Albany, NY -- (SBWIRE) -- 01/20/2017 -- Smart manufacturing technologies use the best of operating technologies (OT) and information technology (IT). The developers of smart manufacturing technologies have integrated both the processes to create an intelligent optimization and assembling of physical, business, and digital methods for ironing out the creases in the value chain of manufacturing.

These processes also utilize human ingenuity with information technology to create manufacturing intelligence for achieving optimum results. Adoption of these technologies has completely transformed ways of manufacturing, selling products, and shipping.

The research report indicates that the global smart manufacturing market is expected to be worth US$548.14 bn by the end of 2024, rising up from US$159.05 bn in 2015. During the forecast period of 2016 to 2024, the global market is anticipated to surge at a CAGR of 13.2%.

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The mammoth amount of manufacturing activities in the past few years has made it incredibly difficult for multinational organizations to effectively manage their value chain. Therefore, companies are outsourcing their manufacturing operations to third parties, who offer smart manufacturing services, which, in turn, has boosted the overall market.

Furthermore, regional expansion is a key strategy for many organizations. In order to achieve this, MNCs have invested in distribution centers at strategic locations around the world. These centers need effective smart manufacturing services, thus fueling the demand generated for smart manufacturing. The market is also thriving due to the application of innovative digitization in developing smart manufacturing technologies such as the programmable logic controller, supervisory controller, and data acquisition.

On the basis of technology, the global smart manufacturing market is segmented into manufacturing execution system (MES), supervisory controller and data acquisition (SCADA), programmable logic controller (PLC), enterprise resource planning (ERP), distributed control system (DCS), machine vision, and human machine interface (HMI). Of these, the enterprise resource planning is the popularly used smart manufacturing technology across the globe.

The prolific economic development of several countries across the globe and easy social integration of this technology have boosted its adoption rate in the past few years. The booming defense and aerospace sector is also anticipated to take up enterprise planning solutions for upgrading its manufacturing processes, thereby lending a magnificent impetus to the technology segment.