In a recent published report, Kenneth Research has updated the market report for Cloud Manufacturing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cloud Manufacturing Market products.
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The Cloud Manufacturing Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
Market Snapshot
The Global Cloud Manufacturing Market is expected to grow at a 19.8% CAGR during the forecast period 2019–2024. The manufacturing industry across the globe is increasingly using the cloud for managing the day to day processes from the designing stage to production and maintenance. Rising adoption of IoT in manufacturing processes has encouraged manufacturers to move to cloud-based management platforms such as ERP systems. Large enterprises dominate a large portion of the cloud manufacturing market. Development of technologies such as cloud computing, virtualization, and Internet of things (IoT) has positively impacted the growth of cloud manufacturing market. Cloud-based manufacturing offers manufacturers benefits such as increased productivity and reduced costs.
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The global cloud manufacturing market generated a revenue of USD 38.72 billion in 2018 and is expected to reach a market value of USD 111.90 billion by 2024, growing at a CAGR of 19.8%. High demand for cloud-based solutions across manufacturing companies and government initiatives for modernizing manufacturing industry in different countries across the globe are the primary factors driving the growth of the global cloud manufacturing market.
By component, the global cloud manufacturing market has been segmented on the basis of hardware, software, and service. Cloud-based manufacturing is transforming every facet of modern manufacturing. The advent of Industry 4.0 enables the manufacturers to use advanced technologies that can add connectivity to the machines and automate some of the manufacturing processes. Cloud-based manufacturing, to some extent, helps to automate the manufacturing processes by using various hardware components such as sensors, connectors, networking devices, servers, storage devices in integration with the manufacturing machines. These hardware devices provide a base for the cloud software that helps the machines to connect to the cloud.
Cloud-based manufacturing software includes a set of tools which assists enterprises in visualizing and streamlining the production process from creation to distribution. Vendors of cloud manufacturing software provide mobile support, allowing the employees working on the production floor or on the field, to access the vital information from various locations on their mobile devices using internet access. Cloud-based manufacturing software encompasses various features such as manufacturing, accounting, production management, transportation and logistics, supply chain management, and asset management. A variety of industries including aerospace, semiconductor electronics, food and beverages, and others have started using the cloud-based manufacturing software in their industrial processes.
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Cloud-based manufacturing provides complete deployment services to the clients. These services include professional, managed, and customer support. Professional services are provided by software and hardware providers while the managed services are provided by the third-party companies. The customer support service provides a rapid response for product-related queries. Companies such as PLEX Systems provides both professional and support services. Its professional services facilitate easy deployment of Plex Manufacturing cloud. Plex also provides value-added services such as requirement analysis, data migration support, integration testing, development of work instructions, end-user training, and live on-site support, among others.
Companies Covered
The key players of global Cloud manufacturing market are Oracle Corporation, Microsoft Corporation, Salesforce.com, Inc., Cisco Systems, Inc., Amazon Web Services, Inc. (AWS), VMware, Inc., Google LLC, Hewlett Packard Enterprise Company, Citrix Systems, Inc., Plex Systems Inc., Jelastic, Inc., Rootstock Software, and DXC Technology Company.
Regional Analysis
The cloud manufacturing market, by region, has been segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. North America accounted for the largest market share of 40.01% in 2018, with a market value of USD 15.5 billion; the market is expected to register a CAGR of 20.5% during the forecast period. Europe was the second-largest market in 2018, valued at USD 10.8 billion; the market is projected to exhibit a CAGR of 19.3%. However, the market in Asia-Pacific is expected to register the highest CAGR of 21.2%. North America has accounted for a significant share in the cloud-based manufacturing market, due to the presence of major manufacturing industries, higher adoption of cloud computing solutions, increasing digitization, and automation in the manufacturing sector.
Increasing digitization and adoption of smart manufacturing are driving the growth of cloud-based manufacturing in the US. The rising investments by the manufacturers in the adoption of the internet of things and cloud penetration are driving the growth of the market in the US. Canada is gaining momentum in terms of adoption of cloud technology for manufacturing processes due to increasing investment by tech giants such as Oracle Corporation, Sage, and Pronto Solutions. Eastern Canada is showing a positive growth while western Canada is growing at a slow rate due to challenges regarding compliance regulations.
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The adoption of cloud-based manufacturing in Europe is growing rapidly since it allows the manufacturers to remotely store, manage, and process their data which saves cost and increase production efficiency. The organizations in the UK are taking cloud-first approach, which is increasing cloud adoption in the UK. Various software is available that combine the benefits of enterprise resources and manufacturing resource planning, making it accessible and useful for smaller manufacturing businesses; this has increased the adoption of cloud technology among SMEs. The large enterprises are expected to be the fastest growing organizations in the UK due to the high penetration of cloud services in large organizations.
France is expected to show positive growth in the Europe cloud market due to the entry of major global players such as Amazon in the market. In 2015, the Industry of the Future Alliance was created to support French companies, particularly SMEs in modernizing and transforming the industrial tools and business models with new technologies; this has created an opportunity for the adoption of cloud-based solutions across the manufacturing industry in France.
Key Developments
In September 2017, Oracle collaborated with Mitsubishi Electric to develop IoT platform for smart manufacturing. The FA-IT Open Platform for factory automation based on Oracle cloud uses edge computing between devices and business applications which enables rapid collection, analysis, and utilization of data at the production site.
In April 2019, Microsoft, in collaboration with the BMW Group, launched the Open Manufacturing Platform to share smart factory solutions across the manufacturing and automotive sectors. The platform is built on Microsoft Azure Industrial IoT cloud platform to provide a reference architecture with open source components based on open industry standards and open data model.
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In April 2019, AWS entered into a global agreement with Volkswagen AG to build Volkswagen’s industrial cloud. The platform is built to transform the manufacturing and logistics processes of the firm. The insights offered by AWS IoT services is expected to optimize production and improve process efficiency.
In April 2019, VMware launched vRealize Operations 7.5, vRealize Network Insight 4.1, vRealize Automation 7.6, and vRealize Suite Lifecycle Manager 2.1. The release of the vRealize suite helps the IT developers and administrators to build and deliver applications on the hybrid cloud with more secure and consistent operations. This provides expanded self-driving operations and enhanced programmable provisioning capabilities across private and hybrid clouds.
In June 2019, Google added three security tools namely security sandbox, advanced phishing and malware protection, and Gmail confidential mode to Gmail. The tools offer would enhance security to protect users from potential threats to the system.
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Market Segmentation
By Component — Hardware, Software, and Services.
By Deployment — Private Cloud, Public Cloud, and Hybrid Cloud.
By Organization Size — Large Enterprises, and Small and Medium Sized Enterprises.
By Industry Vertical — Aerospace and Defense, Healthcare, Semiconductor Electronics, Automotive, Metal & Machinery Manufacturing, and Others
Key questions addressed by the report
What was the historic market size (2018)?
Which segmentation (Component/ Deployment/ Organisation Size/ Industry Vertical) is driving the market?
What will be the growth rate by 2024?
Who are the key players in this market?
What are the strategies adopted by key players?
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