IT Professional Services Market Size Worth $1.07 Trillion By 2025

Global IT professional services market size is expected to reach USD 1.07 trillion by 2025 with a CAGR of 8.4%, according to a new study conducted by Grand View Research, Inc. Growth in demand for knowledge-based services and preference for flexible and customizable professional services are driving the global market.

Enterprises across various end-use industries are under mounting pressures to reduce capital expenditures and increase operational efficiencies. The adoption of IT professional services has been growing as these services can help reduce the overall IT costs, and in turn, the capital expenditure. Benefits associated with these services, such as ease of deployment, lesser risk, and higher security, have also been aiding the market growth.

Incumbents of the BFSI, retail, telecommunication, and IT industries prefer cloud-based services. As the number of enterprises opting for digital transformation continues to increase, vendors are finding it more convenient to deliver IT services through the cloud technology. It also allows providers to expand their geographic reach and offer scalable services, as well as on-demand support.

Tech companies, marketing firms, and consulting companies are the largest users of IT professional services. Digitization, big data analytics, and Business Intelligence (BI) are some of the key functionalities being outsourced to reduce the administrative costs and overheads. However, concerns over data security and protection of privacy and confidentiality are some of the factors that may hinder the market growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/it-professional-services-market

Further key findings from the study suggest:

The market is significantly diverse and fragmented but led by a few well-established companies, including Accenture PLC, Capgemini SA, IBM Corp., and Microsoft Corporation
The ability of the vendors to provide cloud-based, tailored, and secured solutions would influence the customers’ buying decisions
The cloud segment is expected to witness the fastest CAGR over the forecast period
Technology and consulting companies have emerged as the largest adopters of IT professional services and would continue the trend in the years to come
The North America regional market led the global IT professional service market in 2017 and is expected to register a CAGR of 7.5% over the forecast period.
However, Asia Pacific is anticipated to be the fastest-growing regional market with a CAGR of 9.6% during the forecast period

U.S. Digital Signage Market Worth $7.8 Billion By 2027

The U.S. digital signage market size is anticipated to reach USD 7.8 billion by 2027, according to a new report by Grand View Research, Inc., registering a 6.4% CAGR over the forecast period. The demand is expected to increase as advertisers, enterprises, and corporates are increasingly adopting this technology to promote and distribute content. Advancements in display technology are also likely to drive the market. Furthermore, increasing demand for digital signage solutions from industries such as healthcare, transportation, hospitality, and retail is likely to propel market growth over the forecast period.

Growing adoption of this technology is due to increasing demand for advertising content with enhanced quality and better sharpness. Rising demand for 4K embedded digital displays can be attributed to increase in need for enhanced sharp images. Digital signage above 52 inches are poised to gain popularity over the forecast period as advertisers are increasingly preferring outdoor advertising.

Besides this, software providers are engaged in providing design solutions that are compatible with multiple operating systems to new entrants in the market. They are particularly offering cloud-based design solutions that can aid in managing advertising content displayed on digital signage.

Operational cost of companies is reduced by cutting down the use of paper for advertisements and deviating from traditional marketing activities. In addition, combination of LED-backlit panels is resulting in substantial energy savings. Decrease in energy consumption owing to adoption of enhanced technologies, which includes LED, is attracting enterprises to opt for digital signage.

West U.S. accounted for the largest share in the market in 2019 and is estimated to retain its lead through 2027. The Midwest region is projected to exhibit the highest growth rate during the forecast period owing to burgeoning sales of digital signage in multiple industry verticals across the region.

Some of the prominent companies operating in the market are Cisco Systems, Inc.; Intel Corporation; Microsoft Corporation; BrightSign, LLC; Keywest Technology, Inc.; Planar System Inc.; Scala, Inc.; and Hughes Network Systems LLC.

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https://www.grandviewresearch.com/industry-analysis/us-digital-signage-market

Further key findings from the report suggest:

On the basis of display technology, the LCD segment commanded the leading share in the market in 2019 owing to lower manufacturing cost and benefits associated with LCD technology
The retail industry was the most prominent application segment in the U.S. digital signage market in 2019. It is estimated to retain its position through 2027, as there is high competition in the industry, which augments the need for innovative advertising medium
Based on display type, transparent LED screens are projected to exhibit the highest CAGR during the forecast period as high level of transparency and resolution offered by them proves to be lucrative for advertisers
By component, the hardware segment, which includes displays and media players, is anticipated to dominate the market throughout the forecast period as users remain keen on adopting different types of displays
The out-store location segment is expected to witness considerable growth through 2027 owing to growing adoption of digital signage in various outdoor applications
The West region was the highest revenue generating region in 2019 owing to the adoption of this technology across applications such as retail and hospitality. The region is home to the largest number of companies manufacturing electronic display products
Prominent players in the U.S. market include Panasonic Corporation of North America; Cisco Systems, Inc.; Intel Corporation; Microsoft Corporation; and Planar System Inc.

Digital Twin Market Size Worth $26.07 Billion By 2025

The global digital twin market size is expected to reach USD 26.07 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a strong CAGR of 38.2% over the forecast years. Digital twin is a dynamic digital replica of a product, process, system, or facility, which can be used for various purposes including creating a sustainable environment and ensuring a better digital experience for customers. Such digital replicas can imitate real-world situations and help in optimizing systems and processes, examining products, and monitoring the performance and condition of machines, among others.

Digital twin technology is gaining traction owing to its potential to bridge the gap between the physical world and the virtual world. The global market is expected to grow significantly over the forecast period in line with the growing adoption of the Internet of Things (IoT) and big data analytics. Other factors responsible for this growth include rising need for cost-efficient operations, optimizing the processes, and reducing the Time to Market (TTM). At the same time, the way digital twins are created would continue to evolve in line with the innovations in the field of Virtual Reality (VR) and Augmented Reality (AR), thereby boosting the growth of the market.

Healthcare and life sciences, aerospace and defense, automotive and transport, manufacturing, and energy and utilities are some of the key end-use industries for the digital twin technology. Incumbents of these industries are particularly adopting the technology to enhance efficiency, augment productivity, ensure cost-efficient operations, and streamline the processes. For instance, hospitals can create a digital twin of their systems as part of the efforts to gauge the impact of any prospective changes to their systems and ensure a safer environment. Similarly, a surgeon can create a digital twin of the heart and study it before performing a surgery. The technology is also helping companies in adopting lean manufacturing.

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https://www.grandviewresearch.com/industry-analysis/digital-twin-market

Further key findings from the report suggest:

Growing adoption of the digital twin technology in various industries, such as automotive and transport and agriculture, is the major growth-driving factor for the global market
Digital twin incorporates Artificial Intelligence (AI), big data, Machine Learning (ML), and IoT, among others
This helps the end-use industries in accessing the technology more easily and implementing it cost-effectively, thereby supporting market growth
The manufacturing segment accounted for more than 20.0% of the global market share in 2017 and is expected to witness a strong CAGR over the forecast period
North America and Europe together accounted for more than 50% of the market share in 2017 on account of high adoption of industrial IoT and the presence of developed infrastructure in these regions
Prominent companies in the digital twin market include ABB Group; Hexagon Geosystems AG; PTC, Inc.; Dassault Systèmes; AVEVA Group plc; SAP SE; Schneider Electric SE; and Siemens AG. Most of these companies are investing in R&D to maintain their position in the global market

Smart Retail Market Size Worth $58.23 Billion By 2025

The global smart retail market size is expected to reach USD 58.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 23.9% during the forecast period. In the present day retail industry, conventional brick-and-mortar stores are facing intense competition from the rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance the digital shopping experience in physical stores. Of late, customers demand personalized, high-quality assistance in a store as well as end-to-end connected experience to the internet environment.

The main components of a smart retail system are integration, connectivity, and big-data analytics. This allows retailers to provide their customers with products and services tailored to their preferences and help in effective client communication, which further improves customer experience and retention. The hardware segment held a significant share in the market in 2017. On the basis of application, the others segment, which includes robotics and analytics application, is estimated to gain traction over the forecast period and is expected to reach over USD 12.14 billion by 2025.

The growing use of big data analytics in order to understand the need of customers, improve customer engagement, and their shopping experience is anticipated to contribute to the growth of the market. Surging use of advanced technology such as BLE beacons, near field communications (NFC), and mPOS retailers can help enhance the customer experience as well as increase in-store data collection. This collected data can be further utilized to provide customers with products and assistance in a better manner.

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https://www.grandviewresearch.com/industry-analysis/smart-retail-market

Further key findings from the report suggest:

The visual marketing segment emerged as the largest market in 2017 and is estimated to reach USD 16.01 billion by 2025
The software segment is anticipated to witness the highest CAGR of 26.1% over the forecast period
The Asia Pacific smart retail market is expected to experience the highest CAGR during the same period. Growing adoption of smart retail solutions such as RFID, facial recognition, and big data analytics by retailers in China and Japan in order to provide ease of online shopping experience within a physical store
Key players include Intel Corporation; IBM; Samsung Electronics; Amazon; Google, Inc.; Microsoft Corporation; Softbank Robotics Holdings; Ingenico S.A.; Verifone Systems; NCR Corporation.

Insurance Fraud Detection Market Size Worth $9.7 Billion By 2025

The global insurance fraud detection market size is expected to reach USD 9.7 billion by 2025, registering a CAGR of 13.7% over the forecast period, according to a new report by Grand View Research, Inc. Detecting and preventing fraudulent activities is a global challenge for insurers. However, the emergence of advanced solutions such as the use of automated business rules, self-learning models, text mining, predictive analytics, image screening, network analysis, and device identification is expected to deliver actionable insights to improve claims processes. As a result, insurance organizations are adopting fraud detection solutions that not only recognize the genuine claims process but also reduce the number of false positives.

The prevention and detection of fraud capabilities are increasing with the growing awareness of perpetrators and sophisticated crimes. Global concerns about the ever-increasing cases of insurance frauds coupled with sophisticated organized crime, have signaled a need for coherent action by all insurance companies. As per a research conducted by the Federal Bureau of Investigation (FBI), the total estimated cost of insurance fraud in the U.S. is expected to be more than USD 40 billion per year. As a result, in the U.S., it has led to an increased premium of approximately USD 420 to 700 per year for the average earning family. Similarly, according to the Association of British Insurers in the U.K., insurer unearthed more than 113,000 fraudulent claims and 449,000 dishonest insurance applications, valued at USD 1.3 billion. Thus, to curb fraudulent claims coupled with the various stringent regulations set by the government, enterprises are expected to adopt these solutions in the near future. These solutions are expected to enable an enterprise to identify fraudulent activities with higher speed and accuracy, thereby improving the consumer experience by realizing fast payouts.

In the insurance sector, fraudulent activities are primarily categorized as criminal and cultural. In criminal type, professional perpetrators habitually try to identify a weak system to attack. While in cultural type, a genuine claimant is opportunistic by exaggerating a claim. With the help of data analytics, insurance companies can analyze and detect the possibility of fraudulent activities. The user can enter data, and claim applications are automatically given a score to indicate the likelihood that scam has occurred. Thus, the use of predictive modeling can potentially produce a quantified score that helps a company to understand the propensity of a scam. Monitoring the arrived score through the use of advanced solutions is expected to show more accurate and effective results than that of traditional fraud detection methods. However, relying solely on technology for suspecting the fraudulent activities to be flagged is expected to be a key challenge for the insurers. Thus, to overcome such challenges, analysts are required to initiate immediate action and follow appropriate measures to help the company reduce losses.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/insurance-fraud-detection-market

Further key findings from the report suggest:

Solutions segment held the leading market share in 2018 and is expected to continue leading over the forecast period
Managed services segment is anticipated to exhibit the fastest CAGR of 15.6% over the forecast period
Large enterprise segment dominated the market with highest revenue share in 2018
The Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period

Plant Biotechnology Equipment Market Worth $18.35 Billion By 2025

The global plant biotechnology equipment market size is estimated to reach USD 18.35 billion by 2025, according to the new report by Grand View Research, Inc. it is likely to expand at a CAGR of 12.8% over the forecast period. High demand for transgenic crops and biofuel is driving the market growth. Demand for transgenic crops has been rising owing to various benefits, such as improvement in yield, productivity, and quality of output and development of insect-resistant cultivars in crops.

In transgenic plants, one or more species are introduced in the genome using genetic engineering processes. Inserting a combination of genes in a plant makes it more productive. Transgenic plants are also produced to cater to the particular needs of the pharmaceutical sector. The advent of various genetic engineering processes is expected to drive market growth over the forecast period.

Advanced techniques, such as next-generation DNA sequencing, can be availed by breeders to boost the rate of genetic improvement by molecular breeding. Plant cell culture methods can also be used for enhancing food grain quality and increasing food production. These methods are also useful for postharvest applications of food materials. Plant biotech equipment, such as plant phenotyping equipment, cell culture equipment, and smart farm equipment, can play an instrumental role in these methods.

Advances in biotechnology and the rising use of biotech equipment for biofuel production are anticipated to further drive the growth of the plant biotech equipment market over the forecast period. Biofuel is gaining popularity due to rising crude oil prices and uncertainty in fuel supply stemming from depleting natural resources. Biofuel is considered as one of the alternatives to fossil fuels owing to its various benefits.

Biofuel can be produced domestically, can be cheaper than fossil fuels, and is also environment-friendly. Technological challenges associated with biofuel production can be addressed using biotech solutions and equipment, which in turn, is expected to boost the demand for plant biotech equipment over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/plant-biotechnology-equipment-market

Further key findings from the report suggest:

Rapidly rising global population has boosted demand for agricultural produce
Advances in technology coupled with increasing government funding have enabled the plant biotechnology industry to grow at a significant growth rate in recent years
Agriculture sector has witnessed tremendous developments in terms of advanced technologies in recent times. Usage of electronic sensors, smart devices, and other biotechnological methods have transformed conventional farming into innovative and sustainable farming
Benefits, such as high-quality crops and increased yield, facilitated by biotech equipment are expected to drive the growth of plant biotech equipment market over the forecast period
Advancements in imaging techniques are facilitating a better assessment of plant characteristics, thereby helping in developing better plant breeds.

North America Smart Trash Bin Market Size Worth $12.3 Million By 2025

The North America smart trash/garbage bin market size is estimated to reach USD 12.3 million by 2025, according to the new report by Grand View Research, Inc., expanding at a CAGR of 6.9% during the forecast period. The smart trash bins considered under the scope of the study refers to the automatic garbage bins. These touchless trash cans are sensor-based and are capable of operating without making any physical contact. The market formulated estimates the market sizing & forecasts for the automatically operated touchless garbage/trash/waste bins.

Regional manufacturers of smart trash cans are investing aggressively in product development to incorporate innovative solutions into their product portfolio. They are targeting consumers by offering attractive touchless waste disposal solutions to create lucrative opportunities for expansions. The 14 to 23 gallon capacity segment accounted for the largest market share in 2017. Availability of smart trash bins in several variants under this category and significant adoption of these products across the commercial sector is contributing to the growth of the segment.

Demand for touchless garbage bins in North American countries, particularly the U.S., has witnessed a significant growth over the past few years to generate substantial revenue. The U.S. is anticipated to continue leading the North America touchless trash bin market over the forecast period on account of growing demand for automatic garbage bins in line with the increasing awareness about hygiene and cleanliness to avoid cross-contamination of germs.

The commercial subsegment dominated the North America smart garbage bins market in 2017 The commercial end use of automatic garbage can encircles the use of touchless garbage bins in corporate offices, retail shops, hotels, restaurants, hospitals, clinics, and other public places, which include malls, multiplexes, restrooms, airports, and bus & metro stations. The demand for touchless waste bins from the residential sector is also anticipated to escalate significantly over the next seven years in line with the expanding popularity of the automatic trash bins among the residential sector, modernizing lifestyle of families, and growing awareness about maintaining clean and tidy surroundings and hygiene.

The North America region can be considered as the manufacturing hub of the automatic garbage bins, as it is the homeland to the prominent manufacturers and suppliers, such as iTouchless Houseware & Products, Inc. (U.S.), Nine Stars Group (USA) Inc., simplehuman (U.S.), Walmart, and Costco Wholesale. Moreover, these manufacturers are supplying their product worldwide through various e-commerce platforms by collaborating & partnering with the eminent e-commerce players. Hence, the e-commerce and online shopping are expected to have a positive impact on the market.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/north-america-automatic-touchless-garbage-bin-market

Further key findings from the report suggest:

The 8 to 13 Gallon subsegment is anticipated to portray substantial growth over the forecast period.
The residential end-use sub-segment is projected to witness the highest CAGR over the forecast period.
The U.S. market dominated the overall North America regional market in terms of revenue as well as shipments.
The increasing awareness about maintaining a hygienic lifestyle and avoiding cross-contamination of germs is prompting households to adopt modern and advanced appliances, including touchless garbage bins.
The convenience of hands-free operation while disposing the waste without spilling is driving the North America smart garbage bin market
Key industry participants include Ausko Pte Ltd. (Singapore), Nine Stars Group (USA) Inc. (U.S.), iTouchless Housewares & Products, Inc. (U.S.), simplehuman (U.S.), and HANGSHAU Houseware Co., Ltd. (China).

Edge Computing Market Worth $43.4 Billion By 2027

The global edge computing market size is anticipated to reach USD 43.4 billion by 2027, exhibiting a CAGR of 37.4% over the forecast period, according to a new report by Grand View Research, Inc. 5G technology is expected to act as a catalyst for market growth. Applications using the 5G technology are expected to change traffic demand patterns, enabling technology growth avenues for the telecom providers. The cloud leaders see this as a threat and have started investing in the edge ecosystem by engaging in partnerships with telecom companies. It’s quite evident that 5G and its probable benefits have the potential to create a powerful network based on the technology that is expected to reorganize the industry architecture.

The rise in the adoption of the technology by telecom companies is expected to embrace new opportunities in Multi-access Edge Computing (MEC) market space. MEC allows companies to mitigate network congestion and ensure higher application performance by bringing processing tasks and running applications closer to the cellular customer. Furthermore, the implementation of MEC at mobile base stations or edge nodes is expected to facilitate the rapid and flexible deployment of new services and applications for customers, which promises healthy market growth.

Furthermore, there has been an anticipated wave of micro Edge Data Center (EDC) capacity that differs from the large centralized data centers to support the centralization of hyperscale computing. These data centers are expected to range from small clusters of the edge cloud resources located on a streetlight to a few racks located in a shelter at the base of a cell tower or inside buildings. Additionally, the 5G networks use EDC to provide efficient local data services, which enables the EDCs to redirect edge traffic away from the carrier networks to local public internet networks. Also, various start-ups such as EdgeMicro is in the process of deploying commercial mini data centers for IT computing stack, redundant cooling, fire suspension, and biometric security.

The development of edge Artificial Intelligence (AI) is continually expanding due to the increase in the number of connected devices globally, which is expected to propel edge computing market growth over the next few years. Edge AI is expected to allow real-time operations, including data creation, reducing power consumption, and reduce the costs for data communications for wearable devices and self-driving cars. Various companies such as NVIDIA Corporation; Google Inc.; and Intel Corporation are developing processors specifically designed for the computing technology to accelerate the inferencing process. For instance, Atos SE launched AI-enabled high-performing server based on the technology to manage data. The installed BullSequana Edge Server steadily processes and manages IoT data, close to the source where it is generated.

North America dominated the market in 2019 and accounted for largest share in terms of revenue. The growth is attributed to rising adoption of the technology among manufacturers in U.S. Increasing number of startups developing advanced business solutions based on the technology is driving the market in the region. Asia Pacific is anticipated to witness highest CAGR over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/edge-computing-market

Further key findings from the report suggest:

The software segment is envisioned to witness the fastest growth due to large scale deployment of edge computing-based software stack platforms
The data center segment is expected to grow the fastest over the forecast period owing to the growing trend to shift from a centralized cloud server to edge server on account of reduced latency
The Asia Pacific region is expected to emerge as the fastest-growing regional market owing to the advent of 5G in the region and rising uptake of IoT-backed applications
Some of the key players in the edge computing market are Amazon Web Services (AWS), Inc.; Belden Inc.; Cisco Systems, Inc.; Digi International Inc.; Hewlett Packard Enterprise Development LP; Intel Corporation; Microsoft Corporation, and IBM Corporation.

Milking Robots Market Worth $2.61 Billion By 2025

The global milking robotics market size is anticipated to reach USD 2.61 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 11.8% during the forecast period. Growing demand for milk and milk products, the need for automation, and high labor costs are anticipated to drive the market.

The milk production industry has witnessed an increase in herd size and demand for milk in the past few years. A prominent factor driving the market growth is high labor costs. Robotics and automation technology has increased production capacities and operational efficiencies of milk producers. Furthermore, it is encouraging milk producers to adopt automation systems. Primary applications of milking robot systems include collecting and routing animals, cleaning teats, and milking operations.

The multi-stall unit segment is expected to witness the highest growth rate over the forecast years. Increase in herd size has elevated the adoption of automation and robotic systems in the dairy farming industry. Advantages bestowed by the technology include higher efficiency in milk production, elimination of labor, increased milking efficiencies and frequency, and consistent quality.

The key market participants in the milking robots market include DeLaval, Inc.; BouMatic; GEA Group AG; Fullwood Ltd.; and Lely Holding S.A.R.L. Vendors are expected to witness a rise in demand for robotic solutions over the forecast years, owing to increasing technological advancements.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/milking-robots-market

Further key findings from the report suggest:

The multi-stall segment is presumed to be the fastest-growing segment with a CAGR of around 13.0% over the forecast period
The above 1,000 herd segment will contribute significantly to market growth, owing to benefits such as increased performance and efficiency provided by systems used for this herd size
Asia Pacific is expected to be the fastest-growing regional market, owing to increased demand for milk and milk products and growing herd sizes in India and China
Major players in the market include DeLaval, Inc.; BouMatic; GEA Group AG; Fullwood Ltd.; and Lely Holding S.A.R.L.

Smart Manufacturing Market Size Worth $514.3 Billion By 2027

The global smart manufacturing market size is estimated to reach USD 514.3 billion by 2027, registering a CAGR of 11.8% over the forecast period, according to a new study by Grand View Research, Inc. The growing adoption of digital technologies such as industrial IoT, autonomous robots, and big data analytics, to enable the fourth industrial revolution are the prime driving factors for the market growth. Moreover, growing emphasis on increasing production efficiency and gaining visibility across the entire value chain will also boost the prospects of smart manufacturing. In addition, availability of advanced technologies such as 3D printing, manufacturing execution systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the market growth.

The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving the market. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further propel the growth. For example, China is reportedly investing over USD 3 billion for advanced manufacturing under the Made in China 2025 program. Similarly, SAMARTH Udyog Bharat, Industry 4.0, initiative is being promoted by Indian government to transform the manufacturing industry in the country.

Automotive and aerospace and defense industries are the leading growth avenues for solution providers with industries such as oil and gas and industrial equipment manufacturing rapidly scaling their digitalization efforts. Moreover, by implementing smart technologies such as 3D printing, American auto manufacturer General Motors (GM) claims to save more than USD 300,000 in 2019. To drive this technology, GM has entered into a partnership with Autodesk Inc. to produce economical and lighter vehicle parts using 3D printers. With the proliferation of 3D printing, simulation, and modeling in manufacturing and design, these industries are expected to continue to maintain a significant growth rate over the forecast period. Though numerous solutions are available in the market, digital twin and real-time analytics are anticipated to spearhead the penetration of digitalization in these industries.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/smart-manufacturing-market

Further key findings from the report suggest:

The software segment is likely to emerge as the fastest growing segment over the forecast period. Increasing demand for factory automation software for varied uses such as factory control, connectivity, quality check, and testing and inspection will foster the segment growth
The MES, 3D printing, and machine vision technology segments are likely to grow rapidly owing to production of industrial goods with high speed, increased precision, and improved quality. Companies that offer consumer products, automotive components, and medical devices are likely to benefit from the utility of 3D printing with machine vision and Artificial Intelligence
The automotive end-use segment is expected to emerge as the fastest growing segment over the coming years
The Asia Pacific regional market is likely to grow at a substantial rate during the forecast period owing to rapid industrial growth, increasing foreign direct investments, and establishment of large multinational companies in the sector
Smart manufacturing is supported by various organizations and consortiums including Industrial Internet Consortium (IIC), Smart Manufacturing Leadership Coalition (SMLC), Industrie 4.0, and MESA International
Key players in the smart manufacturing market include General Electric; Siemens AG; Rockwell Automation Inc.; Honeywell International Inc.; Schneider Electric; Emerson Electric Co.; and Fanuc Corporation
Major companies such as John Deere, Harley Davidson, and General Motors have successfully implemented smart manufacturing in a bid to achieve greater efficiency and effectiveness.