Using cutting-edge technology to improve manufacturing processes, such as cloud computing, big data analytics, artificial intelligence (AI), and the Internet of Things (IoT), is known as "smart manufacturing." Smart manufacturing boosts productivity, lowers operating costs, and improves product quality by enabling real-time data collecting, analysis, and decision-making through the connection of machines, devices, and systems.

 

The market for smart manufacturing in Europe is expected to grow rapidly as businesses use cutting-edge technologies to improve productivity and gain a competitive advantage. Smart manufacturing, which places a greater focus on data-driven decision-making, sustainability, and remote monitoring, is revolutionising several businesses in the area. Companies need to engage in innovation, prioritise cybersecurity, and embrace the digital transformation process in order to take advantage of the enormous prospects. With smart manufacturing becoming an essential component of contemporary businesses, Europe is poised to take the lead in influencing global manufacturing trends going forward. 

The need for manufacturers to increase efficiency, reduce expenses, and maintain global competitiveness is driving the market for smart manufacturing in Europe. Leading manufacturing economies such as Germany are primarily driving this expansion. Europe is seeing an increase in the number of "smart factories," which are defined by high levels of automation, internet-connected equipment, and real-time communication to optimise production procedures. These facilities use robotics for complex jobs, data analytics for thorough data analysis, and innovation as a driving force for progress. Smart manufacturing is set to become more and more commonplace and indispensable throughout the European manufacturing landscape, thanks to the large number of businesses and research institutes devoted to developing cutting-edge technology.

In Europe, data security and privacy are major issues for smart manufacturing. Smart manufacturing refers to the application of multiple technologies, including artificial intelligence (AI), big data, and the Internet of Things (IoT), to optimise and boost production processes. Data privacy and security are crucial since new technologies also produce enormous volumes of data, some of which may be sensitive and private.  Manufacturers must make significant investments in strong security measures as a result of the growing cybersecurity dangers associated with greater connectivity.  Additionally, in order for the workforce to adjust to new technology and procedures, upskilling and retraining are necessary as we move towards smart manufacturing.  Additionally, smaller businesses may find it difficult to afford the considerable initial expenditure needed for smart manufacturing setup. 

Industry demands for robust and flexible ways to handle shocks brought to light the significance of smart manufacturing during the COVID-19 epidemic. An increased implementation of smart manufacturing was made possible by the rise in popularity of digitalization, automation, and remote monitoring during the pandemic.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB, Blue Prism, Bosch, Dassault Systemes, Festo, ICONICS, SAP, Schneider Electric, Siemens AG, TXT e-solutions, Others.

By Component: Based on the Component, Europe Smart Manufacturing Market is segmented as; Solution (Industrial 3D Printing, Manufacturing Execution System, Product Lifecycle Management, Programmable Logic Controller, Remote Monitoring software, Robotic Process Automation, Supervisory Controller and Data Acquisition, Others), Services (Managed Services, Professional Services).

By Deployment: Based on the Deployment, Europe Smart Manufacturing Market is segmented as; Cloud-Based, On-Premise.

By Enterprise Size: Based on the Enterprise Size, Europe Smart Manufacturing Market is segmented as; Large Enterprises, Small and Medium Enterprises.

By End User: Based on the End User, Europe Smart Manufacturing Market is segmented as; Aerospace and Defense, Automotive, Chemicals, Industrial Machinery, Medical Devices, Mining and Metals, Pharmaceuticals, Pulp and Paper, Semiconductor and Electronics/High Tech, Transportation, Others.

By Region: This research also includes data for France, Germany, Italy, Spain, U.K. and rest of Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.