Smart Manufacturing Market Competitive Landscape, Cost Price and Forecast

Smart Manufacturing Market Summary

The global smart manufacturing market size was valued at USD 349.81 billion in 2024 and is projected to reach USD 790.91 billion by 2030, growing at a CAGR of 14.0% from 2025 to 2030. This market expansion is largely driven by the rapid adoption of Industry 4.0 technologies such as IoT, AI, machine learning, and cloud computing, along with the growing need for automation, improved productivity, and cost efficiency across industrial operations. These technologies help streamline workflows, reduce human intervention, and enable data-driven decision-making, making them essential for modern manufacturing environments.

Governments worldwide are increasingly promoting smart manufacturing through initiatives aimed at advancing research in digital twins, machine condition monitoring, and intelligent automation. The continued growth of the smart manufacturing market is also supported by the convergence of edge computing, low-power microelectronics, and AI-based analytics, which enhance device intelligence beyond traditional automation. These innovations enable capabilities such as adaptive learning, predictive maintenance, and hyper-personalized interactions, leading to higher efficiency and improved user experience.

Additionally, the integration of generative AI technologies is transforming conventional manufacturing systems into more interactive digital platforms capable of understanding operational needs and responding proactively. As these ecosystems become more context-aware, responsive, and deeply embedded across production environments, manufacturers benefit from greater productivity, reduced downtime, and enhanced quality control.

Key Market Trends & Insights

• Asia Pacific dominated the global smart manufacturing market with the largest revenue share of over 47% in 2024, driven by strong industrialization, supportive government initiatives, and rapid technology adoption.
• The smart manufacturing market in China led the Asia Pacific market and held the largest revenue share in 2024, supported by large-scale investments in automation and AI-driven production systems.
• By component, the software segment led the market and held the largest revenue share of over 51% in 2024, reflecting the rising importance of digital platforms, analytics solutions, and manufacturing execution systems.
• By technology, the discrete control system (DCS) segment led the market and held the largest revenue share of over 16% in 2024, owing to its widespread use in optimizing complex industrial processes.
• By end use, the automotive segment led the market with the largest revenue share of over 19% in 2024, driven by the increasing adoption of robotics, automation, and digitalized production lines.

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Market Size & Forecast

• 2024 Market Size: USD 349.81 Billion
• 2030 Projected Market Size: USD 790.91 Billion
• CAGR (2025-2030): 14.0%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the key players operating in the market are ABB Ltd. and Siemens AG, among others.

• ABB Ltd. provides innovative solutions that drive digital transformation in industries such as manufacturing, utilities, and transportation. ABB specializes in industrial robotics, AI-powered automation, and IoT systems that enhance operational efficiency, reduce costs, and improve sustainability. Its smart manufacturing solutions, including advanced automation and digital services, support manufacturers in optimizing production processes and achieving real-time operational insights, playing a key role in the smart manufacturing industry.
• Siemens AG is a global technology conglomerate known for its cutting-edge innovations in automation, digitalization, and electrification. Siemens AG offers a comprehensive range of smart manufacturing solutions, including industrial automation, AI-driven analytics, digital twins, and IoT platforms. These solutions enable manufacturers to optimize production, improve asset management, and enhance operational efficiency.

FANUC Corporation and Mitsubishi Electric Corporation are some of the emerging market participants in the smart manufacturing market.

• FANUC Corporation specializes in manufacturing computer numerical control (CNC) systems, lasers, industrial robots, and robot machines such as electric injection molding machines and wire electrical discharge machines under brands such as ROBOSHOT and ROBOCUT. With operations spanning Asia, Europe, the Americas, and South Africa, the company is renowned for its innovative automation solutions and robust service support.
• Mitsubishi Electric Corporation is a multinational company specializing in industrial automation and smart manufacturing technologies. The company offers advanced solutions such as programmable logic controllers (PLCs), industrial robots (MELFA series), and servo motors. The company is committed to Industry 4.0 innovations through strategic investments and partnerships. 

Key Players

• ABB Ltd.
• Cisco Systems, Inc.
• Siemens AG
• General Electric
• Rockwell Automation Inc.
• Schneider Electric
• Honeywell International Inc.
• Emerson Electric Co.
• FANUC Corporation
• Mitsubishi Electric Corporation

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Conclusion

The global smart manufacturing market is poised for substantial growth as industries continue to transition toward highly connected, intelligent production systems. The integration of AI, edge computing, and data-driven technologies is reshaping manufacturing operations by improving efficiency, accuracy, and responsiveness. Regions such as Asia Pacific will maintain strong momentum due to rapid technology adoption and industrial expansion. With rising investment in automation, digital twins, and predictive tools, manufacturers can achieve greater operational stability and reduced costs. As generative AI and advanced analytics become more widespread, smart manufacturing will evolve further, strengthening global competitiveness and transforming how industries produce, manage, and deliver value.