PUBLISHER: The Business Research Company | PRODUCT CODE: 1599024
PUBLISHER: The Business Research Company | PRODUCT CODE: 1599024
Cloud manufacturing refers to the utilization of cloud computing technologies to support the manufacturing industry, enabling the use of shared resources, services and data through an interconnected network.
Cloud manufacturing market consists of sales, by entities (organizations, sole traders or partnerships), of cloud manufacturing hardware, software and services that provide a flexible, scalable and efficient way for manufacturers to access computational tools, manufacturing resources and services over the internet, without needing to invest in large-scale infrastructure. It transforms traditional manufacturing processes by integrating hardware, software and network resources into cloud platforms, which can be accessed on-demand.
The global cloud manufacturing market was valued at $35,671.60 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 15.00%.
Increased Adoption Of AI In Manufacturing
An increased adoption of artificial intelligence (AI) in manufacturing supported the growth of the cloud manufacturing market. AI-powered technologies improve automation, predictive maintenance and real-time decision-making, all of which necessitate massive volumes of data analysis and storage. Cloud manufacturing solutions provide the necessary scalability and flexibility to handle this data, allowing firms to optimize production processes, reduce downtime and increase overall efficiency. Furthermore, AI-driven insights necessitate ongoing updates and collaboration across different systems and locations, which cloud-based infrastructure conveniently facilitates. For example, in November 2023, according to a survey of 350 manufacturers commissioned by Rootstock Software, a US-based software company focused on cloud enterprise resource planning (ERP) software, and conducted by Researchscape, a US-based agile market research consultancy, 70% of manufacturers integrated AI into their operations, with 82% planning to increase AI budgets. Automation led AI use at 60%, followed by predictive AI at 37% and generative AI at 35%. US manufacturers adopted AI-powered automation and generative AI at higher rates than those in the UK and Canada. Key benefits reported included improved efficiency (44%), enhanced productivity (42%) and increased production efficiency (29%). Therefore, increased adoption of AI in manufacturing drove the growth of the cloud manufacturing market.
Advanced Analytics And Artificial Intelligence To Drive Sustainability And Efficiency In Manufacturing Processes
Major companies in the cloud manufacturing market are leveraging advanced analytics and artificial intelligence (AI) to enhance sustainability and efficiency in manufacturing. Advanced analytics deliver insights into energy consumption, waste generation and production performance, enabling companies to implement targeted improvements. For example, in April 2024, AVEVA Group plc, a UK-based multinational information technology consulting company, expanded its CONNECT platform, enhancing its industrial intelligence capabilities with data and visualization services for hybrid Manufacturing Execution Systems (MES). This new solution allows manufacturing companies to manage production data in the cloud, improving supply chain agility through enterprise-wide visibility into distributed plant operations. Leveraging advanced analytics, AI and data visualization, companies can optimize operational performance and sustainability with valuable insights and guidance.
The global cloud manufacturing market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 22.9% of the total market in 2023.
Cloud Manufacturing Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cloud manufacturing market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for cloud manufacturing? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The cloud manufacturing market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider cloud manufacturing market; and compares it with other markets.
Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.