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Smart Manufacturing Market to Register CAGR worth 13.1% during 2022-2029; General Electric Company Announces Introduction of Connectix to Invite Novel Prospects

March 16, 2022 | Information & Technology

The global smart manufacturing market size was USD 249.56 billion in 2021. The market is expected to grow from USD 277.81 billion in 2022 to USD 658.41 billion in 2029 at a CAGR of 13.1% during the 2022-2029 period.

This information is provided by Fortune Business Insights™, in its report, titled, Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (Discrete Industry, Process Industry), and Regional Forecast, 2022-2029.”

Technologies such as the Internet of Things (IoT) are meticulously associated with the notions of Machine-to-Machine (M2M) communications and Wireless Sensor Networks (WSN) on the connectivity side, and Big Data in regards to the content outcomes created. IoT also includes the data gathered and communicated between machines (M2M), as well as between machines and people (M2P). These technologies are predicted to amplify the market.

Uplifted Investment by Government to Hike Implementation of Smart Manufacturing during Pandemic

The novel coronavirus pandemic is affecting the global economy in every industry. The virus has commenced crucial gaps among manufacturing and supply chain units. Establishments are restructuring their business continuity models, capitalizing on innovative manufacturing and supply chain models, and identifying automation prospects to reduce the influence of the coronavirus on manufacturing divisions during the forthcoming years.

Music Tribe Chooses Siemens’ Xcelerator Portfolio for Electronics Manufacturing Smart Factory

Siemens Digital Industries Software declared that Music Tribe, a multi-national pioneer for expert audio products and musical instruments, has chosen solutions from the Xcelerator portfolio as the cornerstone for its digitalization programs, and as the technology to drive a novel smart factory in Malaysia. Music Tribe intends to install product lifecycle management (PLM) and manufacturing execution system (MES) software from Siemens to present an enhanced customer experience utilizing digitalization. 

To get a detailed report summary and research scope of this market, click here:


Extending Perimeter of Big Data, Internet of Thing, 5G Network to Fuel Market Growth

Big data is among the vital applications among them and is measured as one of the developing trends for smart manufacturing market growth. The sturdy, rising volume of structured and unstructured data and information generates a great demand for big data applications. Likewise, the most important trend for the market is the Internet of Things (IoT). IoT involves smart devices, vehicles, sensors, and other connected factors on a single platform supported by artificial intelligence.

Vital Business-related Declarations by Prime Players to Sway Market Dynamics

Pivotal companies in the market often make critical declarations concerning a few business moves, which in turn impact the market either favorably or adversely. Players procure companies, unveil novel products, sign partnership contracts, engage in deals with government establishments, and so on.  

Industry Development

  • March 2021: General Electric Company declared the introduction of intuitive software applications and skilled amenities known as Connectix. This service is intended for smart manufacturing applications.

List of Key Players Covered in the Report

  • HP Development Company, L.P. (California, U.S.)

  • ABB (Zurich, Switzerland)

  • Emerson Electric Co. (Missouri, U.S.)

  • General Electric (Massachusetts, U.S.)

  • Honeywell International, Inc. (North Carolina, U.S.)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Robert Bosch GmbH (Stuttgart, Germany)

  • Rockwell Automation, Inc. (Wisconsin, U.S.)

  • Schneider Electric (France, Europe)

  • Siemens AG (Munich, Germany)

Further Findings:

Based on the component, the market is categorized into solutions and services. The solution is expected to gain a major market share during the forecast period. Owing to the growth of industrial 3D printing which is attributed to increasing demand for IoT for advanced automation process in the manufacturing industry.

North America held the second-largest smart manufacturing market share. The growth of this region is accredited to the increasing spending on progressive manufacturing technologies in countries such as Canada and the U.S.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)


Component, Deployment, Enterprise Size, Industry, and Region

By Component

  • Solution

    • Industrial 3D Printing 

    • Programmable Logic Controller (PLC)

    • Product Lifecycle Management (PLM)

    • Manufacturing Execution System (MES)

    • Robotic Process Automation (RPA)

    • Remote Monitoring software

    • Supervisory Controller and Data Acquisition (SCADA)

    • Others (Energy Management Systems, Fleet Management Solutions, etc.)

  • Services                      

    • Professional Services

    • Managed Services

By Deployment

  • Cloud

  • On-Premises

By Enterprise Size

  • Large Enterprises

  • Small & Medium Enterprises

By Industry

  • Discrete Industry

    • Automotive

    • Transportation

    • Industrial machinery

    • Medical devices

    • Semiconductor and Electronics/High-Tech

    • Others (Aerospace and Defense, etc.)

  • Process Industry

    • Pharmaceuticals

    • Mining and Metals

    • Chemicals

    • Pulp and Paper

    • Others (Cable, etc.)

By Region

  • North America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • U.S. (By Solutions)

    • Canada (By Solutions)

  • Europe (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • U.K. (By Solutions)

    • Germany (By Solutions)

    • France (By Solutions)

    • Italy (By Solutions)

    • Spain (By Solutions)

    • Rest of Europe

  • Asia Pacific (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • China (By Solutions)

    • Japan (By Solutions)

    • India (By Solutions)

    • Southeast Asia (By Solutions)

    • Rest of Asia Pacific

  • Middle East & Africa (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • GCC (By Solutions)

    • South Africa (By Solutions)

    • Rest of the Middle East & Africa

  • Latin America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • Brazil (By Solutions)

    • Mexico (By Solutions)

    • Rest of Latin America

Global Smart Manufacturing Market
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  • 2017-2019
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