Smart manufacturing is a powerful disruptive force with the potential to restructure the current competitive landscape and produce a new set of market leaders. It is a combination of various technologies and solutions, which, if implemented in a manufacturing ecosystem, is termed smart manufacturing.

The smart manufacturing market is expected to be worth USD 170.78 billion by 2018 and USD 299.19 billion by 2023, growing at a CAGR of 11.9% from 2018 to 2023. Factors that drive the growth of the market include Industry 4.0, increasing use of industrial automation in manufacturing, government investments supporting industrial automation, rising emphasis on regulatory compliances, increased complexities in supply chain, and increasing demand for software systems that reduce time and cost.

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Increasing use of industrial automation in manufacturing to drive the global smart manufacturing demand by 2022

Amidst sluggish economic growth, increasing productivity and lowering manufacturing costs have become quite critical for manufacturers all over the world. On account of this, manufacturing companies are witnessing intense competition, and this trend is expected to continue during the forecast period. To better optimize resources and reduce costs, manufacturers are actively focusing on adopting industrial automation and enabling technologies.

Enterprise manufacturing intelligence (EMI) system analyzes manufacturing data collected from various sources across an organization. This information is then utilized to track performance against relevant metrics. Integration of advanced HMI solutions and connectivity technology with various industrial automation equipment has tremendously increased quality, productivity, and mobility of plant assets. Adoption of industrial automation equipment, such as industrial robots, field devices, and smart equipment, has increased significantly among manufacturers from various industries such as food & beverages, oil & gas, metal & mining, automotive, semiconductor & electronics, and aerospace & defense. Integration of solutions such as ERP, SCADA, PLM, and PLC with MES enhances efficiency of processing and gives effective output. Manufacturing execution system (MES) is capable of performing multiple activities and delivers efficiency by checking quality as well as production optimization. It tracks processes and procedures with the help of industrial automation. MES helps optimize production costs by reducing wastes, downtime, rework, and defects during manufacturing.

The popularity of cloud-based solutions is increasing rapidly as they help manufactures operate modern and advanced software without any need for separate om-premise infrastructure. Implementation of PAM software is a complex process as manufacturers deal with various production as well as automation assets that interact with each other. Cloud-based deployment offers manufacturers centralized process execution and coordination advantages in a cost-efficient package. A cloud-based WMS allows warehouse operators to track inventory more easily and ensure that necessary stock is available to fulfill customer orders. If there is any unpredicted demand for certain products, cloud computing makes it easier to respond quickly by enabling communicating with suppliers and staff to get the required stock.

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