TMR: By 2026, the global smart manufacturing platform market will reach $15.93 billion

According to TMR, the global smart manufacturing platform market size was valued at USD 2.76 billion in 2017 and is expected to reach USD 15.93 billion by 2026, growing at a CAGR of 21.5% during the forecast period.

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TMR points out that some of the key factors influencing the market growth include: increased adoption of industrial automation and Industry 4.0 solutions, support from governments for industrial automation, and increased need for streamlining and automating data to improve productivity. However, lack of skilled IoT employees and frequent software upgrades limit the market growth.

Smart manufacturing platforms are associated with the concept of smart manufacturing or Industry 4.0, which enables enterprises to connect to the Industrial Internet of Things, which focuses on collecting, analyzing and utilizing as much data as possible, turning data insights into direct actions and creating competitive advantages. Smart manufacturing platforms usually have usability in performance optimization, asset management, condition monitoring, predictive maintenance, etc.

Based on type, the device management segment is expected to witness significant growth during the forecast period owing to the increasing number of industrial IoT solutions that require the use of a large number of IoT devices in industries or factories. Effective device management is essential to monitor and maintain the health, connectivity, and security of IoT devices. Device management platforms help manufacturing companies to effectively manage, track, and secure the devices used in factories or industries.

It is worth mentioning that the market share of Asia Pacific is expected to grow significantly during the forecast period. The major factors driving the growth of the smart manufacturing platform market in Asia Pacific include the rising demand for smart tools due to the growing automation in industries, Industry 4.0, smart factories, Internet of Things, Industrial Internet of Things, and increasing investments in smart manufacturing platforms to optimize productivity and improve maintenance efficiency.