating in the Smart Manufacturing Market include 3D System, Inc. (US), ABB (Switzerland), Cisco System, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), IBM (US), Mitsubishi Electric Corporation (Japan), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Oracle (US), SAP (Germany), Stratasys (US), Yokogawa Electric Corporation(Japan).in the Smart Manufacturing market.

News Covered:

https://www.prnewswire.com/news-releases/smart-manufacturing-market-worth-241-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301908937.html

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com