It is estimated that the smart manufacturing market size will grow by USD 20 billion by 2025.Technavio predicts that there will be a $2.6 billion increase from 2022 to 2027. It is estimated that the market will grow at a CAGR of 13 percent during the forecast period.Almost ninety percent. As the forecast period progresses, the growth momentum will continue to grow. In recent years, IIoT has emerged as a significant trend in shaping the growth of the market. There are a number of factors that have increased the scope of scaling operations through the use of these tools, including the development of smart devices, wireless technologies, cloud technology, and the development of the Industrial Internet of Things.. The Internet of Things, for example, allows companies to integrate several smart machines for the purpose of accomplishing their desired goals in the manufacturing industry for example by integrating several smart machines. In order to expand their market, vendors are focusing on developing human-machine interfaces that are exceptionally intuitive and easy to use, so that even those without technical skills will be able to use them. In the coming years, as IIoT becomes increasingly accepted, different types of machines, such as expert systems, autonomous robots, and other smart machines, will also experience an increase in demand as well. This is why it is expected that such factors will drive the growth of the market over the next few years. There is a detailed explanation provided by Technavio's analysts about the regional trends and drivers that shape the market during the forecast period..  If you would like to have more insight into the historic period (2017 to 2021) as well as the forecast market size (2023 to 2027), then please request a sample report from us
 If you would like to have more insight into the historic period (2017 to 2021) as well as the forecast market size (2023 to 2027), then please request a sample report from us
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A review of the Smart Manufacturing Market based on segmentation and geographic assessmentTechnavio has segmented the market by industry application (process and discrete), technology (Human-machine interfaces, Manufacturing execution systems, Asset asset management systems, and Warehouse management systems) and geography (APAC, North America, Europe, South America, and Middle East and Africa). 
The smart manufacturing market - market dynamics - key factors driving the growth of the market
Among the major factors driving the growth of the market is the need for simplification of complex manufacturing activities. There has been an increase in the complexity of industrial processes in recent years, especially in industries such as oil and gas, food and beverage, and water treatment due to the interconnection between production equipment, inventory, and support systems across different plants.. A few of the specific industrial solutions that are available include SCADA, distributed control systems (DCS), and programmable logic controllers (PLC). These systems help industries to track complex processes, operations, and systems in industrial plants and streamline their operations..  It is also possible to optimize operational efficiency and critical asset management through the use of this technology. Because they are so critical to the entire operational cycle, they help reduce revenue loss due to the high dependence on them throughout the entire operation cycle. In addition, it is possible for this to be done remotely, giving the added advantage of decreased exposure to risk and hostile working conditions for the worker. Hence, the multiple benefits of automation are likely to contribute to the growth of the market over the forecast period as a result of its multiple benefits
Hence, the multiple benefits of automation are likely to contribute to the growth of the market over the forecast period as a result of its multiple benefits
Market growth is being hindered by a number of major challenges
In order for the market to grow, privacy and security concerns are one of the major challenges. In spite of the several advantages that automation and smart manufacturing have offered in the manufacturing industry, it makes the business system vulnerable to cyberattacks and data breaches as a result. In industries with a high level of assets such as oil and gas, power, water, and wastewater, this can have a severe impact. In the oil and gas industry, there can be a number of data breach issues, which can result in external parties being able to use infrastructure data about pipelines, drilling rigs, and refinery processes for unethical purposes..  As the number of systems within a utility increases, even a breach of one of these systems can compromise the integrity and privacy of all the systems within the utility, negatively affecting the integrity and privacy of the entire industrial network as a whole. As a result, if a loophole is detected anywhere in any part of the network, the entire interconnected system is at risk, which can hinder the growth of the market during the forecast period as a result.
As a result, if a loophole is detected anywhere in any part of the network, the entire interconnected system is at risk, which can hinder the growth of the market during the forecast period as a result.
In this report on the Smart Manufacturing Market, what are some of the key data points that are covered?
Reports related to this issue include:
It is estimated that the manufacturing execution systems (MES) market size will grow at a CAGR of 11.07% between 2022 and 2027. This means the market size is projected to grow by USD 9,651.66 million between 2022 and 2027.
During the period between 2022 and 2027, it is estimated that the Manufacturing Operations Management (MOM) Software Market size will grow at a CAGR of 12.03%. This market size is expected to increase by USD 17,728.56 million.
This is the table of contents for the book
Among the following are Executive Summaries2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation by Industrial Application7 Market Segmentation by Technology8 Customer Landscape9 Geographic Landscape10 Drivers, Challenges, and Trends11 Company Landscape12 Company Analysis13 Appendix
The USTechnavio Group is one of the world's leading technology research and advisory companies. It focuses on emerging market trends and provides actionable insights that businesses can use to identify market opportunities and develop effective strategies to optimize their market position as a result of their research and analysis.. Technavio's extensive report library consists of more than 17,000 reports covering 800 technologies, spanning 50 countries, compiled by more than 500 specialized analysts.. There are more than 100 Fortune 500 companies among their client base, including a wide range of organizations of all sizes. In order to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios, Technavio's comprehensive coverage, extensive research, and actionable market insights are used by this growing client base.
In order to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios, Technavio's comprehensive coverage, extensive research, and actionable market insights are used by this growing client base.
Getting in touchTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com
The source of this information is Technavio
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