Global Smart Manufacturing Market Report Size, Trends & Growth Opportunity, By Component (Software, Hardware, and Services), By Technology (Plant asset Management, Product Lifecycle management, 3D printing, Machine Vision, Human Machine Interface, Discrete Control Systems, Enterprise Resource Planning and Others), By End Use (Oil & Gas, Food & Agriculture, Electronics, Industrial Equipment, Healthcare, Chemicals & Materials, Automotive, and Others.) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East) And Forecast Till 2027.
Market Overview
The global smart manufacturing market was valued at USD 97.8 billion in 2022 and is expected to reach USD 228.3 billion by 2027 at a CAGR of 15.18%.
Smart manufacturing is a type of manufacturing method that aims to optimise the concept, transaction process, and product manufacturing. It involves the use of automation machinery, and the goal is achieved through this process. Smart manufacturing methods utilise big data analytics to refine complicated processes and manage supply chains.
Market Drivers
The increase in adoption of Industry 4.0 and the emphasis on industrial automation in manufacturing processes are the driving factors that are expected to drive the global smart manufacturing market's growth. Furthermore, increases in government initiatives will have a positive impact on the global smart manufacturing market's growth during this forecast period. Moreover, the adoption of automated machinery in a number of manufacturing industries is expected to propel the global smart manufacturing market's growth. Also, high adoption of IoT and cloud platforms, rapid industrial growth, and a rise in the complexity of supply chains are the market-boosting factors that are expected to fuel the global smart manufacturing market's growth.
Market Restraints
However, high investments and costs required for smart manufacturing is the challenging factor for market growth which is expected to hamper the global smart manufacturing market. Also, lack of standardisation among equipment manufacturers and in connectivity protocols will affect the global smart manufacturing market's growth.
Market Segmentation
The global smart manufacturing market is segmented by component, such as software, hardware, and services, and by technology, such as plant asset management, product lifecycle management, 3D printing, machine vision, human-machine interfaces, discrete control systems, enterprise resource planning, and others. Further, the global smart manufacturing market is segmented by end use, such as oil & gas, food & agriculture, electronics, industrial equipment, healthcare, chemicals & materials, automotive, and others.
Regional Analysis
The global smart manufacturing market is segmented into five regions, such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The biggest market share, 36.7%, was held by the Asia Pacific region in 2021. Over the forecast period, the region is also expected to experience the fastest growth. Developing nations like China and India are pursuing complete automation in smart manufacturing since there are so many untapped prospects in these markets. These nations invest extensively in Industry 4.0 because they also aim to be self-sufficient in terms of production and manufacturing. Smart manufacturing is becoming more commonplace because of aggressive penetration of the Latin American market for innovation and automation. Opportunities in smart manufacturing are growing because of Latin America's recent start in the modern technological revolution. Additionally, the region is close to and easily accessible to a variety of raw resources, which promotes smart production and the expansion of the market.
Market Key Players
Various key players are discussed in this report, such as SAP, ORACLE, SIEMENS, SCHNEIDER, ROCKWELL, MITSUBISHI CORPORATION, IBM, HONEYWELL, GE, and CISCO.
Market Taxonomy
By Component
•        Hardware
•        Software
•        Services
By Technology
•        Plant Asset Management
•        Product lifecycle management
•        3D printing
•        Machine Vision
•        Human-machine interface
•        Discrete Control Systems
•        Enterprise Resource Planning
•        Others
By End Use
•        Oil and Gas
•        Food and Agriculture
•        Electronics
•        Industrial Equipment
•        Healthcare
•        Chemicals & Materials
•        Automotive
•        Others
By Region
•        North America
•        Latin America
•        Europe
•        Asia Pacific
•        Middle East and Africa

Global Smart Manufacturing Market TOC:
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Smart Manufacturing Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Smart Manufacturing Market, By Component
5.1 Y-o-Y Growth Comparison, By Component 
5.2 Global Smart Manufacturing Market Share Analysis, By Component 
5.3 Global Smart Manufacturing Market Size and Forecast, By Component
5.3.1 Hardware
5.3.2 Software
5.3.3 Services
6 Global Smart Manufacturing Market, By Technology
6.1 Y-o-Y Growth Comparison, By Technology
6.2 Global Smart Manufacturing Market Share Analysis, By Technology
6.3 Global Smart Manufacturing Market Size and Forecast, By Technology
6.3.1 Plant Asset Management
6.3.2 Product Lifecycle management
6.3.3 3 D Printing
6.3.4 Machine Vision
6.3.5 Human Machine Interface
6.3.6 Discrete Control Systems
6.3.7 Enterprise Resource Planning
6.3.8 Others
7 Global Smart Manufacturing Market, By End Use
7.1 Y-o-Y Growth Comparison, By End Use
7.2 Global Smart Manufacturing Market Share Analysis, By End Use
7.3 Global Smart Manufacturing Market Size and Forecast, By End Use
7.3.1 Oil & Gas
7.3.2 Food & Agriculture
7.3.3 Electronics
7.3.4 Industrial Equipment
7.3.5 Healthcare
7.3.6 Chemicals & Materials
7.3.7 Automotive
7.3.8 Others
8 Global Smart Manufacturing Market, By Region
8.1 Global Smart Manufacturing Market Share Analysis, By Region
8.2 Global Smart Manufacturing Market Share Analysis, By Region
8.3 Global Smart Manufacturing Market Size and Forecast, By Region
9 North America Smart Manufacturing Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Smart Manufacturing Market Share Analysis, By Component
9.3 North America Smart Manufacturing Market Size and Forecast, By Technology
9.4 North America Smart Manufacturing Market Size and Forecast, By End Use
9.5 North America Smart Manufacturing Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Smart Manufacturing Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Smart Manufacturing Market Share Analysis, By Component 
10.3 Europe Smart Manufacturing Market Size and Forecast, By Technology 
10.4 Europe Smart Manufacturing Market Size and Forecast, By End Use
10.5 Europe Smart Manufacturing Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4. Rest of Europe
11 Asia Pacific Smart Manufacturing Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Smart Manufacturing Market Share Analysis, By Component 
11.3 Asia Pacific Smart Manufacturing Market Size and Forecast, By Technology 
11.4 Asia Pacific Smart Manufacturing Market Size and Forecast, By End Use
11.5 Asia Pacific Smart Manufacturing Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Smart Manufacturing Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Smart Manufacturing Market Share Analysis, By Component 
12.3 Latin America Smart Manufacturing Market Size and Forecast, By Technology 
12.4 Latin America Smart Manufacturing Market Size and Forecast, By End Use
12.5 Latin America Smart Manufacturing Market Size and Forecast, Country
13 Middle East Smart Manufacturing Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Smart Manufacturing Market Share Analysis, By Component 
13.3 Middle East Smart Manufacturing Market Size and Forecast, By Technology 
13.4 Middle East Smart Manufacturing Market Size and Forecast, By End Use
13.5 Middle East Smart Manufacturing Market Size and Forecast, By Country
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 SAP
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Oracle
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 SIEMENS
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 SCHNEIDER
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 ROCKWELL
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 MITSUBISHI CORPORATION
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 IBM
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies 
15.8 HONEYWELL
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies 
15.9 GE
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies 
15.10 CISCO
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies