Smart Manufacturing Industry Opportunities Assessment 2023-2030: Increasing Adoption of Digital Twin Technology, a Boon to Market Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The Global Smart Manufacturing Market 2023-2030″ report has been added to ResearchAndMarkets.com’s offering.

The global smart manufacturing market has experienced significant growth driven by factors such as increasing supply chain complexities, growing industrial automation, and the adoption of Industry 4.0 principles. This has led to increased investments in research and development within the smart manufacturing market. Additionally, the rise of sophisticated technologies and high-value mergers and acquisitions are contributing to the expansion of the market, promising lucrative outcomes for manufacturers and stakeholders worldwide.

One of the key enablers of smart manufacturing is the adoption of IoT-based applications

As a result, more sophisticated use cases are emerging, necessitating advanced network capabilities. The introduction of 5G technology is expected to revolutionize IoT ecosystems by enhancing connectivity parameters such as control, scalability, security, reliability, and latency of IoT devices. 5G’s capabilities, including handling significantly higher data consumption, delivering faster speeds, and reducing latency, are expected to further boost the smart manufacturing market. Consequently, substantial investments in new network infrastructure and the adoption of 5G technologies are anticipated to drive growth in the industry.

Another technology gaining momentum in the smart manufacturing market is digital twin technology

Digital twins offer significant benefits in terms of analysis and cost-saving. This technology allows businesses to connect real-world data about a physical product with its behavior in a 3D digital representation. It enhances visual analytics and insights, optimizing operational efficiency, product output, and reducing costs. The increasing adoption of digital twins is expected to positively impact the global smart manufacturing market in the foreseeable future.

The Asia Pacific region holds a prominent share in the smart manufacturing market and is likely to continue its growth trajectory

The region is witnessing a surge in the adoption of smart manufacturing solutions, particularly among emerging small and medium-sized enterprises (SMEs). Countries like India, Australia, and Japan are fostering a thriving ecosystem for smart manufacturing. Moreover, the widespread adoption of cutting-edge technologies such as AI, machine learning, IoT, and augmented reality in the Asia Pacific region is expected to further drive its smart manufacturing market.

Key players in the global smart manufacturing market

Siemens, Rockwell Automation, Honeywell International Inc., IBM, ABB, Schneider Electric, General Electric, and Emerson Electric Co. These companies are driving innovation and leading the way in the adoption of smart manufacturing solutions across various industries.

Conclusion

Overall, with the continued growth of Industry 4.0, the proliferation of novel technologies, and increasing investments in smart manufacturing solutions, the global smart manufacturing market is expected to continue its steady growth. The seamless integration of IoT-based applications and the rising popularity of digital twin technology are anticipated to unlock favorable economic opportunities for businesses. The Asia Pacific region, in particular, presents promising opportunities with its dynamic SMEs and rapid adoption of advanced technologies. Leading market players like Siemens, Rockwell Automation, and IBM will continue to play a pivotal role in shaping the future of smart manufacturing.

Key Topics Covered

1. Executive Summary

2. Market Overview

3. Global Smart Manufacturing Market Outlook, 2018-2030

4. North America Smart Manufacturing Market Outlook, 2018-2030

5. Europe Smart Manufacturing Market Outlook, 2018-2030

6. Asia Pacific Smart Manufacturing Market Outlook, 2018-2030

7. Latin America Smart Manufacturing Market Outlook, 2018-2030

8. Middle East & Africa Smart Manufacturing Market Outlook, 2018-2030

9. Competitive Landscape

10. Appendix

A selection of companies mentioned in this report includes:

• Siemens AG
• ABB
• HP Development Company
• General Electric
• Honeywell International Inc.
• Mitsubishi Electric Corporation
• Schneider Electric
• IBM
• Rockwell Automation
• Schneider Electric
• Emerson Electric Co.

For more information about this report visit https://www.researchandmarkets.com/r/fcwrrd

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