Smart Manufacturing Market - Information Technology To Create Manufacturing Intelligence For Achieving Optimum Results.
Transparency
Market Research observes that the competitive landscape in the global
smart manufacturing market is highly fragmented. The competition is
being dictated by demand for huge investments in infrastructure and
development of technologies. Some of the key players in the global
market are Honeywell International, Inc., Siemens AG, ABB Ltd.,
Johnson Controls, Inc., and Emerson Electric Company. “Smart
manufacturing businesses must look beyond the existing geographical
reach and focus on developing nations as they have lucrative
opportunities to offer,” suggests the lead author of this research
report.
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Report Details @
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According
to the research report, the global smart manufacturing market is
expected to be worth US$548.14 bn by 2024 as compared to US$159.05 bn
in 2015. The global market is anticipated to expand at a CAGR of
13.2% from 2015 to 2024.
Awareness
Regarding Improved Manufacturing Technologies amongst Producers
Accelerates Growth
The
report suggests that the machine vision segment is likely to progress
at a CAGR of 14.3% during the forecast period. On the other hand, in
terms of regions, Asia Pacific will show a significant CAGR of 13.6%
during the same period. The growth of Asia Pacific smart
manufacturing market will be due to the growing awareness of better
manufacturing technologies amongst producers, growing investments in
manufacturing activities, changing lifestyles, and efficient
retailing.
Evolution
of Industrial Sector Spikes Demand for Smart Manufacturing
Technologies
The
stringent rules and regulations enforcing the installation of smart
manufacturing technologies in various sectors is anticipated to boost
the market. This trend is being predominantly seen in North America
and Asia Pacific, where economies are recovering and strengthening,
thereby fueling the growth of the overall manufacturing sector. The
evolution of industrial sector that has persistently had an
analytical attitude has also been responsible for the prolific growth
of the overall market in the last few years. The market also has
lucrative prospects as leading players are offering technologically
advanced solution to small and medium-sized businesses. The new
solutions are garnering a positive image as they are specifically
designed to overcome the modern-day production challenges.
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The
promise of ensuring maximum efficiency and efficient utilization of
resources is the unique selling point of smart manufacturing
technologies. Thus, increasing number of manufacturers are using
these technologies for setting standards for effective tradeoff
decisions, maintenance, control, logistic, operation, risk
assessment, business, and operation. The benefits such as improved
productivity and cost-efficiency have resulted have also led a
significant adoption of smart manufacturing technologies.
Possibilities
of Security Breaches Impede Market Growth
Despite
the progress in the global smart manufacturing market, it suffers
from few setbacks and certain impediments. The expensive nature of
services and systems and the initial cost of installation has been
dissuading the global market. Furthermore, continuous investment in
research and development to innovate and produce improved products is
also dissuading new entrants to be a part of the market dynamics. The
possibilities of cyber security breaches has also hampered to
deployment of these production technologies amongst smart
manufacturers.
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