The integration of cutting-edge technology, including cloud computing, big data analytics, artificial intelligence (AI), and the Internet of Things (IoT), to improve industrial processes is known as "smart manufacturing." Smart Manufacturing: Enhanced productivity, lower operating costs, and better product quality are achieved through real-time data gathering, analysis, and decision-making made possible by connecting machines, devices, and systems.
According to SPER market research, ‘Europe Smart Manufacturing Market Size- By Component, By Deployment, By Enterprise Size, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Smart Manufacturing Market is predicted to reach USD 1080.60 billion by 2033 with a CAGR of 12.74%.
The adoption of advanced technologies by industries to optimise production processes and embrace the fourth industrial revolution is driving the rapid expansion of the smart manufacturing industry in Europe. Industry 4.0, or "smart manufacturing," refers to the fusion of automation, data sharing, and real-time analytics to build an environment for production that is more intelligent and efficient. Significant progress is being made in the European smart manufacturing sector as a result of government measures supporting digital transformation, growing industrial IoT usage, and increased automation demand. Several industries, including consumer goods, automotive, aerospace, electronics, and pharmaceuticals, are being revolutionised by smart manufacturing.
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The market for smart manufacturing in Europe appears to have a bright future ahead of it, with consistent development anticipated as sectors place a greater emphasis on sustainability, agility, and efficiency. The trajectory of the market will be shaped by the upskilling of the workforce, partnerships, and adoption of cutting-edge technologies.
However, in European smart manufacturing, data security and privacy are major problems. Smart manufacturing is maximising production efficiency by utilising a variety of technologies, including artificial intelligence (AI), big data, and the Internet of Things (IoT). Data security and privacy are crucial since these technologies also produce enormous volumes of sensitive and private data. It is imperative that manufacturers make significant investments in strong security measures due to the heightened cybersecurity dangers associated with growing connectivity. Upskilling and retraining the personnel to adjust to new technology and procedures is also necessary as the industry moves towards smart manufacturing. In addition, smaller businesses may find it difficult to afford the initial outlay necessary for smart manufacturing setup.
Impact of COVID-19 on Europe Smart Manufacturing Market
Furthermore, as industry looked for resilient and adaptable ways to deal with disturbances, the COVID-19 pandemic highlighted the need of smart manufacturing. The pandemic increased the popularity of digitization, automation, and remote monitoring, which sped up the development of smart manufacturing.
Europe Smart Manufacturing Market Key Players:
Europe has a geographically broad market for smart manufacturing, with the United Kingdom, Germany, and France leading the way in adoption thanks to their developed manufacturing sectors and strong infrastructure. Furthermore, nations in Eastern Europe are progressively adopting smart manufacturing, providing prospects for market expansion. Additionally, some of the market key players are ABB, Blue Prism, Bosch, Dassault Systemes, Festo, ICONICS, SAP, Schneider Electric, Siemens AG, TXT e-solutions, Others.
Europe Smart Manufacturing Market Segmentation:
By Component: Based on the Component, Europe Smart Manufacturing Market is segmented as; Solution (Industrial 3D Printing, Manufacturing Execution System, Product Lifecycle Management, Programmable Logic Controller, Remote Monitoring software, Robotic Process Automation, Supervisory Controller and Data Acquisition, Others), Services (Managed Services, Professional Services).
By Deployment: Based on the Deployment, Europe Smart Manufacturing Market is segmented as; Cloud-Based, On-Premise.
By Enterprise Size: Based on the Enterprise Size, Europe Smart Manufacturing Market is segmented as; Large Enterprises, Small and Medium Enterprises.
By End User: Based on the End User, Europe Smart Manufacturing Market is segmented as; Aerospace and Defense, Automotive, Chemicals, Industrial Machinery, Medical Devices, Mining and Metals, Pharmaceuticals, Pulp and Paper, Semiconductor and Electronics/High Tech, Transportation, Others.
By Region: This research also includes data for France, Germany, Italy, Spain, U.K. and rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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SPER Market Research