Smart Manufacturing Market To Reach $1,063.15 Billion By 2033

Smart Manufacturing Market Growth & Trends

The global smart manufacturing market size is estimated to reach USD 1,063.15 billion by 2033, registering a CAGR of 12.1% from 2026 to 2033, according to a new report by Grand View Research, Inc. This market is popularly known as industry 4.0 as the advancement and integration of manufacturing with technology and automation processes in manufacturing is driven by the Internet of Things (IoT), machine learning, and real-time data. It is focused on combining innovation and efficiency as production processes grow faster. The industry is intended to adopt smart production methods across various domains. The need to increase productivity and improve the visibility of the entire system are two major factors driving the market growth.

The proliferation of the Industrial Internet of Things (IIoT) is expected to create challenges in controlling large amounts of data and accessing data and hence participants can opt for self-study programs and Artificial Intelligence (AI) technologies to avoid challenges. However, with increasing reliance on data, the industry aims to prevent contact with processes from preventing unintended issues. An essential aspect of the industry is the need to integrate various technologies such as intelligent sensors, robots, and cloud computing. Digital development has created the opportunity to use integrated technologies to achieve measurable results. Simulation, 3D printing, and network technology development have made the market a promising investment center for technology developers and users.

Several countries around the world imposed strict closures to prevent the spread of COVID-19, with severe restrictions and safety measures. Leading companies that produce smart devices started using IoT deployment, statistics, and AI-based digital platforms to reduce the need for human interaction. In addition, reduced efficiency in production lines due to social isolation processes is also strengthened with the help of automated solutions, thereby reducing employee involvement in production processes.

While established retailers are pushing their technology harder in new fields and operating environments, the barriers to entry are declining rapidly. These trends have led to an increase in competition among retailers, thus, leading to the introduction of fictional business models as advanced products. Buyers are experiencing a paradigm shift and focus on ordering rather than production to sell stock. These circumstances are expected to drive a comprehensive overhaul of production business models. This, in turn, is expected to fuel the market during the forecast period.

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Smart Manufacturing Market Report Highlights

• Based on components, the software segment accounted for the largest market share of over 50% in 2025, owing to its essential role in data analytics, process optimization, and system integration.

• Based on end-use, the automotive segment accounted for the largest market share in 2025, owing to its extensive use of smart manufacturing technologies to improve production efficiency, reduce costs, and maintain product quality.

• Based on technology, the discrete control system (DCS) segment accounted for the largest market share in 2025, owing to its widespread adoption in sector such as manufacturing, energy, and utility industries.

• Asia Pacific is expected to grow at the highest CAGR of over 13% from 2026 to 2033, driven by the increasing adoption of advanced technologies in countries.

Smart Manufacturing Market Segmentation

Grand View Research has segmented the global smart manufacturing market based on component, technology, end-use, and region:

Smart Manufacturing Component Outlook (Revenue, USD Billion, 2021 - 2033)

• Hardware

• Software

• Services    

Smart Manufacturing Technology Outlook (Revenue, USD Billion, 2021 - 2033)

• 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     

Smart Manufacturing End Use Outlook (Revenue, USD Billion, 2021 - 2033)

• Oil & Gas

• Energy & Power

• Food & Beverages

• Pharmaceuticals

• Chemicals

• Metals & Mining

• Pulp & Paper

• Automotive

• Aerospace & Defense

• Semiconductor & Electronics

• Renewable Energy

• Medical Devices

• Heavy Machinery

• Others        

Smart Manufacturing Regional Outlook (Revenue, USD Billion, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • Japan

  • India

• South Korea

  • Australia

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Smart Manufacturing Market

• ABB Ltd.

• Cisco Systems, Inc.

• Siemens AG

• General Electric

• Rockwell Automation Inc.

• Schneider Electric

• Honeywell International Inc.

• Emerson Electric Co.

• FANUC Corporation

• Mitsubishi Electric Corporation