According to a new study from Grand View Research, the global smart manufacturing market is forecast to reach $395.2bn by 2025.
This growth is likely to come from the increasing emphasis that firms across multiple industries are placing upon both increasing production efficiency and improving transparency across their supply chains.
Advanced technologies such as automation, 3D printing, manufacturing execution systems (MES) and asset management solutions are becoming more widely available, with Small and medium enterprises (SMEs), resulting in market growth.
In particular, smart manufacturing is seeing strong growth within the automotive, oil & gas and aerospace industries, with this forecast to continue due to the growing importance of 3D printing, simulation and modelling to these industries
Government initiatives are also playing a part in this, with both industrial and developing countries aggressively looking to take advantage of the new innovative technologies available. One example of this is the Made in China 2025 program that will reportedly see $3bn invested into advanced manufacturing.
The forecast $400bn is up from the $172.3bn recorded in 2016, representing a predicted 130% growth in the industry from 2016 through 2025.