The Global Smart Manufacturing Platform Market size is expected to reach $12.2 billion by 2025, rising at a market growth of 19.4% CAGR during the forecast period

NEW YORK, July 15, 2019 /PRNewswire/ -- The Global Smart Manufacturing Platform Market size is expected to reach $12.2 billion by 2025, rising at a market growth of 19.4% CAGR during the forecast period.

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Smart manufacturing Platform Market is a technology based approach that requires Internet enabled device to keep a check on the production process. The ultimate goal of Smart Manufacturing is identifying the chances for automated operations and then use data analytics in improving the manufacturing performance. These smart manufacturing platforms enable the provision for services that supports manufacturing in a broader sense. The services that are enabled by smart manufacturing platforms are linked into the collection, storing, processing and delivering of the data. This data either describes the manufacturing of the product or they are related to the manufacturing processes and assets that help manufacturing such as machine, material, value networks, enterprise without fail factory workers.

Increase in implementation of industrial automation and industry 4.0 solutions, which get support from the government of different countries for industrial automation and cumulative need for modernized and auto-generated data to enhance productivity, are driving the growth of the smart manufacturing platform market. However, the absence of skilled IoT workforce and frequent software upgrade are the major factors that restrain the growth of the smart manufacturing platform market.

Based on Type, the market is segmented into Device Management, Connectivity Management and Application Enablement Platform. Based on Application, the market is segmented into Performance Optimization and Asset & Condition Monitoring and Others. Based on Deployment Mode, the market is segmented into On Premise and Cloud. Based on End User, the market is segmented into Process Industry and Discrete Industry. Process industry accounts for the major market share during the predicted period. Oil & gas, chemicals, food & beverages, energy & power pharmaceuticals, and metals & mining are amonst a few major processed industries.

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