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The global smart manufacturing platform market size is expected to grow from USD 5.8 billion in 2021 to USD 13.2 billion by 2026, at a CAGR of 18.0%

·5-min read

The growth of this market is mainly driven by growth in industrial automation, growing adoption of smart manufacturing platforms in automotive industry, increasing support from governments for industrial automation, and growing need for streamlined and automated data to boost productivity.

New York, April 29, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Smart Manufacturing Platform Market with COVID-19 Impact, by type, Application, Industry, Region - Global Forecast to 2026" -
However, factors such as lacked of skilled IoT-related workforce and requirement of maintenance attributed to frequent software upgradation are restraining the market growth.
"Device management platform to grow at highest CAGR during the forecast period
The increasing number of IoT devices in the manufacturing plants has surged the necessity of collecting, analyzing, monitoring, and managing data generated from the devices to improve the company’s operational efficiency.The device management platform helps to manage data generated from the IoT devices that are connected to the manufacturing equipment.

The data managed includes data transmitted from the IoT devices, any processed data from the backend, data related to software updates, predictive maintenance data, or any analyzed data of utmost importance in system functioning.

Process industry dominated the smart manufacturing platform market in 2020.
The process industry includes oil & gas, chemical, energy and power, food & beverage; pharmaceutical; mining & metals industries; and others. With the emergence of Industry 4.0 and the Big Data movement gaining momentum, industries are now presented with unique opportunities in terms of key enablers for boosting their performance to a new level. The power & energy dominates the smart manufacturing platform market and is estimated to continue its dominance over the forecast period. The power & gas industry faces various challenges such environmental impact and scarcity associated with conventional source might lead to a probable energy crisis in the coming years. Hence, optimization in the energy & power industry has become necessary to increase productivity, efficiency, and their utilization., which has increased the adoption of smart manufacturing platforms in the power &energy industry. Besides, the oil & gas industry faces various challenges such as unexpected downtime and an absence of synergy across different processes throughout the supply chain, which has increased the adoption of smart manufacturing platforms in the oil & gas industry, and thus the industry holds a significant share of the market.

Market in APAC to grow at highest CAGR during the forecast period
The growth of the region is attributed to the impressive development in industrialization for the last few years.Besides, increasing government support for the adoption of automation technologies and digitization is also responsible for the growth of the smart manufacturing platform market in the region.

However, the rapid spread of the novel COVID-19 has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have slightly impacted the growth of the market in the region in Q1 and Q2 of 2020, eventually impacting the economy. The manufacturers are focusing towards digitalization after the pandemic crisis, which has resulted into increased in the adoption of smart manufacturing platforms in various industry.

Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 - 52%, Tier 2 - 31%, and Tier 3 - 17%
• By Designation: C-level Executives - 47%, Directors - 31%, and others - 22%
• By Region: North America - 36%, Europe - 29%, APAC - 30%, and RoW - 5%
Major players profiled in this report are as follows: ABB (Switzerland), Siemens (Germany), Schneider Electric (France), IBM (US), PTC Inc. (US), SAP SE (Germany), Emerson Electric Co. (US), GENERAL ELECTRIC (US), and others.

Research Coverage
In this report, the smart manufacturing platform market has been segmented based on type, organization size, application, industry, deployment type, and region.The smart manufacturing platform market based on type has been segmented into device management, connectivity management, application enablement platform.

Based on the organization size, the market has been segmented into small & medium enterprises and large enterprises.Based on the application, the market has been segregated into performance optimization, asset and condition monitoring, and others.

Based on industry the market is segmented into process industry and discrete industry, where the process industry is further segregated into oil & gas, power & energy, chemicals, pharmaceuticals, food & beverages, metals & mining, others; and discrete industry is further segmented into automotive, electronics & semiconductor, industrial manufacturing, medical devices, aerospace & defense, and others.Based on the deployment type, the market has been segment into cloud and on-premises.

The study also forecasts the size of the market in four main regions—North America, Europe, APAC, and RoW.

Key Benefits of Buying the Report:

The report would help market leaders/new entrants in this market in the following ways:
This report segments of the smart manufacturing platform market comprehensively and provides the closest approximation of the overall market size and subsegments that include type, organization size, application, industry, deployment type, and region.
The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the smart manufacturing platform market.
This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
The competitive landscape section includes the competitor ecosystem, as well as growth strategies such as product launches, acquisitions, and expansions carried out by major market players.
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