Research Nester released a report titled “Connected Manufacturing Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers a detailed overview of the global connected manufacturing market in terms of market segmentation by application, organization size, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The connected manufacturing market is projected to grow with a significant CAGR during the forecast period, i.e., 2021-2029, on account of the increasing demand for automation and interconnected machinery and technological advancements in the network, software, and device technologies. As per a whitepaper by Cognizant, connected devices made possible by the Internet of Things (IoT) are here to stay – and the trend will only grow. As such, IoT presents unprecedented opportunities across industry sectors and processes. Leaders are already investing in IoT solutions — and are reaping benefits.
The market is segmented by application into operation optimization, real-time tracking, predictive maintenance, manufacturing analytics, and worker safety. Among these segments, the operation optimization segment is anticipated to hold the largest share by the end of 2021 in the connected manufacturing market as a result of the increasing need for optimizing and improving the efficiency of manufacturing operations.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the connected manufacturing market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of leading global enterprises in the region, especially in the United States, that lead in terms of investments and have a financially strong portfolio needed to deploy connected technologies for manufacturing.
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Increasing Demand for Automation & Interconnected Devices to Drive Market Growth
Connected manufacturing can significantly improve reliability, production, and customer satisfaction. Initially focusing on improving existing processes and augmented current infrastructure, connected manufacturing will integrate with certain critical technologies, including 5G and robotics, to form more robust manufacturing systems.
The demand for automation and interconnected systems has increased over time to boost operational efficiency and reduce production downtime. Moreover, the development and deployment of technologies such Internet of Things (IoT), manufacturing execution systems (MES), and cloud robotics in manufacturing industries will further aid the interconnection of networks, software, and hardware, which is expected to boost the market growth in upcoming years. However, the risks relating to data privacy and systems being prone to hacking are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global connected manufacturing market which includes company profiling of Robert Bosch GmbH (NASDAQ: BSWQY), Cisco Inc. (NASDAQ: CSCO), General Electric Company (NYSE: GE), IBM Corp. (NYSE: IBM), SAP (NYSE: SAP), Software AG (ETR: SOW), Cognizant (NASDAQ: CTSH). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global connected manufacturing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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