The global smart manufacturing market size will be nearly $299.2 billion in 2023

According to the latest research report by MarketsandMarkets, the world's second largest market research organization, "Smart Manufacturing Market (condition monitoring, artificial intelligence, IIoT, digital duplex, industrial 3D printing), information technology (WMS, MES, PAM, HMI), industry and regional forecasts through technology, The global smart manufacturing market will reach $170.
78 billion in 2018 and this figure is expected to increase to $299.
19 billion by 2023, with a CAGR of 11.
9%
during the period.

According to the report, the factors driving the growth of the market include Industry 4.
0, increasing adoption of industrial automation, government support, increasing emphasis on regulatory compliance, increasing supply chain complexity, and increasing
demand for software systems that reduce time and cost.

In terms of type, IIoT holds the largest share of the smart manufacturing market throughout the forecast period to enable technology support
.
IIoT enables industries to deploy specialized solutions to meet a variety of needs, challenges, and use cases
.
Although IIoT is currently in the early stages of adoption, it is expected to be an important part of
the industry's growth and sustainability in the future.
IIoT can efficiently analyze the collected data
with the help of various algorithms and analytics.
For example, SCADA systems and IoT technologies complement each other
.

IoT is considered the fourth generation of SCADA systems
.
Big data and analytics lead to the integration of instruments with SCADA data to analyze and review the data
generated during production.
Continuous advancements in industrial automation are expected to generate significant profits for end users, thereby increasing profitability and increasing efficiency
.

Manufacturing execution systems (MES) accounted for the second largest share
of the information technology smart manufacturing market in 2017.
Manufacturing companies are increasingly adopting advanced technologies such as cloud computing to gain a competitive advantage
by accelerating growth by improving efficiency throughout the manufacturing process.
This is driving the adoption
of MES solutions that are more scalable and flexible.
Cloud technology has made significant progress
over the past few years.
Cloud-based MES enables businesses to get the most out of the manufacturing process, whether it's a large, multi-plant global operation or a single production line
.
Cloud-based MES helps integrate operations on the factory floor with systems in the C-suite for effective monitoring and decision-making
.

In terms of application, the energy and power industry will account for the largest share
of the smart manufacturing market during the forecast period.
IoT enables power plant operators to collect data in real time and monitor equipment remotely to improve productivity and detect potential failures
.
In power distribution, grid management is a key aspect
that requires real-time monitoring of load balancing and ensuring optimal supply voltage.
The adoption of IoT in power distribution has led to the development of
smart grids.
AI-based technologies in power plants include deep physical insights, engineering design knowledge, and new inspection technologies to provide complete solutions
for predictive maintenance and mechanical inspection.

Regionally, the smart manufacturing market in Asia Pacific will grow
at the highest global CAGR between 2018 and 2023.
Asia-Pacific countries such as China, Japan, and India are the main users
of intelligent manufacturing systems.
The adoption of industrial automation in China is increasing
rapidly due to the growth of industrial activities and the increase in Chinese per capita income.
This has led to the increasing adoption of advanced manufacturing technologies such as HMI, MES, AI, condition monitoring, AGV and WMS
.

Key players operating in the smart manufacturing market include 3D Systems (US), ABB (Switzerland), Cisco (US), Daifuku (Japan), Emerson (US), General Electric (US), Honeywell (US), IBM (US), Oracle (US), Rockwell (US), SAP (Germany), Schneider (France), Siemens (Germany), and Yokogawa (Japan).