Smart Manufacturing Platform Market Size, Share, Growth Analysis, By Type (Device Management, Connectivity Management, and Application Enablement Platform), By Application(Performance Optimization, Asset and Condition Monitoring, and Others), By Industry (Process Industry and Discrete Industry), By Deployment Type(Cloud and On-premises), By Technology(Discrete Control System and 3D Printing Industry), By Region - Industry Forecast 2024-2031

Drivers

Governments Have Increased Investments to Accelerate the Adoption of Smart Products

• The new coronavirus pandemic is hurting the global economy in every industry. The virus has created a huge gap between manufacturing and supply chains. To overcome the epidemic, organizations are redesigning their workflows, investing in advanced manufacturing and supply chain processes, and identifying opportunities in a practical manner to mitigate the impact of COVID-19 on production in the coming years. Immediately.

• According to Invest India.gov, corporates and top governments around the world invested around $17 billion (about $52 per person in the US) in 2017 and it is estimated to invest around $60 billion (about $180 per person in the US) by 2021. This money comes from Germany, Italy, U.K., India, Japan, South Korea, and other countries. China, among others.

Technology Adoption and Innovation

• Manufacturing companies in Asia-Pacific are increasingly integrating Internet of Things (IoT) and Artificial Intelligence (AI) technologies into their operations to create smart workplaces and connected production systems. Managing and optimizing manufacturing processes will become easier. Leveraging IoT and AI capabilities provides APAC's manufacturing sector with higher efficiency, productivity and flexibility, driving regional demand for smart manufacturing.

Restraints

Large Initial Investments in Smart Manufacturing Solutions to Disrupt Market Growth

• Initial capital investment appears to be a major factor inhibiting market expansion in global markets. According to the report, cost is the biggest obstacle, followed by a lack of information about technology investment. After the outbreak of the COVID-19 pandemic, cost became a real concern for many businesses, leading to investment decline and other losses. Consequently, large upfront capital expenditures can restrain market growth.

Lack of Skilled IoT Professionals

• The increasing need to increase productivity, improve productivity, and reduce manufacturing costs are the factors driving the growing demand for smart manufacturing facilities Smart manufacturing platforms simply help manufacturers gather and manage data to make informed decisions. This data from devices and sensors is sent to the cloud through IoT technology. Many companies around the world have invested heavily in research and development and are adopting IoT technologies to automate their manufacturing processes. However, some companies are still pursuing traditional manufacturing processes due to the lack of skilled workers associated with IoT technologies.