A new report from MarketsandMarkets claims that by 2028, the smart manufacturing market will be valued at $241.0 billion. The market is currently valued at $108.9 billion. That computes to a compound annual growth rate (CAGR) of 17.2%. The report claims that the main factor propelling the industry’s growth is the integration of advanced technologies. These technologies, including automation, artificial intelligence, and IoT, will combine to help improve production efficiency, predictive maintenance, and even competitiveness.
The report further explores factors affecting the smart manufacturing market. Here are a few of the key takeaways.
- The warehouse management system segment is expected to register a higher CAGR during the forecast period
- North America is predicted to grow at the highest CAGR in the smart manufacturing market from 2023 to 2028.
- The digital twin segment is expected to record the highest CAGR during the forecast period
- The energy and power segment is predicted to record the highest CAGR in the process industry during the forecast period