Meticulous Research®—leading global market research company published a research report titled ‘smart manufacturing market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-Use Industry, and Geography - Global Forecast to 2029’.
According to the latest publication by Meticulous Research®, the smart manufacturing market is projected to grow at a compound annual growth rate (CAGR) of 21.5% from 2022 to 2029, reaching $446.24 billion by 2029. This growth is driven by factors such as increased government initiatives promoting industrial automation, rising investments in Industry 4.0, growing demand for safety regulation compliance, and high labor costs in developed economies. However, high capital and operating expenses, along with a lack of standardization for technology platforms, are significant restraints on market growth.
The emergence of 5G connectivity in smart manufacturing and the expansion of smart manufacturing in developing countries are expected to provide substantial growth opportunities. On the other hand, challenges such as privacy and data protection concerns and a shortage of skilled workforce pose potential obstacles.
The market is segmented by technology, application, end-use industry, and geography, with country-level analysis also included. In 2022, the industrial IoT segment is anticipated to hold the largest market share due to the need to reduce costs, increase overall equipment effectiveness (OEE), and the push for digital transformation supported by extensive government initiatives. The blockchain segment is expected to grow at the highest CAGR, driven by increased demand for blockchain in the energy and power sectors, real-time data analysis, and the need to streamline production processes and reduce downtime.
For applications, the surveillance and safety segment is estimated to have the largest share in 2022, attributed to the need for reliable safety systems, increased video monitoring in manufacturing facilities, stringent safety regulations, and real-time tracking requirements. However, the inventory and warehouse management segment is predicted to experience the highest CAGR, driven by the need for goods tracking, increased manufacturing output from IoT adoption, the importance of forecasting models, and automation to minimize human interaction.
Among end-use industries, the automotive sector is expected to hold the largest share in 2022, due to the adoption of industrial IoT solutions, focus on next-generation automobile warehouses, and the need to reduce costs and downtime in production lines. The pharmaceuticals segment is projected to have the highest CAGR, propelled by the need for cost-control measures in healthcare, digital technology adoption in medical device manufacturing, and ensuring the safety and security of the pharmaceutical supply chain.
Geographically, Asia-Pacific is estimated to have the largest market share in 2022 and is projected to register the highest growth rate. This growth is due to the rising demand for automation, increasing adoption of industrial robots, the advent of Industry 4.0, growing use of cloud-based smart manufacturing solutions, and the presence of key players in the region.
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Key players in the global smart manufacturing market include Amazon Web Services, Inc. (U.S.), Robert Bosch Manufacturing Solutions GmbH (Germany), Cisco Systems, Inc. (U.S.), 3D Systems Corporation (U.S.), Plex Systems, Inc. (U.S.), Cognex Corporation (U.S.), PTC Inc. (U.S.), FANUC CORPORATION (Japan), SAP SE (Germany), Mitsubishi Electric Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), ABB Ltd (Switzerland), Hitachi, Ltd. (Japan), and Intel Corporation (U.S.).


Key questions addressed in the report include:
High-growth market segments by technology, application, end-use industry, and region
Historical market data for smart manufacturing globally
Market forecasts and estimates for 2022–2029
Major drivers, restraints, and opportunities in the smart manufacturing market
Major players and their market shares
Competitive landscape and recent developments
Strategies adopted by major market players
Geographic trends and high-growth countries
Emerging local players and their competitive strategiesContact Us:
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