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Smart manufacturing over the next five years
Source：International Metalworking News for Asia - December 2016
Date Published：12/5/2016 10:12:28 AM
The global market for smart manufacturing should reach US$392 billion by 2020 from US$159 billion in 2015, a compound annual growth rate (CAGR) of 19.8% from 2015 to 2020.
Smart manufacturing is expected to bring major progress in operational manufacturing, production flexibility, and productivity. Smart manufacturing is in its early stages, but there is already a significant revenue opportunity with strong growth expected over the next five years. BCC Research has determined that the total market opportunity for smart manufacturing will grow from US$131 billion in 2015 to US$392 billion in 2020 with a compound annual growth rate (CAGR) close to 20%.
The term smart manufacturing is often used in combination with the terms Industrial Internet of Things (IIoT), Smart Factory, or Industry 4.0. These terms underline the same goals: interconnectivity, interdependence, and integration of manufacturing processes that leverage data to deliver more information, leading to greater productivity and less waste.