Smart Manufacturing Platform Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Smart Manufacturing Platform Market - Snapshot
At its core, smart manufacturing platforms point to end-to-end software framework, which takes all the data from industrial devices and puts it through different applications. Through the smart manufacturing platforms, device management, data flow, communication, and functionality of the applications can be facilitated.
The connection between Industry 4.0 technology and smart manufacturing platforms permits companies to blend with the Industrial Internet of Things (IIoT). The emphasis here is on procuring, analyzing, and utilizing as much data as possible. The smart manufacturing platforms are used in fields such as asset management, condition monitoring, and performance optimization.
More and more usage of Industry 4.0, an increasing need for consistent and efficient data, and government support in taking up industrial automation are several factors that would enhance the growth of smart manufacturing platforms. The growth of the smart manufacturing platforms market is, however, hampered by lesser number of workers in the IoT industry and continuous improvements made to the software. For the expansion of smart manufacturing platforms in the coming years, varied strategies such as acquisitions, mergers, and the launch of new products are expected to play crucial role.
Microsoft, arguably the most dominant software firm in the market, signed up for a partnership with Google in July 2020. This proved to be beneficial for the market as it helped speed up IIoT adoption. Two years ago, another software giant -IBM- introduced Watson, which is the company's question-answering computer system with an ability to move across any cloud in an attempt to prevent vendor lock-in.
In 2018, Fujistu and Amazon Web Services entered into a collaboration agreement, which allowed customers to relocate their IT-related activities into the AWS cloud. Also, in 2018, the Alibaba Cloud and Siemens announced partnership to promote IIoT services in China. The smart manufacturing platforms market has several key players including Microsoft Corporation and IBM. The smart manufacturing platforms market is divided into various regions such as North America, Asia Pacific, Europe and rest of the world.
Global Smart Manufacturing Platform Market: Overview
Smart manufacturing platform is connected with the idea of smart manufacturing or Industry 4.0 that allows companies to link to Industrial Internet of Things (IIoT). It focuses on the collection, analysis, and making usage of as much data as possible. It propels data insights towards the path of direct action and creates competitive advantage. Smart manufacturing platform generally finds its application in predictive maintenance, asset management, condition monitoring, and performance optimization. Smart manufacturing platform refers to an end to end software framework that collects and connects data from any industrial devices and assets, processes and delivers them straight away to different applications. Smart manufacturing platform helps in the facilitation of device management, data flow, communication, and functionality of applications.
The segments of type, application, industry, deployment type, and geography comprise global market for smart manufacturing platform market. In the study, it has been forecasted that the segment of device management will rise at a robust growth rate. Of all the regions, Asia Pacific is estimated to offer promising scope for the growth of global smart manufacturing platform.
Global Smart Manufacturing Platform Market: Notable Developments
Acquisitions, mergers, new product launches will mark the growth of the global smart manufacturing platform market. Some of notable developments pertaining to the competitive landscape of this market are:
Some of the most prominent competitors operating in the competitive landscape of global smart manufacturing platform market include –
Global Smart Manufacturing Platform Market: Growth Drivers
Increased Adoption of Industrial Automation Fuel Market Growth
Increase in the adoption of industry 4.0 solutions and industrial automation, growing need for streamlined and automated data to improve productivity, and support from governments to adopt industrtial automation are driving the growth of smart manufacturing platform market. However, shortage of qualified and experienced IoT workforce and frequent upgradation of software are the main factors that curb the growth of global smart manufacturing platform market.
Global Smart Manufacturing Platform Market: Regional Outlook
On the basis of geography, the global smart manufacturing platform market is divided into North America, Asia Pacific, Europe, and Rest of the World. Some of the important industrial segments in APAC comprise oil & gas, electronics, chemical, automotive, and power & energy. Countries such as India, Japan, South Korea, and China have undertaken scores of initiatives to support the implementation of IIoT in their respective industries at home. Such rising government initiatives to take up latest automation technologies generate an opportunity for this global smart manufacturing platform market.
The global Smart Manufacturing Platform market is segmented as:
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