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%. The growth of the market is attributed to 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. However, factors such as lacked of skilled IoT-related workforce and requirement of maintenance attributed to frequent software upgradation are restraining the market growth. On the flip side, growth in adoption of IIoT and cloud technologies and partnership of platform providers with cloud service providers are expected to create opportunities for the adoption of smart manufacturing platform in the coming years. Moreover, the complexity in integration of smart manufacturing platforms and concern related to security in wireless networking acts as a challenge for the smart manufacturing platform market.
Based on type, the market for the device management platform is expected to grow at the 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.
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Based on industry, the process industry dominated the market in 2020. The process industry includes oil & gas, chemical, energy and power, food & beverage; pharmaceutical; mining & metals industries; and others. 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. Followed by power & energy industry, chemical industry is also estimated to hold significant share of the smart manufacturing platform market, as the industry is benefited by the smart manufacturing platform offering which include predictive maintenance, enhances process yield, reduced energy expenses, and minimizes supply chain risks.
The smart manufacturing platform market has been segmented into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR from 2021 to 2026. 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.
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