Albany, NY -- (SBWIRE) -- 06/19/2018 -- The global market for smart manufacturing is gaining significantly from the effective engagement of the operating technology (OT) and information technology (IT), both. The integration of both these technologies supported by smart manufacturers to produce an intelligent assembling and the optimization of business, digital, and physical methods offer a strong impetus to the market.
This, in turn, is expected to support the value chain of the manufacturing industry. With the introduction of intelligent manufacturing solutions developed through the usage of human ingenuity with IT, more optimized results can be achieved in the years to come.
According to Transparency Market Research (TMR), the opportunity in the global smart manufacturing market is likely to touch US$548.14 bn by 2024, expanding at a CAGR of 13.02% between 2016 and 2024.
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A snapshot of the worldwide smart manufacturing market is offered in this blog post:
ERP to Report Significant Rise
The global market for smart manufacturing is anticipated to be boosted by the demand for a wide array of technologies, such as machine vision, supervisory controller and data acquisition (SCADA), human machine interface (HMI), distributed control system (DCS), programmable logic controller (PLC), enterprise resource planning (ERP), and manufacturing execution system (MES). Among these technologies, ERP is witnessing the most prominent rise across the world, thanks to its high popularity among the mass.
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Asia Pacific to Continue to Dominate
In terms of the region, the global market for smart manufacturing is spread across Europe, Latin America, North America, Asia Pacific, and Middle East and Africa. Among these, Asia Pacific holds the leading position, thanks to the technological advancements, rising disposable income of people, and the increasing investments by key players. This regional market is likely to remain on the top over the next few years.
Among other regional markets, North America is anticipated to emerge as the most promising market in the near future, thanks to the presence of an advanced infrastructure and a large pool of manufacturers. The markets in Latin America and the Middle East and Africa are expected to witness steady growth over the coming years.
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Leading Players to Experiment with Strategies to Remain in Market Competition
The key players functional in the global market for smart manufacturing are Emerson Electric Co., Johnson Controls Inc., ABB Ltd., Siemens AG, and Honeywell International Inc. These participants are experimenting with a number of strategies to sustain in this market. Amid a highly competitive environment, these players are investing heavily in product innovations as a part of their business development strategy. Apart from this, they are looking to penetrate into untapped regional markets in an effort to gain traction.