Developed economies are promoting digitalization to return industrialization to their territories while emerging countries are investing in smart technology to meet international manufacturing norms and trends. To increase the productivity and efficiency of their production and storage units, industrial market participants are flocking to robotic and automation systems. The market is also being fueled by increased investment in R&D in the field of IoT for sophisticated technologies, as well as a growing need for a better lifestyle. North America is likely to expand in the market over the forecast period, owing to the increased adoption of intelligent manufacturing and supply chain technologies across a variety of industries, including retail, oil & gas, metal & mining, and healthcare. L &T Technology Services Limited, a leading engineering services company has announced a partnership with Microsoft to provide LTTS' Energy & Sustainability Manager Solution as an IIoT-Based Smart Manufacturing Solution to digitally transform and construct sustainable factories of the future.Īsia-Pacific is expected to continue to lead the smart manufacturing market, on account of technological innovation and increased adoption of automation technologies across industries such as automotive, food and beverages, manufacturing, and others. The automobile industry is investing on the higher side and setting greater goals for its digital manufacturing operations.
In addition, DCS has capabilities like control and redundancy, which improve system reliability.
DCS has the advantage of being versatile for procedures such as controlling, monitoring, and reporting, which has helped it gain a higher market share.
Manufacturers have several manufacturing software alternatives, and demand for software is projected to rise as automation and digital transformation become more prevalent.
Furthermore, the rising adoption of smart technologies across all leading industries such as energy & utilities, manufacturing, oil & gas, and metal & mining are complementing the rapid market developments. The global smart manufacturing market size is expected to reach USD 573.14 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 12.2% From 2021-2028. Some of the key factors propelling the global market growth include growing demand for industrial robots, increasing significance of energy efficiency, rise in the integration of industrial IoT, and increasing emphasis for real-time data analysis.