Global Smart Manufacturing Platform Market Size is to grow from USD 8.9 billion in 2022 to USD 46.5 billion by 2032, at a Compound Annual Growth Rate CAGR of 17.9% during the projected period. The rising adoption of smart manufacturing platforms in various applications such as performance, optimization, asset condition monitoring, and others in several industries including the process industry (chemicals, oil & gas, power & energy, pharmaceuticals, metals & mining, food & beverages, and others) and discrete industries (automotive, medical devices, aerospace & defense, industrial manufacturing, electronics & semiconductor, and others) are expected to boost the demand for the smart manufacturing platform market during the forecast period.
A smart manufacturing platform is an integrated structure that employs technological innovations such as the Internet of Things (IoT), artificial intelligence (AI), machine learning, large-scale data analysis, and cloud-based services to improve industrial cognition, versatility, and productivity. It goes beyond traditional automation systems to create a more connected, adaptable, and data-driven manufacturing strategy. The platform collects and analyses data in real-time, allowing for quick judgments, immediate problem identification, and dynamic process changes.
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Regional Analysis
North America is dominating the market with more than 43.6% market share over the forecast period. Because of its robust manufacturing industry and technological capabilities, North America, particularly the United States, has a major share of the market. Automotive, aerospace, pharmaceuticals, and other sectors thrive in the region. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period.
Key Players
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
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Recent Developments
On May 2023, ServiceNow has announced the acquisition of G2K, an artificial intelligence (AI) powered platform that will disrupt retail and other industries. Through this acquisition and collaboration with top retail customers, ServiceNow intends to develop an AI-powered end-to-end workflow solution for the retail industry using G2K’s technology, with the flexibility to expand into other industries such as transportation, healthcare, entertainment, and manufacturing in the future.
Reasons to Acquire
- The device management segment is dominating the market with the largest revenue share over the forecast period.
- The small & medium enterprises segment is witnessing significant CAGR growth over the forecast period.
- The asset condition monitoring segment is expected to hold the largest share of the Global Smart Manufacturing Platform Market during the forecast period.
- The process industry segment accounted for the largest revenue share of more than 52.7% over the forecast period.
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