Meticulous Research®—leading global market research company, published a research report titled, ‘Smart Manufacturing Market by Technology (Industrial IoT, AR/VR, Robotics & Automation, Blockchain), Application (Surveillance & Safety, Inventory & Warehouse Management, Quality Management), End-use Industry, and Geography - Global Forecast to 2031.
According to this latest publication from Meticulous Research®, the smart manufacturing market is expected to reach $733.4 billion by 2031, at a CAGR of 24.6% from 2024–2031.The growth of the smart manufacturing market is driven by the increasing demand to reduce operational costs through predictive maintenance, the rising integration of AI & ML technologies, and the expanded use of 3D printing for additive manufacturing. However, high capital and operating expenses pose challenges to market growth. The introduction of 5G connectivity and the growing adoption of smart manufacturing in developing countries are anticipated to generate significant growth opportunities for the players operating in this market. However, challenges such as the need for more skilled personnel and concerns about privacy and data protection continue to impact market growth. Furthermore, the growing use of advanced human-robot collaboration represents a notable technology trend in this market.
Key Players
The key players operating in the smart manufacturing market are International Business Machines Corporation (U.S.), Siemens AG (Germany), Microsoft Corporation (U.S.), SAP SE (Germany), Capgemini SE (France), ABB Ltd (Switzerland), Deutsche Telekom AG (Germany), Telefónica, S.A. (Spain), Accenture plc (Ireland), TE Connectivity Ltd. (Switzerland), NXP Semiconductors N.V. (Netherlands), Telefonaktiebolaget LM Ericsson (Sweden), Intel Corporation (U.S.), Tata Consultancy Services Limited (India), Cisco Systems, Inc. (U.S.), Honeywell International, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc (U.S.), and Schneider Electric SE (France).
Key Factors Powering Smart Manufacturing Market Growth:
The momentum in smart manufacturing is fuelled by several pivotal factors. At its core is the urgent need for manufacturers to reduce operational costs, which has propelled the widespread adoption of predictive maintenance tools. By leveraging AI and machine learning, businesses can forecast equipment failures and optimize maintenance schedules, thereby minimizing downtime and maximizing asset utilization. Another instrumental driver is the deepening integration of advanced technologies—3D printing for additive manufacturing, robotics, and the Industrial Internet of Things (IIoT), which together are redefining how production processes are managed from the shop floor to the supply chain.
Notably, the roll-out of 5G connectivity is amplifying the capabilities of smart factories, enabling seamless real-time data transfer between extensive networks of sensors and devices. Manufacturers now benefit from low-latency and secure data transmission, crucial for connected asset monitoring and logistics management. Industry 4.0, with its emphasis on automation and information technology, is unleashing new possibilities by promoting digital twins, cloud computing, and robotic process automation. Smart Manufacturing-as-a-Service (SMaaS) has emerged as a noteworthy trend, blending IT and operational systems data in the cloud, to drive agile decision-making and ensure end-to-end supply chain optimization.
Leading Industries and Regions in Smart Manufacturing Adoption:
The pace of smart manufacturing adoption varies by industry and geography. According to Meticulous Research, the automotive sector is at the forefront, accounting for the largest share of around 14.3% in 2024. Automakers are rapidly deploying digital twins for predictive maintenance and product testing, while robot-human collaboration is gaining traction to improve both safety and operational efficiency.
Other industries making notable headway include pharmaceuticals, electronics and semiconductors, heavy machinery, and medical devices. The pharmaceutical segment is expected to register the highest growth rate during the forecast period, driven by smart technologies that streamline operations, cut downtime between batches, and optimize inventory levels through IIoT applications.
Regionally, the Asia-Pacific market stands out as the undisputed leader, projected to hold over 37.3% of the global smart manufacturing market share in 2024, with a compound annual growth rate (CAGR) of 26.5% during the forecast period. The region’s advance is buoyed by robust government initiatives, heavy investments by top corporations, and rapid technology deployment—especially in China, India, and Japan. Strategic collaborations in the region, such as Hexagon AB’s partnership with CMTI in India, are establishing centers of excellence for Industry 4.0 and accelerating regional transformation.
Future Outlook and Emerging Opportunities:
The outlook for smart manufacturing is extremely promising, with the global market expected to soar from $133.1 billion in 2023 to $733.4 billion by 2031, growing at a CAGR of 24.6%. As the sector matures, several opportunities stand out. One is the mainstreaming of blockchain, which is forecasted to register the highest CAGR among technologies. Its adoption is set to revolutionize inventory management, improve traceability, enhance transparency, and facilitate real-time oversight of high-value equipment movements.
Another major opportunity lies in the ongoing evolution of Smart Manufacturing-as-a-Service. With most smart technologies deployed in the cloud, manufacturers can unlock unprecedented visibility across their asset and product lifecycles, ensuring compliance, minimizing waste, and optimizing infrastructures virtually. The surveillance and safety applications are also poised for significant expansion, as manufacturers prioritize security, real-time monitoring, and rapid incident response. Video surveillance, 5G-powered security solutions, and RFID-integrated warehouse management are becoming the norm, thus reinforcing the digital backbone of smart factories.
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of technology, application, and end-use industry?
- What is the historical market size for global smart manufacturing?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the smart manufacturing market?
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