smart manufacturing market is Projected to Register a Healthy CAGR of 11.75% in the Forecast to 2026

smart manufacturing market is expected to rise from its initial estimated value of USD 171.48 billion in 2018 to an estimated value of USD 417.07 by 2026, registering a CAGR of 11.75% in the forecast period of 2019–2026. This rise can be attributed due to the acceptance of automated machinery in manufacturing and a number of industries.

Smart manufacturing is a method of manufacturing which aims at optimizing the concept, product manufacturing and transaction process. Smart manufacturing involves the use of automation machinery and the goal to be achieved through this process is the use of information technology to use it for the advantage of reaching a market. This manufacturing decreases the workload and makes for more flexibility in the entire process.

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Competitive Analysis:  Smart Manufacturing Market

smart manufacturing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Smart Manufacturing Market for ******, Europe, North America, Asia Pacific and South America.

Major Market Competitors/Players:  Smart Manufacturing Market

Few of the major competitors currently working in the smart manufacturing market are 3D Systems Inc., ABB, Cisco, Daifuku Co. Ltd., Stratasys Ltd., Cognex Corporation, Google, Intel Corporation, KEYENCE CORPORATION, NVIDIA Corporation, PTC, SAMSUNG, Sony Corporation, Universal Robots, Emerson Electric Co., GENERAL ELECTRIC, Honeywell International Inc., IBM Corporation, Oracle, Rockwell Automation Inc., SAP SE, Schneider Electric, Siemens AG, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, FANUC CORPORATION, Texas Instruments Incorporated, and Robert Bosch GmbH.

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Market Segmentation:  Smart Manufacturing Market

· By Information Technology (Human Machine Interface, Enterprise Manufacturing Intelligence, Plant Asset Management, Manufacturing Execution System, Warehouse Management System, Industrial Communications),

· By Enabling Technology (Industrial 3D Printing, Collaborative Robots, Industrial IoT, AI in Manufacturing, Machine Condition Monitoring, Industrial Machine Vision, Industrial Cybersecurity, Digital Twin, Automated Guided Vehicle),

· By Industry (Process Industry, Discrete Industry),

· By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Market Drivers:

· High adoption of automated machinery in a number of manufacturing industries is expected to drive the market growth

· Increasing amount of government investments currently taking place in support of smart manufacturing is also expected to drive the market growth

Market Restraints:

· High initialization and operational, maintenance costs is expected to restrain the market growth

· With constant innovation, and debugging in software, there is need for constant upgrades in software which hampers the manufacturing process thus acting as a market restraint

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Key Insights in the report:

· Complete and distinct analysis of the market drivers and restraints

· Key Market players involved in this industry

· Detailed analysis of the Market Segmentation

· Competitive analysis of the key players involved

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