North America Smart Manufacturing MarketNorth America Smart Manufacturing Market 2024 Trends and Forecasts 2032: Analyzing Growth Opportunities
North America Smart Manufacturing Market by Component (Solution, Services), by Deployment (Cloud, On-Premises), by Enterprise Size (Large Enterprises, Small & Medium Enterprises), by Industry (Discrete Industry, Process Industry), by Forecast 2024-2032
Base Year: 2023
120 Pages
North America Smart Manufacturing Market 2024 Trends and Forecasts 2032: Analyzing Growth Opportunities
Key Insights
The North America Smart Manufacturing Market size was valued at USD 277.81 USD Billion in 2023 and is projected to reach USD 602.73 USD Billion by 2032, exhibiting a CAGR of 11.7 % during the forecast period. The concept of smart manufacturing involves merging the Internet of Things (IoT), artificial intelligence (AI), and data analytics into manufacturing operations to improve efficiency and productivity. This innovative approach involves different types ranging from predictive maintenance to asset tracking including real-time tracking thus each was designed with customized purposes of the production. Through seamless connectivity, data-driven decision-making, and adaptive automation, smart manufacturing is assisting manufacturers in observing the market needs effortlessly and being proactive. Applications are applied across industries starting from automotive to aerospace, allowing organizations to reap benefits like reduced downtime, higher quality products and of course, significant cost savings. Due to its capability to boost agility, scalability and sustainability; smart manufacturing emerges as the top technique in the North American industrial revolution process that promotes competitiveness and leads to global innovation.
North America Smart Manufacturing Trends
- Increasing adoption of Industry 4.0 technologies
- Growing need for operational efficiency and productivity
- Increasing focus on sustainability and environmental protection
Driving Forces: What's Propelling the North American Smart Manufacturing Market
- Government initiatives and incentives
- Rising demand for customized and personalized products
- Technological advancements in automation and robotics
Challenges and Restraints in North America Smart Manufacturing Market
- High upfront investment costs
- Lack of skilled workforce
- Cybersecurity concerns
Emerging Trends in North America Smart Manufacturing
- Integration of artificial intelligence (AI) and machine learning (ML)
- Emergence of cloud-based smart manufacturing solutions
- Adoption of digital twins and augmented reality (AR)
Growth Catalysts in the North America Smart Manufacturing Industry
- Increasing adoption of predictive analytics and real-time monitoring
- Growing investment in research and development
- Collaboration between industry players and academia
Market Segmentation: North America Smart Manufacturing Analysis
Component
- Solution
- Services
Deployment
- Cloud
- On-premises
Enterprise Size
- Large enterprises
- Small & medium enterprises
Industry
- Discrete industry
- Process industry
Leading Players in the North America Smart Manufacturing Market
- HP Development Company, L.P. (U.S.)
- Emerson Electric Co. (U.S.)
- General Electric (U.S.)
- Honeywell International, Inc. (U.S.)
- Rockwell Automation, Inc. (U.S.)
- IBM (U.S.)
- PTC (U.S.)
- ADGA Group (Canada)
- ATS Automation Tooling Systems (Canada)
- Javelin Technologies (Canada)
Significant Developments in the North American Smart Manufacturing Sector
- In 2022, Rockwell Automation launched the FactoryTalk InnovationSuite software platform.
- In 2023, IBM announced a partnership with EOS to offer 3D printing solutions for smart manufacturing.
Comprehensive Coverage North America Smart Manufacturing Market Report
The report provides an in-depth analysis of the North American smart manufacturing market, including market size, trends, drivers, restraints, challenges, and opportunities. It also provides insights into the competitive landscape, key players, and recent developments in the market.
Regional Insight
The North American smart manufacturing market is segmented into four regional markets: the United States, Canada, and Mexico. The United States is the largest market, accounting for over 70% of the revenues. The Canadian market is growing rapidly, driven by government initiatives and the presence of leading players. The Mexican market is still in its early stages of development but has the potential for significant growth.
- United States: The United States is the largest market for smart manufacturing in North America. The country has a strong manufacturing base, and many companies are investing in smart manufacturing technologies to improve their efficiency and competitiveness. The US government is also supporting the development of smart manufacturing through various initiatives.
- Canada: The Canadian smart manufacturing market is growing rapidly. The Canadian government is investing in smart manufacturing technologies and initiatives, and the country has a strong manufacturing base. Many leading smart manufacturing companies are also present in Canada.
- Mexico: The Mexican smart manufacturing market is still in its early stages of development. However, the country has the potential for significant growth. The Mexican government is supporting the development of smart manufacturing through various initiatives, and the country has a strong manufacturing base.
North America Smart Manufacturing Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 11.7% from 2018-2032 |
| Segmentation |
|
Frequently Asked Questions
Table Of Content
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Rising Demand from the Automotive and Construction Sectors to Aid Market Growth
- 3.3. Market Restrains
- 3.3.1. High Initial Cost of Investment Restricting Market Growth
- 3.4. Market Trends
- 3.4.1. Technological Advancement in Equipment to Propel Market Growth
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. North America Smart Manufacturing Market Analysis, Insights and Forecast, 2018-2030
- 5.1. Market Analysis, Insights and Forecast - by Component
- 5.1.1. Solution
- 5.1.2. Services
- 5.2. Market Analysis, Insights and Forecast - by Deployment
- 5.2.1. Cloud
- 5.2.2. On-Premises
- 5.3. Market Analysis, Insights and Forecast - by Enterprise Size
- 5.3.1. Large Enterprises
- 5.3.2. Small & Medium Enterprises
- 5.4. Market Analysis, Insights and Forecast - by Industry
- 5.4.1. Discrete Industry
- 5.4.2. Process Industry
- 5.5. Market Analysis, Insights and Forecast - by Region
- 5.5.1.
- 5.1. Market Analysis, Insights and Forecast - by Component
- 6. United States North America Smart Manufacturing Market Analysis, Insights and Forecast, 2018-2030
- 6.1. Market Analysis, Insights and Forecast - By Component
- 6.1.1. Solution and Services
- 6.2. Market Analysis, Insights and Forecast - By Deployment
- 6.2.1. Cloud and On-Premises
- 6.3. Market Analysis, Insights and Forecast - By Enterprise Size
- 6.3.1. Large Enterprises and Small & Medium Enterprises
- 6.4. Market Analysis, Insights and Forecast - By Industry
- 6.4.1. Discrete Industry and Process Industry
- 7. Canada North America Smart Manufacturing Market Analysis, Insights and Forecast, 2018-2030
- 7.1. Market Analysis, Insights and Forecast - By Component
- 7.1.1. Solution and Services
- 7.2. Market Analysis, Insights and Forecast - By Deployment
- 7.2.1. Cloud and On-Premises
- 7.3. Market Analysis, Insights and Forecast - By Enterprise Size
- 7.3.1. Large Enterprises and Small & Medium Enterprises
- 7.4. Market Analysis, Insights and Forecast - By Industry
- 7.4.1. Discrete Industry and Process Industry
- 8. Mexico North America Smart Manufacturing Market Analysis, Insights and Forecast, 2018-2030
- 8.1. Market Analysis, Insights and Forecast - By Component
- 8.1.1. Solution and Services
- 8.2. Market Analysis, Insights and Forecast - By Deployment
- 8.2.1. Cloud and On-Premises
- 8.3. Market Analysis, Insights and Forecast - By Enterprise Size
- 8.3.1. Large Enterprises and Small & Medium Enterprises
- 8.4. Market Analysis, Insights and Forecast - By Industry
- 8.4.1. Discrete Industry and Process Industry
- 9. Competitive Analysis
- 9.1. Market Share Analysis 2023
- 9.2. Company Profiles
- 9.2.1 HP Development Company L.P. (U.S.)
- 9.2.1.1. Overview
- 9.2.1.2. Products
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Financials (Based on Availability)
- 9.2.2 Emerson Electric Co. (U.S.)
- 9.2.2.1. Overview
- 9.2.2.2. Products
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Financials (Based on Availability)
- 9.2.3 General Electric (U.S.)
- 9.2.3.1. Overview
- 9.2.3.2. Products
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Financials (Based on Availability)
- 9.2.4 Honeywell International Inc. (U.S.)
- 9.2.4.1. Overview
- 9.2.4.2. Products
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Financials (Based on Availability)
- 9.2.5 Rockwell Automation Inc. (U.S.)
- 9.2.5.1. Overview
- 9.2.5.2. Products
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Financials (Based on Availability)
- 9.2.6 IBM (U.S.)
- 9.2.6.1. Overview
- 9.2.6.2. Products
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Financials (Based on Availability)
- 9.2.7 PTC (U.S.)
- 9.2.7.1. Overview
- 9.2.7.2. Products
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Financials (Based on Availability)
- 9.2.8 ADGA Group (Canada)
- 9.2.8.1. Overview
- 9.2.8.2. Products
- 9.2.8.3. SWOT Analysis
- 9.2.8.4. Recent Developments
- 9.2.8.5. Financials (Based on Availability)
- 9.2.9 ATS Automation tooling Systems (Canada)
- 9.2.9.1. Overview
- 9.2.9.2. Products
- 9.2.9.3. SWOT Analysis
- 9.2.9.4. Recent Developments
- 9.2.9.5. Financials (Based on Availability)
- 9.2.10 Javelin Technologies (Canada)
- 9.2.10.1. Overview
- 9.2.10.2. Products
- 9.2.10.3. SWOT Analysis
- 9.2.10.4. Recent Developments
- 9.2.10.5. Financials (Based on Availability)
- 9.2.1 HP Development Company L.P. (U.S.)
List of Figures
- Figure 1: North America Smart Manufacturing Market Revenue Breakdown (USD Billion, %) by Product 2023 & 2031
- Figure 2: North America Smart Manufacturing Market Value Share (%), by Component 2023 & 2031
- Figure 3: North America Smart Manufacturing Market Value Share (%), by Deployment 2023 & 2031
- Figure 4: North America Smart Manufacturing Market Value Share (%), by Enterprise Size 2023 & 2031
- Figure 5: North America Smart Manufacturing Market Value Share (%), by Industry 2023 & 2031
- Figure 6: North America Smart Manufacturing Market Share (%) by Company 2023
List of Tables
- Table 1: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Component 2018 & 2031
- Table 2: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Deployment 2018 & 2031
- Table 3: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Enterprise Size 2018 & 2031
- Table 4: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Industry 2018 & 2031
- Table 5: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 6: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Component 2018 & 2031
- Table 7: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Deployment 2018 & 2031
- Table 8: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Enterprise Size 2018 & 2031
- Table 9: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Industry 2018 & 2031
- Table 10: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 11: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Component 2018 & 2031
- Table 12: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Deployment 2018 & 2031
- Table 13: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Enterprise Size 2018 & 2031
- Table 14: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Industry 2018 & 2031
- Table 15: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Country 2018 & 2031
- Table 16: United States North America Smart Manufacturing Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 17: Canada North America Smart Manufacturing Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 18: Mexico North America Smart Manufacturing Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 19: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Component 2018 & 2031
- Table 20: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Deployment 2018 & 2031
- Table 21: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Enterprise Size 2018 & 2031
- Table 22: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Industry 2018 & 2031
- Table 23: North America Smart Manufacturing Market Revenue USD Billion Forecast, by Country 2018 & 2031
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 11.7% from 2018-2032 |
| Segmentation |
|
STEP 1 - Identification of Relevant Samples Size from Population Database
STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.
Note* : In applicable scenarios
STEP 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
STEP 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.
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