The report "Smart Manufacturing Platform Market with COVID-19 Impact, by type (Device Management, Connectivity Management, Application Enablement Platform), Application (Performance, Optimization, Asset & Condition Monitoring), Industry, Region - Global Forecast to 2026" According to the new research report, the global smart manufacturing platform market size is expected to grow from USD 5.8 billion in 2021 to USD 13.2 billion by 2026, at a CAGR of 18.0%. The growth of this market is driven mainly by growth in industrial automation, growing adoption of smart manufacturing platforms in automotive industry, increasing support from governments for industrial automation, and growing need for streamlined and automated data to boost productivity.

Discrete industry is estimated to hold the largest growth rate of the smart manufacturing platform market during the forecast period.

The discrete industry includes automotive, industrial manufacturing, electronics & semiconductor, medical device, aerospace & defense, and others. Among these, the automotive industry dominates the smart manufacturing platform market and is expected to grow at the highest rate of 22.1% during the forecast period owing to changing consumer preferences and inefficiency of traditional processes. Changing consumer preferences, technological advancements, and the introduction of regulations associated with the automotive industry are responsible for the high complexity of automobile products.

Smart manufacturing platform for device management platform type to grow at highest CAGR from 2021 to 2026

The emergence of artificial intelligence, IIoT, smart manufacturing, Industry 4.0, digitization, and connected enterprise has influenced various industries to deploy advanced solutions in their plants. As a large amount of data is generated from various devices used in industrial facilities thus, it has become vital to manage the devices and data generated. The device management platform allows to connect and disconnect new devices, control various devices, view details of devices and check their status, and monitor devices remotely.

The smart manufacturing platform market in APAC is expected to grow at the highest CAGR from 2021 to 2026

The smart manufacturing platform market in APAC is expected to grow at the highest CAGR from 2021 to 2026

Major companies operating in this smart manufacturing platform market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), IBM (US), PTC Inc. (US), SAP SE (Germany), Emerson Electric Co. (US), and GENERAL ELECTRIC (US).