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Smart Manufacturing Market to Exhibit 12.7% till 2028; General Electric Company Launches Connectix for Improving Daily Industry Operations

May 25, 2021 | Information & Technology

The global smart manufacturing market size is projected to grow from USD 249.46 billion in 2021 to USD 576.21 billion in 2028. The emergence of advanced technologies and unique business models has resulted in the digitization of the manufacturing industry worldwide. This has compelled several companies to invest more in smart manufacturing tools and software solutions. In March 2021, for instance, General Electric Company unveiled Connectix, a special service that would help enhance daily operations and increase energy efficiency. Fortune Business Insights™ punished this information in a report, titled, “Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-premise), By Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), By Industry (Discrete and Process), and Regional Forecast, 2021-2028.” The report further states that the market stood at USD 225.73 billion in 2020. It is anticipated to showcase a CAGR of 12.7% in the forecast period between 2021-2028.

OMRON Corporation Launches 1S Series AC Servo System with Eight Safety Features

In December 2020, OMRON Corporation introduced the 1S Series AC Servo System featuring safety functionality. This latest model would help manufacturers achieve higher productivity in industries, such as cosmetics, pharmaceutical, food, and digital. It would offer eight safety functions to protect the safety of products, machinery, and operators. At the same time, it would refine productivity. In case of an emergence, the device would remain in the stationary state, thereby preventing breakdown of machinery and products.

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


Rising Adoption of Artificial Intelligence and Cloud Computing to Aid Growth

The increasing usage of engineering technologies, namely, cloud computing, machine learning, and artificial intelligence across the globe is expected to augment the market growth in the forthcoming years. Besides, ongoing developments in the field of industry 4.0 are also set to spur the demand for smart factories. It will further open doors to new growth opportunities for manufacturers. However, insufficient safety knowledge, inadequate professional accessibility, and low investments are some of the factors that may obstruct the deployment of smart manufacturing solutions.

Key Companies Focus on New Launches and Upgradation of Products to Intensify Competition

Reputed organizations, such as ABB Ltd., Siemens AG, and General Electric are aiming to strengthen their positions in the market. To do so, they are modernizing the pre-existing products. Additionally, they are also focusing on launching state-of-the-art platforms to help a wide range of industries.

A Notable Industry Development-

  • October 2020: NTT Communications Corporation and FANUC Corporation developed a joint venture named DUCNET Co., Ltd. This new company will provide cloud services to the machine tool industry for supporting digital transformation.

Fortune Business Insights™ Lists Out Smart Manufacturing Companies Present in the Global Market:

  • ABB Ltd. (Zürich, Switzerland)

  • Siemens AG (Munich, Germany)

  • General Electric (Massachusetts, U.S.)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Robert Bosch GmBH (Gerlingen, Germany)

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

  • Schneider Electric (Rueil-Malmaison, France)

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

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

  • Fanuc Corporation (Yamanashi, Japan)

  • Yokogawa Electric Corporation (Tokyo, Japan)

  • Telefonaktiebolaget LM Ericsson (Stockholm, Sweden)

Further Report Findings:

  • In 2020, Asia Pacific generated USD 79.09 billion in terms of revenue. This growth is attributable to the rising presence of various start-up companies in countries, such as Australia, India, and Japan. At the same time, the operation of multiple large enterprises in the discrete industries would also propel regional growth.

  • In the Middle East and Africa, the market is estimated to grow steadily backed by the initiatives of Gulf Cooperation Council (GCC) countries towards digital transformation and technology adoption. Saudi Arabia, for instance, developed a new progress roadmap named Strategy and National Transformation Program (NTP) 2020. It would enable the country to embrace partnerships and strengthen the private sector by 2030.

  • Based on the component, the market for smart manufacturing is divided into services and solutions. The solutions segment is further classified into 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), and others. Out of these, the industrial 3D printing sub-segment held 10.2% globally and 12.2% in China in 2020, in terms of the smart manufacturing market share.

The market can be segmented into:



Study Period


Base Year


Forecast Period


Historical Period



   Value (USD Billion)


   Component; Deployment; Enterprise Size; Industry and    Geography

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-premise

By Enterprise Size

  • Small & Medium Enterprise (SMEs)

  • Large Enterprise

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 (Component; Deployment; Enterprise Size; Industry and Country)

    • United States (By Solutions)

    • Canada (By Solutions)

  • Europe (Component; Deployment; Enterprise Size; Industry and Country)

    • U.K. (By Solutions)

    • Germany (By Solutions)

    • France (By Solutions)

    • Italy (By Solutions)

    • Spain (By Solutions)

    • Rest of Europe

  • Asia Pacific (Component; Deployment; Enterprise Size; Industry and Country)

    • China (By Solutions)

    • Japan (By Solutions)

    • India (By Solutions)

    • Southeast Asia (By Solutions)

    • Rest of Asia Pacific

  • The Middle East & Africa (Component; Deployment; Enterprise Size; Industry and Country)

    • GCC (By Solutions)

    • South Africa (By Solutions)

    • Rest of the Middle East & Africa

  • Latin America (Component; Deployment; Enterprise Size; Industry and Country)

    • Brazil (By Solutions)

    • Mexico (By Solutions)

    • Rest of Latin America

Global Smart Manufacturing Market
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