Cloud Manufacturing Market Size, Share, Trends, Growth, Opportunities, and Strategies 2024

Overview and Scope

Cloud manufacturing refers to the manufacturing model that leverages cloud computing technologies to streamline and optimize manufacturing processes, enabling remote access, collaboration, scalability, and data-driven decision-making for improved efficiency and cost-effectiveness. It allows for integrating and coordinating various manufacturing resources, including equipment, facilities, software tools, and expertise, into a virtualized environment accessible remotely, allowing manufacturers to dynamically allocate and utilize resources according to demand, optimize production processes, collaborate with partners and suppliers more efficiently, and adapt quickly to changing market conditions.

Sizing and Forecast

The cloud manufacturing market size has grown rapidly in recent years. It will grow from $73.71 billion in 2023 to $86.20 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to cost reduction initiatives, globalization and supply chain optimization, scalability and flexibility needs, compliance and regulatory requirements, business continuity and disaster recovery.

The cloud manufacturing market size is expected to see rapid growth in the next few years. It will grow to $163.00 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to sustainability and environmental concerns, demand for real-time insights and analytics, market dynamics and competitive pressures, shift towards sterilization and outcome-based models, regulatory and compliance evolution. Major trends in the forecast period include increased adoption of hybrid cloud solution, integration of edge computing with cloud manufacturing, ai and machine learning-driven optimization, focus on sustainability and circular economy, expansion of industry-specific cloud manufacturing solutions.

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Segmentation & Regional Insights

The cloud manufacturing market covered in this report is segmented –

1) By Component: Hardware, Software, Services

2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud

3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises

4) By Industry Vertical: Aerospace And Defense, Healthcare, Semiconductor Electronics, Automotive, Metal And Machinery Manufacturing, Other Industry Verticals

North America was the largest region in the cloud manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The increasing adoption of artificial intelligence (AI) in manufacturing is expected to propel the growth of the cloud manufacturing market going forward. Artificial intelligence (AI) refers to developing computer systems and algorithms that can perform tasks requiring human intelligence, such as learning from data, making predictions, and solving complex problems. The rising adoption of artificial intelligence (AI) in manufacturing is due to its ability to optimize processes, enhance productivity, and enable predictive maintenance. Artificial intelligence is utilized in cloud manufacturing to analyze vast amounts of production data, optimize processes, predict equipment failures, and enhance decision-making for improved efficiency and productivity. For instance, in May 2022, according to a survey among 321 manufacturers conducted by Rockwell Automation Inc., a US-based provider of industrial automation and digital transformation technologies, the adoption of smart factory technologies witnessed a remarkable 50% year-over-year growth. Moreover, 74% of surveyed manufacturers are either utilizing or planning to integrate artificial intelligence into their manufacturing operations. Further, 83% of manufacturing professionals will upgrade their modernization processes into smart factories. Therefore, the increasing adoption of artificial intelligence (AI) in manufacturing is driving the growth of the cloud manufacturing market.

Key Industry Players

Major companies operating in the cloud manufacturing market are Amazon.com Inc., Google LLC, Microsoft Corporation, Dell Technologies Inc., Siemens AG, International Business Machines Corporation, General Electric Company, Cisco Systems Inc., Oracle Corporation, NetSuite Inc., SAP SE, Salesforce.com Inc., Hewlett Packard Enterprise Company, DXC Technology Company, VMware Inc., Rockwell Automation Inc., Citrix Systems Inc., Jelastic Inc., Hitachi Vantara, PTC Inc., Cloudera Inc., Box Inc., Rootstock Software

The cloud manufacturing market report table of contents includes: