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Smart Manufacturing Market Worth $384.8 Billion by 2025 - Exclusive Report by MarketsandMarkets™CHICAGO, April 7, 2020 /PRNewswire/ -- According to the new market 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 2025", published by MarketsandMarkets™, the Smart Manufacturing Market is expected to be worth USD 214.7 billion in 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Factors that drive the growth of the market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, rising emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.  Ask for PDF Brochure: IIoT to hold largest share of smart manufacturing market, by enabling technology, throughout forecast period IIoT enables analyzing the collected data in an effective manner with the help of various algorithms and analytics. The Internet of Things (IoT) technology has transformed the operations of various industries, including the manufacturing industry. IIoT is revolutionizing manufacturing plants by connecting a wide network of intelligent devices that would increase automation in plants. IIoT is expected to revolutionize the manufacturing industry by enabling a greater amount of data, which can be shared throughout the enterprise from the plant floor to the supply chain. IIoT provides better connectivity, efficiency, scalability, and time- and cost-saving for industries. For example, SCADA systems and IoT technology complement each other. IoT is considered to be the fourth generation of SCADA systems. Big data and analytics have led to the integration of instrumentation with SCADA data to analyze and scrutinize the data generated during production processes. Continuous advancements in industrial automation are expected to bring significant benefits to end users in terms of increased profitability and improved efficiency. Information from SCADA systems acts as a data source for IoT. SCADA focuses on monitoring and controlling, while IoT analyzes machine data to improve productivity. Manufacturing execution systems held second-largest share of smart manufacturing market, by information technology, in 2019 Manufacturing companies are increasingly adopting advanced technologies, such as the cloud, to gain competitive advantage by accelerating their growth through improved efficiency throughout their manufacturing process. This is driving the adoption of more scalable and flexible MES solutions. Cloud technology has made significant advancements in the past few years. Cloud-based MES enables businesses to get the most from the manufacturing process, even if it is a large, multi-factory global operationor a single production line. Cloud-based MES helps integrate the operations taking place on a plant floor with the systems in the top management for effective monitoring and decision making. Energy & power industry to hold largest size of smart manufacturing market in 2025 Technological advances in developing markets such as India, China, Brazil, and the Middle East are likely to create significant opportunities for automation in these markets. As a result, a number of smart manufacturing solution providers have targeted this industrial sector. The power industry is growing rapidly because of the globally rising demand for energy. This results in high pressure on power-manufacturing companies to deliver cheap and reliable energy. Also, it becomes necessary for power-manufacturing companies to utilize available resources efficiently, reduce maintenance costs, and further enhance plant performance. Moreover, PAM and HMI solutions help power plant owners, operators, and original equipment manufacturers (OEMs) make improved business decisions regarding the performance and operational readiness of their assets. The rising adoption of wireless audio systems is expected to drive the market for Hi-Fi systems during the forecast period. The growth of this segment can be attributed to the initiatives undertaken by manufacturers to increase the throughput of wireless audio devices equipped with various advanced technologies that are used in consumer electronics. Wireless technologies have started gaining momentum in the market as they do not require renovation or reconstruction, and minimize the requirement of wires. Browse in-depth TOC on "Smart Manufacturing Market" Inquiry Before Buying: Smart manufacturing market in APAC to grow at highest CAGR from 2020 to 2025 The smart manufacturing market in APAC is expected to grow at the highest CAGR globally from 2020 to 2025. China is one of the fastest-growing economies in the world and a global manufacturing hub for semiconductor and automotive industries. This is leading to the increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV, and WMS. Smart manufacturing technologies are used in these industries to enhance the overall performance of manufacturing plants and improve production output. In addition, the growing economy and technological developments in various industries encourage the application of these technologies for monitoring and controlling production processes. A few other companies involved in the development of smart manufacturing solutions include 3D Systems (US ), CISCO (US), General Electric (US), Honeywell (US), IBM (Europe), Mitsubishi Corporation (Japan), Schneider (Europe), Siemens (Europe), Oracle (US), SAP (Europe), Yokogawa (Japan) and Stratasys (US). Related Reports: Smart Factory Market by Technology (DCS, PLC, MES, ERP, SCADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), Industry, and Geography - Global Forecast to 2024 Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry and Geography - Global Forecast to 2024 About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg 
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