Smart Manufacturing Market to grow by USD 20.26 billion from 2022 to 2027|APAC is estimated to account for 38% of the global market - Technavio
NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The smart manufacturing market size is estimated to grow by USD 20.26 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 13.95%. The growth momentum will progress during the forecast period. The emergence of IIoT is a significant trend shaping market growth. The factors that increased the scope of scaling operations by leveraging these tools are the technological advances like smart devices, wireless, and cloud technology, and the development of the IIoT. For instance, IIoT enables to integration of several smart machines for allowing companies to accomplish their desired goals in the manufacturing industry. Thus, vendors are expanding their market by delivering exceptionally intuitive human-machine interfaces so that even those without technical skills can operate them. As IIoT becomes increasingly adopted, different machines such as expert systems, autonomous robots, and other smart machines are also anticipated to experience growing demand. Therefore such factors are expected to drive the growth of the market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
Smart Manufacturing Market - Segmentation and Geographical Assessment
Smart Manufacturing Market – Market Dynamics
The need for simplification of complex manufacturing activities is the major factor notably driving market growth. The interrelated production equipment, inventory, and support systems in different plants have resulted in greater complexity of the industrial process, particularly in industries like oil and gas, food and beverage, and water treatment. Specific industrial solutions include SCADA, distributed control systems (DCS), and programmable logic controllers (PLC), which helps to track complex processes, operations, and systems in industrial plants and streamline operations. Further, operational efficiency and critical asset management can be optimized. They help reduce revenue loss due to the high dependence of the entire operational cycle on these critical assets. Correspondingly, this can even be done remotely, giving the added advantages of decreased exposure to risk and hostile working conditions. Therefore, the multiple benefits of automation are likely to contribute to the growth of the market during the forecast period.
Major challenges hindering the market growth
Data privacy and security concerns are the major challenges hindering market growth. Despite the several advantages of automation and the adoption of smart manufacturing, it leaves the business system weak to cyberattacks and data breaches. This can have a severe effect on asset-heavy industries like oil and gas, power, water, and wastewater. Data breach issues in the oil and gas industry can lead to the possibility for external parties to use infrastructure data about pipelines, drilling rigs, and refinery processes for unethical purposes. However, with greater integration of multiple systems within a utility, the breach of even one system can compromise all systems, adversely affecting the integrity and privacy of the entire industrial network. Therefore, the existence of a loophole in any part of the network puts the entire interlinked system at risk which can restrain market growth during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Smart Manufacturing Market report?
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Table of contents
1 Executive Summary
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