Smart Manufacturing Market to be Worth USD 754.1 Billion by 2030; Investments in Advanced Connectivity Technologies to Propel Market

The global smart manufacturing market size was valued at USD 277.81 billion in 2022. The market is projected to grow from USD 310.92 billion in 2023 to USD 754.1 billion by 2030, exhibiting a CAGR of 13.5% during the forecast period. Fortune Business Insights™ presents this information 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 and Process Industry), and Regional Forecast, 2023-2030”.

Artificial intelligence, cloud, Big Data, and machine learning are expected to accelerate the market growth. Moreover, Machine-to-Machine (M2M) communication, Wireless Sensor Networks (WSN), and Big Data concepts are all strongly tied to the Internet of Things (IoT) in terms of connectivity and the content outcomes generated.

Government Investment has Increased to Hasten the Use of Smart Manufacturing during the Pandemic

The coronavirus pandemic effected every sector of the global economy. Between manufacturing and supply chain divisions, the virus has created significant gaps. To combat the pandemic, businesses are redesigning their business continuity plans, making investments in modern manufacturing and supply chain strategies, and looking for automation opportunities to lessen COVID-19's effects on production lines in the future. For instance, prominent corporations and governments made investments totaling around USD 17 billion in 2017 and are expected to make investments totaling about USD 60 billion by 2021, according to Invest India.gov.

Mitsubishi Electric Corporation to Strengthen Market Position by Launching Innovative Products

Mitsubishi Electric Corporation introduced the MELFA ASSISTA line of robots in May 2020. MELFA ASSISTA works in tandem with people to perform safety-related tasks such as preventing collisions. Additionally, the robot operates in complete accordance with global safety standards and robotic rules ISO 10218-1 and ISO/TS15066. Industries use RT VisualBox and MELFA ASSISTA to increase efficiency.

Investing in New Network Infrastructure and Advancing Connectivity Technologies (5G) to Support Market Expansion

The current IoT-based applications used in smart manufacturing are expected to undergo changes with the advent of the 5G era. Particularly in the areas of scalability, latency, reliability, security, and the degree of individual control of connectivity parameters, 5G has the potential to have a revolutionary effect on how future IoT ecosystems are built. Additionally, as the scope of IoT application regions expands, more complex use cases necessitating improved network capabilities are also appearing. Examples of such skills include the ability to support integrated sensors, improve device positioning, and ensure swift device mobility. Therefore, the development of connectivity technologies, such as 5G, is a significant factor boosting the growth of the global market.

However, the main barrier preventing the smart manufacturing market growth in international marketplaces is thought to be high initial capital investments.

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Competitive Landscape

Major Players to Diversify Product Portfolios through Strategic Purchases and Collaborations

The focus of major market participants, including General Electric, Emerson Electric Co., Honeywell International, Inc., and Rockwell Automation, Inc. is on growing their businesses by offering innovative and cutting-edge solutions. The creation of smart manufacturing solutions is being funded by these major players.

In order to maximize industrial capabilities through unified robotic control systems, Rockwell Automation, Inc. teamed with Comau in April 2021. The alliance provides a simpler, more intelligent, and more efficient approach to conducting manufacturing operations across industries.

Notable Industry Development:

• September 2020 – Siemens AG completed an agreement with Music Tribe, a provider of professional audio products and musical instruments. The company was selected by Music Tribe for Siemens’ Xcelerator product portfolio for electronics manufacturing in smart factories.

List of Key Players Profiled in the Report

• HP Development Company, L.P. (U.S.)


• ABB (Switzerland)


• Emerson Electric Co. (U.S.)


• General Electric (U.S.)


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


• Mitsubishi Electric Corporation (Japan)


• Robert Bosch GmbH (Germany)


• Rockwell Automation, Inc. (U.S.)


• Schneider Electric (Europe)


• Siemens AG (Germany)

Further Report Findings

• Due to its active ecosystem, which includes Japan, India, and Australia, Asia Pacific currently has the greatest market share and is predicted to expand quickly throughout the forecast period. SMEs are anticipated to lead the adoption of these solutions. However, it is anticipated that large businesses engaged in specific industries will lead the industry in terms of revenue.


• Due to increased U.S. and Canadian spending on innovative manufacturing technology, North America was the second-largest market. The acceptance of the "smart manufacturing" idea has been further encouraged by technological advancements, the availability of substitute printing materials, and lower equipment prices.


• Similarly, Europe is anticipated to expand gradually throughout the course of the projection period due to the rapid growth of the internet of things (IoT) in Germany, Italy, Spain, and others that support regional market expansion.


• The future growth of the regional economy, as well as that of education, employment, and other areas, is significantly impacted by the digitalization of business in South America and the Middle East. The Gulf Cooperation Council (GCC) nations are setting the pace for technology adoption and digital transformation.

Table of Segmentation