Smart Manufacturing Platform Market : Opportunities , Challenges , Global Forecast to 2024

1. Smart Manufacturing Platform Market by type (Device & Connectivity Management, Application Enablement), Application (Performance, Optimization, Asset & Condition Monitoring), Industry (Process, Discrete), Deployment Type, Region - Global Forecast to 2024 The report "Smart Manufacturing Platform Market by type (Device & Connectivity Management, Application Enablement), Application (Performance, Optimization, Asset & Condition Monitoring), Industry (Process, Discrete), Deployment Type, Region - Global Forecast to 2024",smart manufacturing platform market is projected to grow from USD 4.4 billion in 2019 to USD 10.8 billion by 2024; it is expected to record a compound annual growth rate (CAGR) of 19.7%. The rising importance of Industry 4.0 and the smart factory are the major factors driving the market growth, increasing interests of automation players in the platform market, strategic partnerships of automation players with cloud service providers provide an opportunity for the market. Microsoft Corporation (Microsoft, US), IBM Corporation (IBM, US), PTC Inc. (PTC, US), SAP SE (SAP, Germany), Hitachi, Ltd. ( Hitachi, Japan), Amazon.com, Inc. (Amazon, US), General Electric (GE, US) Siemens AG (Siemens, Germany); Schneider Electric SE (Schneider Electric, France), ABB Group (ABB, Switzerland), Emerson Electric Co. (Emerson, US), Fujitsu Ltd. (Fujitsu, Japan), Accenture plc (Accenture, Ireland), Robert Bosch GmbH (Bosch, Germany), Oracle Corporation (Oracle, US), Cisco Systems, Inc. (Cisco), Rockwell Automation, Inc. (Rockwell, US), Atos SE (Atos, France), C3 IoT (US), Telit Communications PLC (Telit, UK), Software AG (Germany), Seebo Interactive Ltd. (Seebo, US), QiO Technologies (QiO, UK), Altizon Systems (Altizon, US), Losant (US), Litmus Automation (US), and Flutura Decision Sciences and Analytics (Flutura, US) are among a few leading players in the smart manufacturing platform market. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=66129711 Performance optimization segment to hold a major share of smart manufacturing platform market during the forecast period Different smart manufacturing platforms are flexible systems that are used to optimize performance across a broader network in real time and autonomously run the entire production process. Performance optimization mainly focuses on digitizing, securing, and optimizing assets, operations, and employee workflow. The smart manufacturing platform’s application of performance optimization is significant in industries such as automotive, electronics & semiconductor, energy & power, and oil & gas. Platforms used for performance optimization enables real-time analytics for all processes, optimize machine utilization, increasing machine performance and reducing downtime to take timely corrective action and reduce safety incidents with real-time insights of operations of critical industries which in turn results in plant efficiency.

2. Process industry to dominate smart manufacturing platform market during the forecast period Oil & gas, pharmaceuticals, energy & power, chemicals, food & beverages, and metals & mining are among a few major process industries. Industrial field devices and assets can be connected to smart manufacturing platform that collects and transfer relevant machine and plant data. Many process industries are required to monitor the entire process, for example, in the oil & gas industry from exploration to refining. Also, companies in process industries are forced to reduced operational costs, for instance, oil & gas producers are required to bring down their production costs due to a decrease in crude oil prices. Platforms can be used in various applications, including exploration of oil activities, optimize field work, servicing equipment, and ensuring work safety & predictive maintenance in refineries. APAC to grow at a high rate for smart manufacturing platform market during the forecast period Major factors driving the smart manufacturing market growth in APAC include the rising demand for smart tools due to the increasing adoption of automation in the industry; increasing penetration of technologies such as Industry 4.0, smart factory, IoT, and IIoT; and rising needs to optimize productivity and improve maintenance efficiency. Government support in various APAC countries to drive industrialization is one of the essential factors that will boost demand for platform in the coming years. Initiatives like China’s Made in China 2025, Japan’s Industrial Value Chain Initiative (IVI), South Korea’s The Manufacturing Innovation Strategy 3.0 (Strategy 3.0), and India’s Samarth Udyog Bharat 4.0 would play a significant role in industrial advancement. Major industries that drive the growth of the market include power & energy, oil & gas, automotive, chemical, electronics, and pharmaceutical. Read More @ https://www.marketsandmarkets.com/PressReleases/smart-manufacturing- platform.asp About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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