SAN FRANCISCO, May 24, 2021 /PRNewswire/ — The global smart manufacturing market size is estimated to reach USD 589.98 billion by 2028, registering a CAGR of 12.4% from 2021 to 2028, according to a new study by Grand View Research, Inc. Increasing adoption of technologies, including big data analytics, smart robots, and industrial IoT, in manufacturing facilities is a key factor propelling the market growth. Additionally, small and medium enterprises are increasingly integrating plant asset management, Manufacturing Execution Systems (MES), and 3D printing solutions, accelerating the market growth.
Key suggestions from the report:
- A shift from operational technologies to effective artificial intelligence and data analytics is expected to emerge as a major market trend
- Internet of things has gained popularity in the global manufacturing sector owing to benefits such as reduced operational costs and increased efficiency and productivity
- The integration of hardware and software is expected to be the prime focus of solution providers. Unified design architecture and cyber-physical systems are expected to witness high demand in the market
- Developed economies are supporting digitalization to reintroduce industrialization into their turf while developing countries are making investments in smart technologies to comply with international manufacturing standards and trends
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