The Latest Smart Manufacturing Industry Statistics Explained
As of 2020, the global smart manufacturing market was valued at $137.63 billion.
The statistic provided indicates that in the year 2020, the total value of the global smart manufacturing market was estimated to be $137.63 billion. This represents the combined revenue generated by various smart manufacturing technologies, such as industrial automation, robotics, artificial intelligence, internet of things (IoT), and data analytics, among others, across industries worldwide. The figure reflects the increasing adoption and investment in smart manufacturing solutions by organizations seeking to improve efficiency, productivity, and competitiveness in their operations. Additionally, it signifies the growing significance of advanced technologies in reshaping the future of manufacturing industries and driving the digital transformation of global industrial processes.
The Compound Annual Growth Rate (CAGR) of smart manufacturing is expected to reach 12.4% by 2027.
The Compound Annual Growth Rate (CAGR) of smart manufacturing refers to the rate at which the industry is expected to grow on an annual basis over a specified period of time. In this case, it is projected that the CAGR of smart manufacturing will reach 12.4% by the year 2027. This indicates a significant yearly growth rate for the smart manufacturing sector, implying that the industry is expected to expand rapidly and consistently over the coming years. Such a high CAGR suggests increasing adoption of smart technologies and automation in manufacturing processes, leading to improved efficiency, productivity, and competitiveness in the industry.
Approximately 64% of manufacturers indicate that smart manufacturing has increased their productivity.
The statistic that approximately 64% of manufacturers indicate that smart manufacturing has increased their productivity suggests that a majority of manufacturers have experienced positive outcomes from adopting smart manufacturing technologies. This high percentage indicates a strong correlation between the implementation of smart manufacturing practices and productivity improvements within the manufacturing industry. By leveraging advanced technologies such as artificial intelligence, Internet of Things (IoT), and automation, manufacturers are able to streamline their operations, enhance efficiency, reduce downtime, and ultimately produce more output with fewer resources. This statistic highlights the potential benefits and value that smart manufacturing can bring to companies looking to stay competitive in a rapidly evolving and technology-driven market.
By 2025, data from smart manufacturing technologies could increase annual manufacturing contribution to GDP by up to $530 billion.
This statistic suggests that the integration of data from smart manufacturing technologies has the potential to significantly impact the manufacturing sector’s contribution to the Gross Domestic Product (GDP) by the year 2025. Specifically, it indicates that the adoption and utilization of advanced data-driven technologies in manufacturing processes could result in an increase of up to $530 billion in the annual GDP contribution from the manufacturing industry. This projection highlights the transformative power of leveraging data analytics, automation, and interconnected systems in enhancing efficiency, productivity, and innovation within the manufacturing sector, ultimately leading to substantial economic growth and value creation.
North America held the largest market share, contributing nearly 38% to the smart manufacturing market in 2020.
The statistic indicates that in 2020, North America had the highest market share in the smart manufacturing industry, accounting for almost 38% of the total market. This suggests that North America was the leading region in terms of adoption and implementation of smart manufacturing technologies and solutions. The significant contribution of North America to the smart manufacturing market highlights the region’s strong presence and influence in driving innovation and advancements in manufacturing processes. This statistic underscores the importance of North America as a key player in the global smart manufacturing landscape and signals potential growth opportunities for companies operating in this sector within the region.
Over 86% of smart manufacturing market’s growth will originate from APAC during the forecast period.
The statistic states that more than 86% of the smart manufacturing market’s growth is expected to come from the Asia-Pacific (APAC) region during the forecast period. This indicates a significant trend where APAC countries are driving the growth and adoption of smart manufacturing technologies and solutions. Factors such as rapid industrialization, increasing focus on automation, government initiatives, and investments in digital transformation are likely contributing to this growth in the APAC region. This statistic highlights the importance of APAC as a key market for smart manufacturing and suggests that companies operating in this region may have a strategic advantage in leveraging and benefiting from this growth trend.
Remote operations have become a focal point in implementing smart manufacturing. Almost 94% of manufacturers plan to increase their investment as of 2021.
The statistic indicates a significant trend in the manufacturing industry towards the adoption of remote operations as a key strategy for implementing smart manufacturing initiatives. The data suggests that a vast majority, nearly 94%, of manufacturers have expressed their intention to boost their investments in remote operations by the year 2021. This demonstrates a strong commitment from the industry to leverage advancements in technology to improve efficiency, productivity, and overall operations. By focusing on remote operations, manufacturers aim to streamline processes, enhance decision-making, and optimize resources through automation and data-driven insights. This statistic underscores the growing importance of remote capabilities in the modern manufacturing landscape and highlights a shift towards embracing digital transformation to stay competitive and drive innovation in the industry.
As projected by IDC, by 2023, 50% of all manufacturing supply chains will have invested in smart and connected product inventories.
The statistic provided by IDC predicts that by the year 2023, half of all manufacturing supply chains will have made investments in smart and connected product inventories. This suggests a significant shift towards the adoption of digital technologies within the manufacturing sector, with a focus on enhancing inventory management processes through the use of smart and interconnected systems. Such investments are likely aimed at improving efficiency, increasing visibility, reducing costs, and optimizing overall supply chain operations. This projection underscores the growing importance of leveraging technology to drive innovation and competitiveness within the manufacturing industry.
In 2019, 75% of companies that have implemented Industry 4.0 saw increased profitability after one year.
The statistic “In 2019, 75% of companies that have implemented Industry 4.0 saw increased profitability after one year” suggests that there was a significant positive impact on the financial performance of companies adopting Industry 4.0 technologies during that time. This statistic implies that a majority of businesses that incorporated advanced technologies and automation strategies under the Industry 4.0 framework experienced improved profitability within one year of implementation. The data indicates a promising outcome for companies embracing digital transformation and aligning their operations with the principles of Industry 4.0, highlighting the potential benefits of adopting innovative technologies to drive financial success in modern industries.
41% of manufacturing leaders say they’ve already achieved increased levels of efficiency thanks to smart manufacturing technologies.
The statistic indicates that 41% of manufacturing leaders have reported experiencing improved efficiency as a result of implementing smart manufacturing technologies within their operations. This suggests that a significant portion of manufacturing executives have successfully leveraged advanced technologies such as automation, data analytics, and Internet of Things (IoT) to streamline their production processes and enhance overall efficiency. The findings highlight the growing trend of digital transformation in the manufacturing industry, where organizations are increasingly adopting innovative technologies to drive improvements in productivity, cost-effectiveness, and operational performance.
88% of manufacturers believe Smart Factory technology will be the main driver of manufacturing competitiveness in the next five years.
The statistic that 88% of manufacturers believe Smart Factory technology will be the main driver of manufacturing competitiveness in the next five years suggests a strong consensus among industry professionals regarding the importance and impact of this technology on the manufacturing sector. This high percentage underscores the widespread recognition of Smart Factory technology as a crucial innovation that is poised to revolutionize the industry and drive competitiveness. Manufacturers likely have confidence in the potential of Smart Factory technology to enhance efficiency, productivity, and overall performance, leading to increased competitiveness in the market. The statistic highlights a clear shift towards embracing advanced technological solutions to stay ahead in the rapidly evolving manufacturing landscape.
In 2020, Industrial Automation product category occupied near 40% market share of smart manufacturing.
The statistic that in 2020, the Industrial Automation product category held nearly 40% market share of smart manufacturing indicates that a significant portion of the smart manufacturing industry is dominated by this particular type of product. This suggests that Industrial Automation products, which could include technologies such as robotics, AI-driven systems, and IoT devices designed for automating industrial processes, are widely adopted and valued within the smart manufacturing sector. This high market share highlights the importance and reliance of smart manufacturing on Industrial Automation solutions for streamlining operations, increasing efficiency, reducing costs, and improving overall productivity in the industrial setting.
In 2020, the Automotive industry was the largest end-user segment in the smart manufacturing market.
The statistic indicates that in the year 2020, the Automotive industry held the highest market share within the smart manufacturing market as compared to other end-user segments. This suggests that the Automotive industry was the primary adopter and user of smart manufacturing technologies and solutions during that time period. The significance of this statistic lies in highlighting the leading role of the Automotive industry in driving and shaping the advancements in smart manufacturing practices. It also suggests that the Automotive industry recognized the potential benefits and competitive advantages offered by smart manufacturing, leading to its prominent position within the market.
After implementing smart manufacturing technologies, 32% of manufacturers saw decreased machine downtime.
The statistic indicates that out of the manufacturers who implemented smart manufacturing technologies, 32% reported a decrease in machine downtime. This suggests that the adoption of smart manufacturing technologies has had a positive impact on reducing the amount of time during which machines are non-operational in manufacturing facilities. By utilizing these advanced technologies, such as predictive maintenance systems and real-time monitoring, manufacturers can proactively address potential issues and maintain a higher level of operational efficiency. The decrease in machine downtime can lead to increased productivity, reduced maintenance costs, and improved overall performance for manufacturing operations.
About 77% of manufacturers expect to increase the use of smart devices or embedded intelligence by 2025.
The statistic indicates that a significant majority of manufacturers, around 77%, anticipate enhancing their operations by leveraging smart devices or embedded intelligence within their processes by the year 2025. This suggests a growing trend towards adopting advanced technologies in the manufacturing industry, which could lead to increased efficiency, productivity, and innovation. The projection reflects a strategic shift towards the use of cutting-edge technology to stay competitive in a rapidly evolving market landscape, as companies aspire to capitalize on the benefits offered by smart devices and embedded intelligence to drive future growth and success.
As per PWC, 91% of industrial companies are investing in creating digital factories in the heart of Europe.
The statistic from PWC indicates that a significant majority (91%) of industrial companies in Europe are making investments towards establishing digital factories. This data suggests a robust trend towards digital transformation within the manufacturing sector, with companies leveraging advanced technologies such as Internet of Things (IoT), automation, artificial intelligence, and data analytics to enhance operational efficiency, increase productivity, and drive innovation. By investing in creating digital factories, these industrial companies are likely aiming to stay competitive in the rapidly evolving market landscape by embracing Industry 4.0 principles and strengthening their capabilities for the future.
Almost 72% of manufacturing companies predict their use of AI/ML for demand planning and forecasting will increase over the next two years.
The statistic indicates that a significant majority, almost 72%, of manufacturing companies foresee a rise in their adoption of artificial intelligence and machine learning technologies specifically for enhancing demand planning and forecasting processes within the next two years. This suggests a growing recognition among manufacturing firms of the potential benefits that AI/ML can bring to optimizing production schedules, inventory management, and overall operational efficiency in response to fluctuating demand trends. The increase in the use of these advanced technologies underscores a strategic shift towards data-driven decision-making and a proactive approach to meeting market demands, potentially leading to improved productivity and competitiveness within the industry.
Around 68% of manufacturers prioritize advanced analytics over any other technology solutions.
The statistic suggests that a significant majority, approximately 68%, of manufacturers place the highest importance on implementing advanced analytics as a technology solution within their operations compared to other options. This prioritization indicates a growing recognition within the manufacturing industry of the strategic value and potential benefits that advanced analytics can offer in improving operational efficiency, decision-making processes, and overall competitiveness. By focusing on advanced analytics, manufacturers may be seeking to leverage data-driven insights to enhance production processes, optimize supply chain management, predict maintenance needs, and ultimately drive business performance and innovation. This statistic highlights the increasing trend of integrating advanced analytics as a core component of technological advancement and digital transformation initiatives within the manufacturing sector.
Conclusion
In conclusion, the smart manufacturing industry is rapidly transforming various sectors by leveraging innovative technologies such as IoT, AI, and automation. The statistics indicate a promising future for this industry, with substantial growth, increased efficiency, and greater sustainability on the horizon. As companies continue to adopt smart manufacturing practices, it is clear that this trend will revolutionize the way products are produced and businesses operate in the coming years.
References
0. – https://www.www.pwc.com
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4. – https://www.www.idc.com
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6. – https://www.www.smartindustry.com
7. – https://www.www.prnewswire.com
8. – https://www.www2.deloitte.com
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