Projected Value: Smart Manufacturing Sector to Reach $241.0 Billion by 2028

(IT-NEWSWIRE.COM, August 28, 2023 ) The Global Smart Manufacturing Market is expected to grow from USD 108.9 billion in 2023 to USD 241.0 billion by 2028, registering a CAGR of 17.2%. Key drivers of the smart manufacturing market include IoT adoption, AI integration, enhanced efficiency, data analytics, and cross-industry digital transformation. To remain competitive in a global marketplace, manufacturers embrace smart manufacturing to increase agility, reduce lead times, and respond more quickly to changing customer demands.

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The Manufacturing Execution System segment accounted for the largest market share of the Smart Manufacturing market in 2022. Manufacturing Execution System (MES) adoption is driven by its multifaceted benefits. It optimizes and streamlines production processes, offering real-time data insights that empower informed decision-making. MES ensures product quality through stringent quality control measures and adherence to regulatory standards, bolstering operational efficiency from production to delivery. By providing end-to-end visibility and traceability, MES enhances collaboration, reduces errors, minimizes downtime, and facilitates continuous process improvement, making it an essential tool for modern manufacturing enterprises seeking competitiveness and agility.

The market for industrial sensors segment holds the largest market share in the Smart Manufacturing market. Industrial sensors are experiencing exponential growth, propelled by Industry 4.0 and IoT integration. These sensors facilitate real-time data collection, enabling predictive maintenance, process optimization, and informed decision-making. Their applications span manufacturing, healthcare, energy, and agriculture, driving efficiency and productivity enhancements. As technology advances, sensors redefine industries, revolutionizing operations and paving the way for smarter, more connected systems that drive innovation and competitiveness.

The automotive industry to hold the largest market share in the year 2022. The automotive industry has witnessed substantial growth in smart manufacturing, embracing technologies like IoT, AI, and automation. Connected factories and data-driven processes enhance production efficiency, quality control, and supply chain management. Robotics, predictive maintenance, and real-time analytics optimize operations, resulting in faster innovation, cost reduction, and improved customer experiences. As the industry moves towards electric and autonomous vehicles, smart manufacturing remains integral for agility and competitiveness.

Asia Pacific holds the largest market share in the Smart Manufacturing market. The Asia Pacific to hold the largest market share in the year 2022. Smart manufacturing is rapidly expanding in Asia, driven by technological advancements and industrial transformation. Countries like China, Japan, South Korea, and Singapore are at the forefront of adopting Industry 4.0 technologies, including IoT, AI, and automation. These technologies optimize production processes, enhance quality control, and enable data-driven decision-making. The region’s robust manufacturing ecosystem, government support, and skilled workforce contribute to the growth of smart manufacturing, fostering innovation, competitiveness, and economic growth.

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Projected Value: Smart Manufacturing Sector to Reach $241.0 Billion by 2028