THE global smart manufacturing market is projected to stay gainful on the back of the engagement of the best of both technologies, i.e. information technology (IT) and operating technology (OT).

The integration of these technologies forwarded by smart manufacturing developers to produce an intelligent assembling and optimization of digital, business, and physical methods could provide a strong impetus to the market. This is foretold to help ease out the value chain of the manufacturing industry. More optimized results could be achieved with the introduction of intelligent manufacturing created through the utilization of human ingenuity with IT.

At a 13.2% CAGR, the global smart manufacturing market could rise up to a revenue valuation of US$548.14 bn by 2024 from US$159.05 bn in 2015.

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Booming Defense and Aerospace Industry Puts ERP under Limelight

The international market for smart manufacturing is anticipated to be bolstered by the demand for a range of technologies, including human machine interface (HMI), machine vision, distributed control system (DCS), enterprise resource planning (ERP), programmable logic controller (PLC), supervisory controller and data acquisition (SCADA), and manufacturing execution system (MES).

However, amongst these first-rate technologies, ERP could make a mark in the smart manufacturing market spread across the globe. The effortless social integration of this popularly used technology and copious economic development in various nations across the world could increase its adoption in the coming years. The rising uptake of the ERP technology is forecasted to be further strengthened by the booming growth of the defense and aerospace industry. As a result, the technology could receive a strong traction during the forecast period 2016–2024 as it finds application in upgrading defense and aerospace manufacturing processes.

According to end use, the international smart manufacturing market is predicted to be classified into several segments, viz. energy, consumer electronics, pharmaceuticals, defense and aerospace, food and beverage, and automotive.

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The demand for smart manufacturing in these industries is seeing a towering rise on account of an aggressive growth in the need for connected devices. The smart manufacturing market associated with the energy sector could showcase a rushed consolidation for the reason that giant industrial consortiums are taking over smaller firms at a speedy rate. Among other end-use industries of smart manufacturing, consumer electronics and automotive are foreseen to provide their own resources, for example, warehouse operators.

North America Eyes Lead Secured by Asia Pacific Owing to Emphasis on Manufacturing

As per region, the world smart manufacturing market is prophesied to draw prospects from Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. However, not all of these regions could equally contribute toward the growth of smart manufacturing.

In 2015, the Asia Pacific smart manufacturing market had secured a king’s share of 39.0% with regard to revenue. Nonetheless, North America had been lurking around the corner to watchfully follow the lead taken by Asia Pacific in the world smart manufacturing market. Vendors looking to establish a commanding position in the market could rely on these two regions expected to continue holding a dominating share until 2024.

Apart from the lucrative prospects offered by developed markets, emerging regions such as Asia Pacific are envisaged to cut loose to provide a strong growth to the overall market for smart manufacturing. Governments in Asia Pacific are making continuous efforts to increase manufacturing activities for the benefit of their emerging economies.

Both of these regions are envisioned to testify a steady uptake of smart manufacturing in their consumer electronics and automotive industries, which are prognosticated to extensively stir the demand in the worldwide market. Some of the leading players that could make a strong impression on the market are Emerson Electric Company, ABB Ltd., Johnson Controls, Inc., Siemens AG, and Honeywell International, Inc.