According to the new research report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2023 ", 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 the 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.

• IIoT to hold the largest share of the smart manufacturing market for enabling technology throughout the forecast period

• Industrial Communication to hold the largest share of the smart manufacturing market for information technology in 2017

• Energy & power industry to hold the largest share of the smart manufacturing market during the forecast period

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Smart manufacturing market in APAC to grow at the highest globally CAGR between 2018 and 2023

APAC countries such as China, Japan, and India are the major users of smart manufacturing systems. The adoption of industrial automation in China is increasing rapidly due to growing industrial activities and rising per capita income in the country. This is leading to increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. China is a major manufacturing hub for semiconductors and electronic components and is one of the prominent aircraft manufacturers. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes.

Major factors restraining the growth of the smart manufacturing market include high investment and cost involved in implementation, lack of standardization among equipment manufacturers and in connectivity protocols, constant need for upgrading software, and low adoption of technologies owing to technical issues. Key market players such as 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan) have adopted strategies such as product launches and developments, expansions, acquisitions, agreements, contracts, collaborations, and partnerships to gain competitive edge in the smart manufacturing market and expand their distribution networks.

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