• Stacy Lawlor

Global Smart Manufacturing Market Size to exceed $238.8 billion by 2028.

The Global Smart Manufacturing Market Size was valued at USD 87.4 billion in 2021. The market is projected to grow to USD 238.8 billion in 2028, at a CAGR of 15.40%. The growth in CAGR is due to increased demand and growth, and is forecast to return to the pre-pandemic levels, once the COVID-19 pandemic is over.

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The growth of the Smart Manufacturing Market was driven by the high utilization of internet technology, Cloud Computing, Internet of Things (IoT), Artificial Intelligence, and Big Data. In addition, the increases use of cloud computing technologies in industrial activities and their operations are boosting the growth and providing opportunities for smart manufacturing.

Manufacturers Invest Heavily in Smart Manufacturing to Discover New Automation Opportunities

The COVID-19 pandemic has increased the gap between the supply chain and manufacturing units. Therefore, the manufacturers are focusing on reconstructing their business models to reduce the impact of COVID-19. Moreover, manufacturers are also investing heavily in smart manufacturing and supply chains to discover new automation opportunities.

Increasing Utilization of Industrial Internet of Things (IIot) In Smart Manufacturing

Smart Manufacturing utilizes Industrial IoT and Big Data Analytics to manage supply chains and manage complicated processes. IIoT and Industry4.0 aim to boost production and minimize expenses by connecting the customers and providers. This is boosting the sales and providing opportunities for the global smart manufacturing industry.

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The North American market holds the highest share of the Smart Manufacturing Market owing to the highest growth of the automotive industry in the region. North American aerospace and defence, health, automotive, and manufacturing which is expected to drive the Smart Manufacturing Market growth during the forecast period.

In Europe, the European Union (EU) announced co-operation on AI technology across the region. Moreover, the EU announced an increase in its investment in AI research by 2020which is projected to drive growth in this market during the forecast period.

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