The Report Covers North America Smart Manufacturing Companies and the market is segmented by technology (programmable logic controller, supervisory controller and data acquisition, enterprise resource and planning, distributed control system, human machine interface, product lifecycle management, manufacturing execution system, and other technologies), component (communication segment, control device, machine vision systems, robotics, sensor, and other components), end-user industry (automotive, oil and gas, chemical and petrochemical, pharmaceutical, food and beverage, metals and mining, and other end users), and geography (US and Canada). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.

This time series represents the projected global smart manufacturing market size between 2017 and 2023. It is expected that the smart manufacturing market will grow to approximately 480 billion U.S. dollars by 2023.

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Smart Manufacturing Market Size 2024-2028

The smart manufacturing market size is forecast to increase by USD 29.21 billion at a CAGR of 16.83% between 2023 and 2028.

The market is experiencing significant growth due to the increasing need for simplification of complex manufacturing activities. The emergence of Industry 4.0 and the Internet of Things (IoT) are driving this trend, enabling real-time monitoring and predictive maintenance through industrial sensors and cloud computing. Big data analytics and SCADA systems are also playing a crucial role in Plant Asset Management (PAM) by providing valuable insights for optimizing production processes. However, data privacy and security concerns are challenges that must be addressed to ensure the successful implementation of these advanced technologies. Industrial 3D printing is another key trend, offering customization and flexibility in manufacturing processes. Overall, the market is witnessing a shift towards digitization and automation, with the integration of IoT, industrial sensors, and cloud computing playing a pivotal role.

What will be the Size of the Smart Manufacturing Market During the Forecast Period?

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The market is experiencing significant growth as industries worldwide embrace automation and digital transformation. This market encompasses various sectors, including automotive, aerospace, pharmaceuticals, and electronics, among others. Smart manufacturing leverages advanced technologies such as industrial IoT, cloud computing, and industrial sensors to enhance productivity, improve quality control, and facilitate predictive maintenance.
Communication protocols and interoperability are crucial factors, ensuring seamless integration of various systems and devices. Industrial 3D printing is a burgeoning technology, enabling the production of complex components on-demand. The workforce is also evolving, with a growing emphasis on skills related to information technology and software development. Smart manufacturing's impact is far-reaching, revolutionizing production labs and transforming industries, from the automobile industry to the aerospace sector, and beyond. Overall, the market is poised for continued expansion, driven by the ongoing digitalization of manufacturing processes.

How is this Smart Manufacturing Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Industry Application

  Process
  Discrete


Technology

  Human-machine interface
  Manufacturing execution system
  Plant asset management
  Warehouse management system


Geography

  APAC

    China
    Japan


  North America

    US


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Industry Application Insights

The process segment is estimated to witness significant growth during the forecast period.

The process industry sector dominated the market in 2023, accounting for the largest share. This sector includes sub-segments such as pharmaceuticals, mining and metals, energy and power, chemicals, pulp and paper, and oil and gas. The adoption of advanced technologies, including the Industrial Internet of Things (IIoT), data analytics, and predictive maintenance, is driving data-driven decision-making and productivity enhancement in these industries. Process manufacturing offers numerous benefits, including cost savings, increased scalability, improved efficiency, and higher-quality products. IIoT, cloud computing, digital transformation, and automation are key technologies fueling the growth of smart manufacturing in process industries. The aerospace, automotive, and electronics sectors are also significant contributors to the market, leveraging technologies like modeling, sensing, control, simulation, and industrial analytics for optimization and efficiency gains.

The construction sector and consumer sector are also adopting smart manufacturing solutions to streamline supply chains and enhance productivity. Despite challenges such as cyberattacks and infrastructural limitations, the market is expected to continue growing, driven by large corporations and small-scale industries alike, and the integration of machine learning and artificial intelligence (AI) technologies.

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The Process segment was valued at USD 9.05 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market du

The North America Smart Manufacturing Market size was valued at USD 277.81 USD Billion in 2023 and is projected to reach USD 602.73 USD Billion by 2032, exhibiting a CAGR of 11.7 % during the forecast period. The concept of smart manufacturing involves merging the Internet of Things (IoT), artificial intelligence (AI), and data analytics into manufacturing operations to improve efficiency and productivity. This innovative approach involves different types ranging from predictive maintenance to asset tracking including real-time tracking thus each was designed with customized purposes of the production. Through seamless connectivity, data-driven decision-making, and adaptive automation, smart manufacturing is assisting manufacturers in observing the market needs effortlessly and being proactive. Applications are applied across industries starting from automotive to aerospace, allowing organizations to reap benefits like reduced downtime, higher quality products and of course, significant cost savings. Due to its capability to boost agility, scalability and sustainability; smart manufacturing emerges as the top technique in the North American industrial revolution process that promotes competitiveness and leads to global innovation. Key drivers for this market are: Rising Demand from the Automotive and Construction Sectors to Aid Market Growth. Potential restraints include: High Initial Cost of Investment Restricting Market Growth. Notable trends are: Technological Advancement in Equipment to Propel Market Growth.

The Report Covers Global Smart Manufacturing Market Statistics & Analysis. The Market is Segmented by Technology (Programmable Logic Controller (PLC), Supervisory Controller and Data Acquisition (SCADA), Enterprise Resource and Planning (ERP), Distributed Control System (DCS), Human Machine Interface (HMI), Product Lifecycle Management (PLM), Manufacturing Execution System (MES)), Component (Machine Vision System, Control Devices, Robotics, Communication Segment, Sensor), End-User Industry (Automotive, Semiconductors, Oil and Gas, Chemical and Petrochemical, Pharmaceutical, Aerospace and Defense, Food and Beverage, Metals and Mining), and Geography(North America, Europe, Asia-Pacific, Middle East and Africa and Latin America). The Report Offers the Market Size in Value Terms in USD for all the Above Mentioned Segments.

Market Overview:

United States smart manufacturing market size is projected to exhibit a growth rate (CAGR) of 12.03% during 2024-2032. The inflating need among leading producers for upgrading their conventional manufacturing units into advanced ones is primarily driving the market growth.

Smart manufacturing (SM) is the integration of digital technologies, including the Internet of Things (IoT), artificial intelligence (AI), robotics, and cloud computing, to establish intelligent and interconnected manufacturing systems. This approach incorporates the deployment of sensors and data collection devices that enhance the manufacturing process by delivering real-time data. This real-time data aids in predictive maintenance, reduces downtime, improves overall quality, and enhances the agility of manufacturing systems. Smart manufacturing also prioritizes sustainability and eco-friendly production, actively decreasing waste, energy consumption, and emissions. Its versatile applications span across various industries, including automotive, aerospace and defense, chemicals and materials, healthcare, industrial equipment, electronics, food and agriculture, as well as the oil and gas sector.

United States Smart Manufacturing Market Trends:

The United States smart manufacturing market stands as a cornerstone in the evolution of modern industrial practices, marked by the seamless integration of cutting-edge technologies. This innovative approach is further empowered by the deployment of sensors and data collection devices that provide real-time insights, facilitating predictive maintenance, minimizing downtime, elevating quality standards, and enhancing system agility. Notably, the U.S. smart manufacturing market also places a strong emphasis on sustainability, actively reducing waste, energy consumption, and emissions, thereby contributing to environmentally conscious production processes. Apart from this, the diverse applications of smart manufacturing span across key industries in the United States, including automotive, aerospace and defense, chemicals and materials, healthcare, industrial equipment, electronics, food and agriculture, as well as the oil and gas sector. The transformative integration of technologies not only optimizes operational efficiency but also positions the U.S. at the forefront of manufacturing innovation, which is acting as another significant growth-inducing factor. As industries continue to embrace smart manufacturing principles, the market is poised for sustained growth, driving advancements that redefine manufacturing standards and contribute to the nation's competitiveness in the industrial landscape.

United States Smart Manufacturing Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, technology, and end use.

Component Insights:

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• Hardware
• Software
• Services
  

The report has provided a detailed breakup and analysis of the market based on the component. This includes hardware, software, and services.

Technology Insights:

• Machine Execution Systems
• Programmable Logic Controller
• Enterprise Resource Planning
• SCADA
• Discrete Control Systems
• Human Machine Interface
• Machine Vision
• 3D Printing
• Product Lifecycle Management
• Plant Asset Management
  

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes machine execution systems, programmable logic controller, enterprise resource planning, SCADA, discrete control systems, human machine interface, machine vision, 3D printing, product lifecycle management, and plant asset management.

End Use Insights:

• Automotive
• Aerospace and Defense
• Chemicals and Materials
• Healthcare
• Industrial Equipment
• Electronics
• Food and Agriculture
• Oil and Gas
• Others
  

The report has provided a detailed breakup and analysis of the market based on the end use. This includes automotive, aerospace and defense, chemicals and materials, healthcare, industrial equipment, electronics, food and agriculture, oil and gas, and others.

Regional Insights:

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• Northeast
• Midwest
• South
• West
  

The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

United States Smart Manufacturing Market Report Coverage:

The smart manufacturing market is experiencing robust growth, projected to reach $24.83 billion in 2025 and exhibiting a Compound Annual Growth Rate (CAGR) of 16.83% from 2025 to 2033. This expansion is driven by the increasing adoption of Industry 4.0 technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), across various industrial sectors. These technologies enable enhanced automation, improved efficiency, optimized production processes, and real-time data-driven decision-making, leading to significant cost reductions and increased productivity. The process industry, a major segment, benefits significantly from predictive maintenance capabilities offered by smart manufacturing solutions, reducing downtime and improving operational reliability. Furthermore, the rising demand for advanced human-machine interfaces (HMIs) and manufacturing execution systems (MES) is fueling market growth. North America and Europe currently hold substantial market shares, driven by early adoption of advanced technologies and established manufacturing bases. However, the Asia-Pacific region, particularly China and India, is witnessing rapid growth, fueled by industrialization and government initiatives promoting digital transformation. Several factors restrain market expansion, including high initial investment costs associated with implementing smart manufacturing solutions, cybersecurity concerns related to interconnected systems, and the need for skilled workforce training to effectively manage and maintain these complex technologies. However, the long-term benefits of improved efficiency, reduced operational costs, and enhanced product quality outweigh these challenges. The market is highly competitive, with major players like ABB, Siemens, Rockwell Automation, and others vying for market share through strategic partnerships, acquisitions, and continuous innovation. Future growth will be significantly influenced by the ongoing advancements in AI, cloud computing, and edge computing technologies, allowing for even greater levels of automation, data analysis, and predictive capabilities within the manufacturing sector. The continued integration of these technologies across various industry segments will be pivotal in driving the sustained growth of the smart manufacturing market over the coming decade.

North America Smart Manufacturing Market size was valued at USD 58.35 Billion in 2024 and is projected to reach USD 141.41 Billion by 2031, growing at a CAGR of 11.70% from 2024 to 2031.

North America Smart Manufacturing Market Drivers

Increasing Labor Costs: The rising cost of labor is driving the adoption of automation and robotics to improve productivity and reduce labor costs.
Rising Demand for Customization: The increasing demand for customized products is driving the need for flexible and adaptable manufacturing processes.
Government Initiatives: Government initiatives to promote advanced manufacturing and Industry 4.0 are driving the adoption of smart manufacturing technologies.

North America Smart Manufacturing Market Restraints

High Initial Investment: The initial investment in implementing smart manufacturing solutions can be significant, especially for small and medium-sized enterprises.
Complex Integration: Integrating various smart manufacturing technologies and systems can be complex and time-consuming.
Cybersecurity Risks: The increasing connectivity of manufacturing systems exposes them to cybersecurity threats, requiring robust security measures.

According to Cognitive Market Research, the global Smart Manufacturing market size will be USD 43521.6 million in 2025. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 65004.89 million in 2025 and will grow at a compound annual growth rate (CAGR) of 14.2% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 53797.15 million.
APAC held a market share of around 23% of the global revenue with a market size of USD 82937.28 million in 2025 and will grow at a compound annual growth rate (CAGR) of 16.6% from 2025 to 2033.
South America has a market share of more than 5% of the global revenue with a market size of USD 8517.88 million in 2025 and will grow at a compound annual growth rate (CAGR) of 15.9% from 2025 to 2033.
The Middle East had a market share of around 2% of the global revenue and was estimated at a market size of USD 8966.19 million in 2025 and will grow at a compound annual growth rate (CAGR) of 15.6% from 2025 to 2033.
Africa had a market share of around 1% of the global revenue and was estimated at a market size of USD 4931.41 million in 2025. and will grow at a compound annual growth rate (CAGR) of 14.5% from 2025 to 2033.
Automotive category is the fastest growing segment of the Smart Manufacturing industry

Market Dynamics of Smart Manufacturing Market

Key Drivers for Smart Manufacturing Market

Rising Adoption of Industry 4.0 Technologies to Boost Market Growth

The rapid integration of Industry 4.0 technologies is a major driving factor for the smart manufacturing market. This includes the use of IoT (Internet of Things), artificial intelligence (AI), big data analytics, and machine learning to optimize production processes. These technologies allow manufacturers to create highly automated, flexible, and efficient production lines with real-time monitoring capabilities. IoT enables machines to communicate with each other, providing insights into performance and maintenance needs, while AI and machine learning enhance decision-making, predict demand, and improve product quality. The adoption of these technologies not only reduces downtime and operational costs but also improves the overall productivity and quality of manufacturing processes. As companies strive for greater operational efficiency and competitive advantage, the demand for smart manufacturing solutions continues to grow. For instance, Mitsubishi Electric Corporation updated their software iQ Works2 and RT Toolbox3. A new visual editor for SCADA and six-axis industrial robot programming is part of their latest update in the software. The upgrade also includes improved user-friendliness, which is expected to simplify the setup of automated applications.

https://afr.mitsubishielectric.com/fa/af_en/products/rbt/robot/robot-engineering-software/rt_toolbox3

Increasing Demand for Cost Reduction and Operational Efficiency to Boost Market Growth

Cost reduction and the quest for operational efficiency are significant drivers of the smart manufacturing market. Manufacturers are increasingly investing in smart technologies to streamline their production processes, reduce waste, and lower labour costs. By automating repetitive tasks, smart manufacturing systems allow for more consistent and faster production with fewer human interventions. Predictive maintenance capabilities, enabled by sensors and real-time data analytics, further enhance operational efficiency by minimizing unplanned downtime and extending the life of equipment. Additionally, these systems help optimize energy consumption, which results in cost savings and supports sustainability goals. With the ongoing pressure to stay competitive in a global market, manufacturers are seeking ways to cut costs while maintaining high standards of quality and speed.

Restraint Factor for the Smart Manufacturing Market

High Initial Investment Costs Will Limit Market Growth

Smart manufacturing involves substantial capital investment in advanced technologies such as robotics, AI, IoT, and automation systems. For many businesses, particularly small and medium-sized enterprises (SMEs), the high upfront costs can be a significant barrier. These investments often require funding for infrastructure upgrades, training, and maintenance. Additionally, ongoi...

The Report Covers Smart Factory Automation Technology Applications and is Segmented by Product Type (machine Vision Systems, Industrial Robotics, Control Devices, Sensors, Communication Technologies, and Other Product Types), Technology (product Lifecycle Management (PLM), Human Machine Interface (HMI), Enterprise Resource and Planning (ERP), Manufacturing Execution System (MES), Distributed Control System (DCS), Supervisory Controller and Data Acquisition (SCADA), Programmable Logic Controller (PLC)), End-User Industry (automotive, Semiconductors, Oil and Gas, Chemical and Petrochemical, Pharmaceutical, Aerospace and Defense, Food and Beverage, Mining, and Other End-User Industries), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value in USD for all the Above Segments.

Smart Manufacturing Market size was worth around USD 288.12 Billion in 2023 and is predicted to grow to around USD 974.60 Billion by 2032

Smart Manufacturing Market is growing at a CAGR of 13.2% from 2023 to 2030 | Projected to reach US$ 4,942.63 Million by 2030 | Valued at US$ 1,867.54 Million in 2022

The US Industrial IoT market is projected to grow over 13% CAGR from 2024-2029, driven by increasing automation and smart manufacturing trends.

The size of the global smart factory market is anticipated to grow from USD 140.7 billion in 2023 to USD 388.7 billion by 2033. During this forecast period, this market is expected to soar at a stellar CAGR of 10.7%.

Smart Factory Market: Regional Market Share

Which Segment is Anticipated to Drive Major Market Expansion?

The smart manufacturing platforms market size was over USD 10.09 billion in 2024 and is poised to exceed USD 89.68 billion by 2037, growing at over 18.3% CAGR during the forecast period i.e., between 2025-2037. North America industry is set to dominate majority revenue share by 2037, owing to increasing advancements in the IT sector and early adoption of technologies in the region.

Smart meter manufacturers have been weathering choppy trade conditions as they react to shifting market trends and policy changes. A surge in exports to Canada because of incentives from the Canadian government and utility companies is bolstering US manufacturers. However, growing imports from Mexico, fueled by prominent manufacturers, are putting pressure on domestic manufacturers. Industry revenue has been increasing at a CAGR of 1.1% over the past five years to total an estimated $7.0 billion in 2024, including an estimated climb of 1.0% in 2024. Smart meter manufacturers have witnessed profit squeezed despite impressive growth. Labor shortages, forcing manufacturers to hike wages to secure workers and fierce price competition because of rising domestic manufacturers and higher import penetration have hindered profit. However, they've smartly passed on the rising costs of semiconductors and electric components to customers, minimizing profit declines. Increased adoption of smart meters by residential and commercial markets, boosted by government investments like the Inflation Reduction Act and the Infrastructure Investment Act, have bolstered expansion. Also, interest rate cuts late may revitalize single-family construction. Competition will ramp up and hike price-based competition, potentially dampening profit. Yet, the burgeoning smart grid market offers a window of opportunity, particularly in regions with low smart meter adoption rates. Single-family construction ramping up because of interest rate cuts will greatly benefit manufacturers. Also, a more favorable economic environment will hike commercial construction activity. Areas of concern include the ongoing struggle to manage wage costs amid increasing competition for skilled labor. However, with the trade-weighted index set to drop, exports could get a healthy boost, particularly to Canada, with its favorable smart meter policies. Revenue is forecast to increase at a CAGR of 1.9% to total an estimated $7.7 billion through the end of 2029.

Smart Factory Market size was valued at USD 103.33 Billion in 2024 and is projected to reach USD 211.04 Billion by 2031, growing at a CAGR of 10.30% from 2024 to 2031.

Key Market Drivers

• Increasing Adoption of Industrial Internet of Things (IIoT): The increased use of IIoT in manufacturing is a key driver of the smart factory market. According to the International Federation of Robotics (IFR), the number of industrial robots operating in industries globally reached 3.5 million units in 2021, up 10% from 2020. This increase in linked devices and robots in factories indicates the growing use of IIoT technologies, which are critical for smart factory operations.

• Rising Demand for Energy-efficient Production: The drive for energy efficiency in production is accelerating the use of smart factory technologies. According to the Energy Information Administration (EIA), the industrial sector accounted for around 33% of total US energy consumption in 2021.

The global smart factory market size is set to grow from USD 154.66 billion to USD 546.69 billion, reflecting a CAGR of around 10.2% during the forecast timeline, between 2025 and 2037. North America industry is poised to dominate majority revenue share 46% by 2037, attributed to region's large industry base, advanced technical infrastructure, and a focus on innovation.

Valued at $45.6B, North America Smart Factory market grows via automation in automotive & aerospace. U.S. dominance supported by $1.5B in tax incentives.

The size of the North America Smart Homes Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 9.40% during the forecast period. The North American smart homes market has seen rapid growth, driven by technological advancements, increased internet penetration, and rising consumer demand for convenience, security, and energy efficiency. Smart homes incorporate interconnected devices and systems such as smart lighting, thermostats, security cameras, voice assistants, and home entertainment, allowing for automation and remote control through mobile apps and digital assistants like Amazon Alexa, Google Assistant, and Apple Siri. The U.S. leads the market due to high adoption rates of smart home technology, bolstered by tech-savvy consumers and the presence of key players like Amazon, Google, and Apple. Canada follows with steady growth, largely attributed to increased awareness of energy-saving solutions and home security systems. The industry’s growth is supported by factors such as rising disposable incomes, increasing urbanization, and a growing interest in energy-efficient solutions. The shift toward sustainable living, especially with energy-saving smart thermostats and lighting, has gained traction. Furthermore, integration with artificial intelligence (AI) and the Internet of Things (IoT) enables enhanced user experience through predictive capabilities and personalized settings. Recent developments include: November 2020 - Schneider Electric announced an additional USD 40 million investment toward modernizing its United States manufacturing plants in Iowa, Kentucky, Nebraska, and Texas. The investment will go towards innovative technologies and new product lines that will help increase the company's capacity of operations in the country for its customers and further develop its local workforce., March 2020 - ABB launched the ABB-free@home flex to give users control over blinds and lights from a mobile device without the need for additional wiring. With its Bluetooth connection, it can easily control smart room devices to increase comfort and improve energy efficiency. In response to the increasing demand for smart home systems that allow homeowners to manage their devices in the most efficient and sustainable way, ABB has developed this solution that enables end-users to 'smarten' up any room in their home.. Key drivers for this market are: Increasing Demand for Energy Efficient Solutions, Growing Need for Automation of Security Systems. Potential restraints include: High Installation and Replacement Costs Along With Privacy Concerns. Notable trends are: Demand and Growth of Smart Appliances to drive the market.