Connected Manufacturing Market to Grow with a CAGR of 14.23% through 2029

Industry 4.0 & digital transformation and rising demand for smart factories are likely to drive the market in the forecast period.

According to TechSci Research report, “Connected Manufacturing Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Connected Manufacturing Market is experiencing a surge in demand in the forecast period.

A significant driving force behind the global connected manufacturing market is the widespread adoption of Industry 4.0 principles. Industry 4.0 represents a transformative shift in manufacturing, leveraging advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics. This integration facilitates the development of smart factories, where machinery, sensors, and systems communicate seamlessly, leading to enhanced automation, real-time data exchange, and intelligent decision-making. The incorporation of Industry 4.0 principles into manufacturing processes results in improved operational efficiency, predictive maintenance capabilities, and increased overall productivity. Smart factories empower manufacturers to monitor and optimize production processes in real time, resulting in reduced downtime, lower operational costs, and the ability to swiftly adapt to changing market demands. With industries worldwide acknowledging the transformative potential of Industry 4.0, the demand for connected manufacturing solutions continues to rise, fueling the growth of the global connected manufacturing market.

The increasing demand for data-driven decision-making is another significant driver propelling the global connected manufacturing market. In today's manufacturing landscape, the value of data has become paramount, and connected manufacturing solutions enable businesses to leverage real-time data for informed decision-making. By integrating sensors, IoT devices, and advanced analytics, manufacturers gain unprecedented visibility into their production processes, supply chains, and overall operational performance. Data-driven decision-making in connected manufacturing offers numerous advantages, including enhanced production planning, quality control, and supply chain optimization. Manufacturers can proactively identify inefficiencies, predict maintenance needs, and respond swiftly to changing market conditions. The ability to derive actionable insights from the vast amount of data generated within connected manufacturing environments enhances agility, competitiveness, and the overall effectiveness of decision-making processes. As businesses increasingly recognize the pivotal role of data in gaining a competitive edge, the demand for connected manufacturing solutions continues to grow. This driver underscores the importance of harnessing technology to transform raw data into actionable intelligence, thereby driving the evolution of the global connected manufacturing market.

                                                                                             

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The Global Connected Manufacturing Market is segmented into Organization, application and region.

Based on Organization, The SMSs segment held the largest Market share in 2023. Numerous technology providers offer scalable solutions tailored for small and medium-sized enterprises (SMEs), enabling them to adopt connected manufacturing technologies gradually, aligning with their specific requirements and financial constraints. SMEs often exhibit greater agility and adaptability in embracing new technologies, and connected manufacturing solutions can be customized to suit the unique workflows and needs of smaller-scale operations. Some connected manufacturing technologies are engineered to be cost-effective, enhancing accessibility for SMEs with limited budgets. Cloud-based solutions and pay-as-you-go models, for instance, can mitigate upfront costs. SMEs may perceive the adoption of connected manufacturing technologies as a means to gain a competitive edge, enhance operational efficiency, and meet evolving customer expectations, particularly in sectors where technological innovation plays a pivotal role in differentiation. Various governmental bodies and industry associations champion Industry 4.0 initiatives aimed at fostering digital transformation across manufacturing enterprises of all sizes. These initiatives may entail incentives or support programs designed to facilitate the adoption of connected manufacturing technologies, thereby benefiting SMEs.

Based on application, The operation optimization segment held the largest Market share in 2023. Operation optimization is a strategic focus area aimed at enhancing overall operational efficiency, a paramount objective for manufacturers striving to boost productivity and minimize operational expenditures. Leveraging connected manufacturing solutions, companies attain real-time visibility into production processes, empowering them to closely monitor key performance indicators and swiftly make data-informed decisions. This capability serves as the cornerstone for optimizing operations in real time. Through operation optimization initiatives, manufacturers can pinpoint and rectify inefficiencies, resulting in tangible cost savings. Optimal utilization of resources, encompassing labor, raw materials, and machinery, contributes to heightened profitability. Companies embracing connected technologies for operation optimization gain a competitive advantage by demonstrating heightened responsiveness to market demands, reducing time-to-market, and displaying agility in adapting to evolving production needs. Operation optimization practices align seamlessly with the ethos of continuous improvement, enabling manufacturers to fine-tune and refine processes based on insights gleaned from real-time data analytics. This adaptability proves indispensable in dynamic manufacturing environments. Tailorable to address specific industry challenges and requirements, operation optimization can be customized to tackle the distinct operational pain points encountered across various manufacturing sectors.

 

Major companies operating in the Global Connected Manufacturing Market are:

 

• Siemens AG
• General Electric Company (GE)
• Rockwell Automation, Inc.
• Honeywell International Inc.
• ABB Ltd.
• Schneider Electric SE
• Bosch Group
• Mitsubishi Electric Corporation
• Fanuc Corporation
• Hitachi, Ltd.

 

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“The Global Connected Manufacturing Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The key driver of the global connected manufacturing market lies in its ability to deliver enhanced operational efficiency through seamless connectivity. Integrating Industry 4.0 technologies, such as IoT and AI, enables real-time communication and data exchange between machines, systems, and human operators. This connectivity optimizes production processes, reduces downtime, and facilitates data-driven decision-making. As businesses prioritize efficiency gains and adaptive manufacturing, the demand for connected solutions continues to surge, propelling the global connected manufacturing market forward. The interconnected ecosystem fosters a more agile and responsive manufacturing environment, translating into improved productivity and competitiveness. Therefore, the Market of Connected Manufacturing is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Connected Manufacturing Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Application (Operation Optimization, Real-Time Tracking, Predictive Maintenance), By Organization (SMSs, Large Enterprises), By Region, By Competition”, has evaluated the future growth potential of Global Connected Manufacturing Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Connected Manufacturing Market.

 

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