Global Smart Manufacturing Platform Market: Overview
Smart manufacturing platform is connected with the idea of smart manufacturing or Industry 4.0 that allows companies to link to Industrial Internet of Things (IIoT). It focuses on the collection, analysis, and making usage of as much data as possible. It propels data insights towards the path of direct action and creates competitive advantage. Smart manufacturing platform generally finds its application in predictive maintenance, asset management, condition monitoring, and performance optimization. Smart manufacturing platform refers to an end to end software framework that collects and connects data from any industrial devices and assets, processes and delivers them straight away to different applications. Smart manufacturing platform helps in the facilitation of device management, data flow, communication, and functionality of applications.
The segments of type, application, industry, deployment type, and geography comprise global market for smart manufacturing platform market. In the study, it has been forecasted that the segment of device management will rise at a robust growth rate. Of all the regions, Asia Pacific is estimated to offer promising scope for the growth of global smart manufacturing platform.
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Global Smart Manufacturing Platform Market: Notable Developments
Acquisitions, mergers, new product launches will mark the growth of the global smart manufacturing platform market. Some of notable developments pertaining to the competitive landscape of this market are:
- In July last year, Microsoft and GE entered into their largest ever partnership till date. The partnership resulted in the acceleration of industrial IoT adoption for customers.
- In April 2018, C3 IoT got into strategic partnership with Microsoft to generate new technological developments and go-to-market initiatives that speed up enterprise IoT and AI application development.
- In February 2019, IBM made Watson, its question-answering computer system, movable across any cloud and empowered businesses in a bid to prevent vendor lock-in and initiate deploying AI at places where their data resides.
- In December 2018, Fujitsu made an announcement of its strategic collaboration with Amazon Web Services. The partnership enabled its customers to relocate their IT estates to the AWS Cloud
- In June 2018, Rockwell Automation, Inc and PTC made an announcement that a definitive agreement for a strategic partnership has been entered into. It was done to speed up the growth of both the companies.
- In July 2018, Alibaba Cloud and Siemens entered into a partnership to promote the industrial Internet of Things (IIoT) in China.
Some of the most prominent competitors operating in the competitive landscape of global smart manufacturing platform market include –
- Microsoft Corporation
- Robert Bosch GmbH
- Flutura Decision Sciences and Analytics
- IBM Corporation
- Fujitsu Ltd
- Schneider Electric SE
Global Smart Manufacturing Platform Market: Growth Drivers
Increased Adoption of Industrial Automation Fuel Market Growth
Increase in the adoption of industry 4.0 solutions and industrial automation, growing need for streamlined and automated data to improve productivity, and support from governments to adopt industrtial automation are driving the growth of smart manufacturing platform market. However, shortage of qualified and experienced IoT workforce and frequent upgradation of software are the main factors that curb the growth of global smart manufacturing platform market.
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Global Smart Manufacturing Platform Market: Regional Outlook
On the basis of geography, the global smart manufacturing platform market is divided into North America, Asia Pacific, Europe, and Rest of the World. Some of the important industrial segments in APAC comprise oil & gas, electronics, chemical, automotive, and power & energy. Countries such as India, Japan, South Korea, and China have undertaken scores of initiatives to support the implementation of IIoT in their respective industries at home. Such rising government initiatives to take up latest automation technologies generate an opportunity for this global smart manufacturing platform market.
The global Smart Manufacturing Platform market is segmented as:
- Device Management
- Connectivity Management
- Application Enablement Platform
- Performance Optimization
- Asset and Condition Monitoring
- Process Industry
- Discrete Industry