Industrial Automation Magazine India

Smart Manufacturing market worth Dollar384.8 Bn by 2025

Published on : Thursday 09-04-2020

IIoT to hold largest share of smart manufacturing market, by enabling technology, throughout forecast period.

Chicago, April 2020 – According to the new market research report "Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Smart Manufacturing Market is expected to be worth USD 214.7 billion in 2020 and USD 384.8 billion by 2025, growing at a CAGR of 12.4% from 2020 to 2025. Factors that drive the growth of the market include the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, rising emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.

IIoT enables analysing the collected data in an effective manner with the help of various algorithms and analytics. The Internet of Things (IoT) technology has transformed the operations of various industries, including the manufacturing industry. IIoT is revolutionising manufacturing plants by connecting a wide network of intelligent devices that would increase automation in plants. IIoT is expected to revolutionise the manufacturing industry by enabling a greater amount of data, which can be shared throughout the enterprise from the plant floor to the supply chain. IIoT provides better connectivity, efficiency, scalability, and time- and cost-saving for industries. For example, SCADA systems and IoT technology complement each other. IoT is considered to be the fourth generation of SCADA systems. Big data and analytics have led to the integration of instrumentation with SCADA data to analyse and scrutinise the data generated during production processes. Continuous advancements in industrial automation are expected to bring significant benefits to end users in terms of increased profitability and improved efficiency. Information from SCADA systems acts as a data source for IoT. SCADA focuses on monitoring and controlling, while IoT analyses machine data to improve productivity