According to the research report titled ‘Global Smart Manufacturing Platform Market Size, by Type (Device management, connectivity management, and application enabling platform), by Application (Performance optimization, asset and condition monitoring and others), by Industry (Oil & gas, power & energy, chemicals, pharmaceuticals, food & beverage, metals & mining and others), by Deployment Type (Cloud and on-premises) and Regional Forecast 2020-2027’, available with Market Study Report, global smart manufacturing platform market was remunerated USD 4.40 billion in 2019 and is projected to expand at 19.4% CAGR during 2020-2027, subsequently accumulating USD 18.54 billion by the end of the forecast timeframe.
 

Expert analysts cite that increasing supportive government initiatives favoring industrial automation and industry 4.0 technologies is primarily propelling global smart manufacturing platform market growth.
 

Citing an instance, Government of India launched Make in India in 2014, which led to the adoption of industry 4.0 solutions and projected to expand internet of things industry size in India by 28% over 2015-2020. Meanwhile, Australia achieved its 2020 renewable energy goal of 23.5% and 33 terawatt-hours (TWH). In 2018, it generated over 378.7 PJ of total renewable energy, accounting for 6.2% of the country's total energy consumption of 6,146 PJ.
 

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According to Science Direct, the Germany government proposed Reference Architecture Model Industries 4.0 in 2017 in order to introduce Industry 4.0 technology and digitalize factories. The government took this initiative to promote machine movement in factories using Programmable Logic Controllers that adhered to the IEC61131 International Standard. Hence, similar initiatives and trends pertaining to incorporation of Industry 4.0 technologies like Industrial IoT and cloud solutions will continue to augment global smart manufacturing platform industry progress during the forecast years.
 

For those unversed, smart manufacturing platform enables the effective use of interconnected machinery for automated production of manufacturing entities across a wide range of end-use industries. It is an important component of industrial automation that helps to reduce production downtime while increasing operational efficiency. It also lowers long-term costs for the producer.
 

Despite the upward growth trajectory of worldwide smart manufacturing platform industry, frequent software upgrade and lack of skilled IoT workforce are anticipated to impede business expansion in the coming years.
 

Based on the geographical ambit, North America currently holds major portion of global smart manufacturing platform market share, creditable to growing industrial automation among various end-users in the region.
 

On the other hand, Asia Pacific industry is expected to gain momentum through 2027, owing to increasing acceptance of IIoT and cloud technologies.
 

Major players in global smart manufacturing platform market sphere are General Electronic Company (GE), Fujitsu Ltd., Emerson Electric Co., Robert Bosch GmbH, Amazon, Inc., ABB Laboratories, Hitachi Ltd., PTC Inc., IBM Corporation, and Microsoft Corporation.