Kenneth Research, in its repository of market research reports, have recently added a report on Smart Manufacturing Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Smart Manufacturing Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Manufacturing Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
Global COVID-19 Impact on Smart Manufacturing Market is valued approximately at USD 174.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4% over the forecast period 2020-2026. COVID-19 is an infectious disease caused by a newly discovered virus called corona-virus. COVID-19 is pushing companies to rapidly operate in new ways, and systems resilience is being tested as never before. Government Stringent rules and regulations enables human workforce to stay at home due to COVID-19 pandemic.
Smart manufacturing is computer-integrated manufacturing, high levels of adaptability and rapid design changes, digital information technology, and more flexible technical workforce training. The increasing demand for smart manufacturing products & solution propelled by COVID-19 and the emerging & expanding role of collaborative robots in healthcare and manufacturing sectors is the factor responsible for growth of the market over the forecast period.
Furthermore, the introduction of new products and services as well as other strategic alliances by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in March 2018, ABB Group introduced smart factory for electrical safety and energy efficiency products in Bangalore, India. The smart factory increases efficiency and flexibility of the manufacturing process by continuous monitoring of the production process through visualization of operational data. However, high investments and costs involved in implementing smart manufacturing solutions is the major factor restraining the growth of global COVID-19 Impact on Smart Manufacturing market during the forecast period.
The regional analysis of global COVID-19 Impact on Smart Manufacturing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world due to the increased spending on improving performance, security, and economic stability. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
Cisco Systems, Inc.
Emerson Electric Co.
General Electric Company
Hewlett Packard Enterprise
Honeywell International Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Information Technology:
Enterprise Manufacturing Intelligence
Plant Asset Management
Manufacturing Execution System
Warehouse Management System
By Enabling Technology:
Industrial 3D printing
AI in manufacturing
Machine condition monitoring
Industrial machine vision
Automated guided vehicle
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global COVID-19 Impact on Smart Manufacturing Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2026 (USD BILLION)
1.2.1. COVID-19 Impact on Smart Manufacturing Market, by Region, 2018-2026 (USD BILLION)
1.2.2. COVID-19 Impact on Smart Manufacturing Market, by Information Technology, 2018-2026 (USD BILLION)
1.2.3. COVID-19 Impact on Smart Manufacturing Market, by Enabling Technology, 2018-2026 (USD BILLION)
1.2.4. COVID-19 Impact on Smart Manufacturing Market, by Industry, 2018-2026 (USD BILLION)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global COVID-19 Impact on Smart Manufacturing Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global COVID-19 Impact on Smart Manufacturing Market Dynamics
3.1. COVID-19 Impact on Smart Manufacturing Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global COVID-19 Impact on Smart Manufacturing Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2016-2026)
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global COVID-19 Impact on Smart Manufacturing Market, by Information Technology
5.1. Market Snapshot
5.2. Global COVID-19 Impact on Smart Manufacturing Market by Information Technology, Performance – Potential Analysis
5.3. Global COVID-19 Impact on Smart Manufacturing Market Estimates & Forecasts by Information Technology 2016-2026 (USD BILLION)
5.4. COVID-19 Impact on Smart Manufacturing Market, Sub Segment Analysis
5.4.1. Human-Machine Interface
5.4.2. Enterprise Manufacturing Intelligence
5.4.3. Plant Asset Management
5.4.4. Manufacturing Execution System
5.4.5. Industrial Communication
5.4.6. Warehouse Management System
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