Smart Manufacturing Market Size worth USD 1,003.98 Billion By 2034 | CAGR: 13.5%

The global smart manufacturing market size is expected to reach USD 1,003.98 billion by 2034, according to a new study by Polaris Market Research. The report “Smart Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By Technology; By End Use; By Region; Segment Forecast, 2025 - 2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Automation and IIoT are major systems for modern factories. Through this companies are able to analyze real-time data for predictive maintainance needs and performance before a breakdown with the help pf smart sensors on machinery. Businesses are investing in these technologies to upgrade by adopting such tools for smart manufacturing to enhance efficiency and maintain their market presence. Thus, this shift to predictive management reduces downtime and wastage of resources.

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Regulatory authorities has boosted the demand for these manufacturing units by offering incentived for companies to adopt automation to boost productivity and competitiveness. The demand for these industrial tools that align to work tirelessly with high precision contribute to the growth factor. Moreover, it puts pressure on other industries to remain competitive for market expansion as companies shift towards automation. Numerous market competitors are introducing innovative products to expand their business operations worldwide. For instance, in April 2021, Confirm introduced a successful implementation of the Future Wireless Innovation Test-Bed. It is designed and deployed to enhance the smart manufacturing environment by opting for wireless technologies like Wifi6, 6G, and 5G.

Based on components, the software segment holds the highest shares in the global industry in 2024, owing to the arrival of AI-driven systems and analytics. In contrast, the hardware segment is projected to rise significantly in the forecasting period due to the increasing availability of the IIoT enabling systems and machines, VR devices, robots, 3D printers, and others.

The rising demand for industrial robots is one of the major driving factors for smart manufacturing industry growth. Industrial robots carry out various activities such as product inspection, management of stock, and assembling different types of machinery. Therefore, the growing adoption of industrial robots may accelerate the demand for smart manufacturing over the forecasting years.

Industry participants such as ABB, 3D Systems, Inc., Cisco Systems, Emerson Electric Co., Cognex Corporation, FANUC, Honeywell International Inc., General Electric, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Robert Bosch GmbH, SAP, Schneider Electric, Stratasys Ltd., Siemens, and Yokogawa Electric Corporation are some of the key players operating in the global market.

Polaris market research has segmented the smart manufacturing market report on the basis of component, technology, end-use, and region:

Smart Manufacturing, Component Outlook (Revenue - USD Billion, 2020 - 2034)

• Hardware
• Software
• Services

Smart Manufacturing, Technology Outlook (Revenue - USD Billion, 2020 - 2034)

• Machine Execution Systems
• Programmable Logic Controller
• Enterprise Resource Planning
• SCADA
• Discrete Control Systems
• Human Machine Interface
• Machine Vision
• 3D Printing
• Product Lifecycle Management
• Plant Asset Management

Smart Manufacturing, End-Use Outlook (Revenue - USD Billion, 2020 - 2034)

• Automotive
• Aerospace & Defense
• Chemicals & Materials
• Healthcare
• Industrial Equipment
• Electronics
• Food & Agriculture
• Oil & Gas
• Others

Smart Manufacturing, Regional Outlook (Revenue - USD Billion, 2020 - 2034)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Netherlands
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa