Smart Manufacturing Platform Market by type (Device & Connectivity Management, Application Enablement), Application (Performance, Optimization, Asset & Condition Monitoring), Industry (Process, Discrete), Deployment Type, Region - Global Forecast to 2024
“Rising importance of Industry 4.0 and smart factory drive the growth of the smart manufacturing platform market”
The smart manufacturing platform market is projected to grow from USD 4.4 billion in 2019 to USD 10.8 billion by 2024; it is expected to record a CAGR of 19.7%. The smart manufacturing platform market is driven by various factors, such as the rising importance of industrial automation, growing focus of manufacturers on reducing maintenance & operational costs, and increasing investments by automation players in the software market, government support to increase industrial automation in various countries. However, a shortage of a skilled workforce may hinder the growth of the market.
“Device management platform segment to witness the highest CAGR during the forecast period”
The rise in automation is resulting in the increasing implementation of IoT devices in various industries. As many IoT deployments comprise hundreds of thousands to millions of devices, it becomes important to track, monitor, and manage connected device fleets. Device management platform enables users to track, monitor, and manage IoT devices. It helps monitor health, detect and remotely troubleshoot problems, and manage software and firmware updates. Increasing requirements of monitoring industrial devices remotely any time drive the growth of the market
“Based on industries, the discrete industry is likely to be the fastest-growing industry during 2019-2024”
Discrete industries mainly include automotive, electronics & semiconductor, industrial manufacturing, medical devices, and aerospace & defense industries. Smart manufacturing platforms for discrete industries enable process management, condition monitoring, facility management, asset tracking, and overall equipment efficiency, which help these sectors maximize operational excellence and reduce cost. Discrete industries, particularly automotive and electronics, are expected to adopt smart manufacturing platform solutions at a faster rate.
“APAC to record the highest growth rate in smart manufacturing platform market during the forecast period”
APAC is likely to be the fastest growing region for the smart manufacturing platform market in the coming years. APAC has become a global focal point for large investments and business expansions, thereby providing opportunities for the smart manufacturing platform market. Major factors driving the growth of the smart manufacturing platform market in APAC include the rising demand for smart tools due to the growing automation in the industry; growing adoption of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and increasing investments in smart manufacturing platform to optimize productivity and improving maintenance efficiency. Various collaborations of players to expand footprint in APAC is also expected to provide an opportunity in this market. For instance, Siemens Collaborated with Alibaba Cloud for MindSphere's launch in the Chinese mainland.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart manufacturing platform marketplace.
By Company Type: Tier 1 - 45%, Tier 2 - 32%, and Tier 3 - 23%
By Designation: C-Level Executives -43%, Directors - 38%, and Managers - 19%
By Region: North America - 35%, Europe - 25%, APAC - 33%, and RoW - 7%
Major players in the smart manufacturing platform market include Microsoft Corporation (US), IBM Corporation (US), PTC Inc. (US), SAP SE (Germany), Hitachi, Ltd. (Japan), Amazon.com, Inc. (US), Siemens AG (Germany), Schneider Electric SE (France), ABB Group (Switzerland), Emerson Electric Co. (US), Fujitsu Ltd. (Japan), Accenture plc (Ireland), Robert Bosch GmbH (Germany), Oracle Corporation (US), Cisco Systems, Inc. (US), Rockwell Automation, Inc. (US), Atos SE (France), C3 IoT (US), Telit Communications PLC (UK), Software AG (Germany), Seebo Interactive Ltd. (US), QiO Technologies (UK), Altizon Systems (US), Losant (US), Litmus Automation (US), and Flutura Decision Sciences and Analytics (US).
The study includes an in-depth competitive analysis of these key players in the smart manufacturing platform market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the smart manufacturing platform market based on type, application, industry, deployment type, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the smart manufacturing platform market. It also analyzes competitive developments such as collaborations, agreements, contracts, partnerships, mergers & acquisitions, and product launches & advancements carried out by the key players to grow in the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall smart manufacturing platform market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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