The global smart manufacturing market is expected to be worth USD 214.7 billion by 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025.
Major factors driving the growth of the smart manufacturing market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, the growing emphasis on regulatory compliances, increasing complexities in supply chains, and surging demand for software systems that reduce time and cost.
However, threats related to cybersecurity, complexities in implementing smart manufacturing systems, the lack of awareness about the benefits of adopting information and enabling technologies, and the lack of skilled workforce pose challenges to the growth of the market.
The key players operating in the smart manufacturing market are 3D Systems (US), ABB (Switzerland), Cisco (US), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan).
APAC to continue to hold largest share of global smart manufacturing market during forecast period
APAC is expected to continue to hold the largest share of the smart manufacturing market from 2020 to 2025. Rapid industrialization in APAC has boosted the manufacturing sector in APAC. Countries in APAC have the presence of a large number of small- and mid-sized enterprises (SMEs), which employ more than 70% of the total population in the countries.
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16 April 2020