Smart Manufacturing Market Size, Share, Growth Analysis, By Component(Hardware, Software, Services), By Technology(IoT, AI and ML, 3D Printings, and Others), By Industry Vertical(Food & Beverage, Automotive, Aerospace & Defense, Consumer Electronics), By Region - Industry Forecast 2024-2031

Global Smart Manufacturing Market size was valued at USD 225.99 Billion in 2022 and is poised to grow from USD 260.56 Billion in 2023 to USD 813.86 Billion by 2031, growing at a CAGR of 15.3 % in the forecast period (2024-2031). 

The smart manufacturing market is expanding rapidly due to factors like increasing Industry 4.0 adoption, more government engagement in supporting industrial automation. Furthermore, increasing focus on industrial automation in manufacturing processes, and rising demand for software systems that save time and expenses is also positively influencing the growth of the market. Furthermore, COVID-19 pandemic had also immensely impacted every industry and elements involved in industrial automation. The global supply chains and operational logistics were suddenly affected during the initial worldwide lockdown. Therefore, the market started emphasizing more on manufacturing essential products to survive during the pandemic as demand for non-essential products reduced. However, the market was able to grow during the pandemic as enterprises needed to provide their services and products safely and quickly. The growth of the market was evident during this situation as a direct result of demand, government financial assistance, and technical support. Information technology and automobile industries are the two most prevalent industries for industry 4.0. The market has helped automotive manufacturers build automated assembly lines not only for parts but also to manufacture the entire car.