Transparency Market Research

Global Smart Manufacturing Market Driven by Increasing Adoption of IoT and M2M Communication Technologies

Smart Manufacturing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024


Albany, NY -- (SBWIRE) -- 06/15/2016 -- Transparency Market Research have announced a new report in their catalog of market reports on the semiconductor and electronics industry. The report examines the global smart manufacturing market and, based on careful and precise analysis of the historical trajectory and current conditions of the market, delivers forecasts regarding the development of the market from 2016 to 2024. The report is titled 'Smart Manufacturing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.'

Smart manufacturing is a process comprising the utilization of advanced data analysis and intelligence software to optimize the operation of a manufacturing plant. It is the inevitable next step in updating the current industrial setup and is being adopted all over the world due to growing awareness about its benefits. Conventional factories cost the manufacturer a significant sum in errors and wastages due to inefficiency. This major expenditure is eliminated by the use of smart manufacturing solutions.

The growing incorporation of IT in the manufacturing sector is a necessary step in the large-scale of smart manufacturing practices. Smart manufacturing relies on IT solutions to optimize various aspects of the supply chain of the manufacturing process. The increasing demand for IT has also led to a rising demand for automation, which is also a major boost for the global smart manufacturing market.

In recent years, the adoption of machine to machine (M2M) communication solutions and the Internet of Things has risen rapidly. These two technologies are essential in bringing about large-scale automation of the industrial sector and are also requisites for the implementation of smart manufacturing processes. Thus, the ongoing rise in the adoption of M2M and IoT technologies bodes well for the global smart manufacturing market.

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The global smart manufacturing market has also been boosted by the steady government support observed in various countries across the world. Since the manufacturing sector is a major component of any country's economy, effective smart manufacturing solutions to optimize the supply chain of the manufacturing sector are being welcomed by several governments. This is a major driver for the global smart manufacturing market and is expected to remain influential through and beyond the 2016-2024 forecast period.

On the other hand, the major restraint on the smart manufacturing market is the risk of security breaches. Although digitalization brings with it a host of benefits, the risk of cyber-crime can't be ignored. The lack of foolproof cybersecurity solutions to safeguard smart manufacturing solutions is a major restraint on the global smart manufacturing market at present. However, this obstacle is expected to be overcome in the coming years thanks to the consistent and well-funded research happening in the field of automation.

The report also analyzes the competitive landscape of the global smart manufacturing market in order to present actionable insights regarding the best companies to collaborate with and the contenders to be wary of. Major companies profiled in the report include GE, Johnson Controls Inc., ABB Ltd., Emerson Electric Company, Schneider Electric, Honeywell International Inc., Siemens AG, and Rockwell Automation Inc.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.