Smart Manufacturing Technology is a term used to refer to the application of advanced digital technologies such as artificial intelligence, Internet of Things (IoT), and cloud computing in the manufacturing process. It is being used across a range of industries to improve the speed, efficiency, and accuracy of production. Smart Manufacturing Technology is driving the fourth industrial revolution as it paves the way for increased production volume, improved resource efficiency, and faster customer response times.
In terms of usage, Smart Manufacturing Technology is transforming the way companies create, produce, and distribute their products. By integrating technologies like artificial intelligence, machine learning, and cloud computing, companies can streamline production processes, optimize resources, monitor machinery for potential problems, and reduce costs by improving accuracy and delivering faster customer response times.
According to Deloitte, manufacturers are investing heavily in Smart Manufacturing Technology to improve production processes, optimize resources, and better meet customer demands. Companies are also spending more on industrial IoT, robotics, and Big Data to get a better understanding of the production process and improve efficiency. As more companies embrace Smart Manufacturing Technology, the industry will only continue to grow.
The global Smart Manufacturing Technology market was valued at US$ 233060 million in 2022 and is anticipated to reach US$ 410630 million by 2029, witnessing a CAGR of 9.9% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Smart Manufacturing Technology Market available at: https://www.themarketreports.com/report/global-smart-manufacturing-technology-market-research-report
This report aims to provide a comprehensive presentation of the global market for Smart Manufacturing Technology, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Smart Manufacturing Technology.
GE is estimated to have a major share in the global market with 13%.
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