Meticulous Research® has published a new report titled “Smart Manufacturing Market by Technology, Application, End-use Industry, and Geography – Global Forecast to 2031.” The report predicts that the smart manufacturing market will reach $733.4 billion by 2031, growing at a CAGR of 24.6% from 2024 to 2031. This growth is fueled by a rising demand for reduced operational costs via predictive maintenance, increased AI and ML integration, and the expanded use of 3D printing.
However, challenges such as high capital and operating expenses, a shortage of skilled personnel, and privacy concerns may hinder market expansion. The advent of 5G connectivity and a surge in smart manufacturing adoption in developing countries present substantial growth opportunities. The report also highlights a notable trend in advanced human-robot collaboration.
The smart manufacturing market is segmented by technology, application, end-use industry, and geography. In 2024, the industrial Internet of Things (IoT) segment is expected to dominate, accounting for over 33.4% of the market, driven by the need for improved operational visibility and efficiency. The surveillance and safety application is projected to capture over 21.1% of the market, fueled by investments in 5G networks and smart cameras.
By end-use industry, the automotive segment is anticipated to hold the largest share at over 14.3%, due to increased smart manufacturing adoption to optimize production. Geographically, the Asia-Pacific region is expected to lead with over 37.3% of the market share, supported by the rise of manufacturing hubs and cloud-based solutions.
Key players in this market include IBM, Siemens, Microsoft, SAP, ABB, and others, highlighting the competitive landscape of smart manufacturing.
