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

Global Smart Manufacturing Platform Market size was valued at USD 277.81 Billion in 2022 and is poised to grow from USD 310.92 Billion in 2023 to USD 856.28 Billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031).

The term "smart manufacturing" (SM) applies to digitization in all phases of industrial manufacturing, including supply chain management, scheduling, manufacturing, distribution and marketing. Companies can adapt and automation, AI and linked robotics have been used to analyze data from all stages of the process faster in business processes. The use of public infrastructure to support automation systems, the huge investment opportunities that come with Industry 4.0, the increasing trend of non-compliance with safety regulations, the general increase in labor costs in emerging markets are products that have contributed to the growth of the global smart manufacturing platform market.

But some key issues hindering the growth of this market include excessive capital and operating costs and lack of technological solutions. Emerging countries will expand smart manufacturing and deploy 5G connectivity, leading to significant potential opportunities for participants in this market. However, the lack of personnel with the necessary skills to integrate and manage technical and personal data security issues are the major barriers to the expansion of the global smart manufacturing platform market.