Cloud Manufacturing Market Highlights:
According to the recent comprehensive research conducted by Market Research Future Reports (MRFR), the global cloud manufacturing market is projected to thrive at a CAGR of 19.8% during the assessment period from 2019 to 2024. The increasing adoption of IoT in manufacturing processes is projected to be one of the most pivotal factors driving the global cloud manufacturing market 2020. Besides, the manufacturing industries across the world have been implementing cloud technology to manage their day to day operation efficiently. Therefore, the increasing implementation of IoT has encouraged the manufacturers to adopt cloud-based management platforms such as ERP. Furthermore, the growing initiatives taken by the government to develop the manufacturing industry in various nations is another pivotal factor influencing the market growth. In addition, the advancement in technologies such as virtualization, cloud computing, and IoT has propelled the Cloud Manufacturing Market. Also, the cloud-based manufacture provides advantages such as lesser cost and increased productivity. The global cloud manufacturing market is predicted to reach a market value of USD 111.90 billion by the end of 2024.
However, the challenged posed due to the outbreak of COVID-19 has resulted in a changing market landscape. The market has been studied efficiently with the long haul with projections in the MRFR reports. We will provide a report on the impact analysis of COVID-19 on the global cloud manufacturing market.
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Major Key Players:
The established organization of the worldwide cloud manufacturing market are DXC Technology Company, Oracle Corporation, Microsoft Corporation, Salesforce.com, Inc., Amazon Web Services, Inc. (AWS), Cisco Systems, Inc., VMware, Inc., Hewlett Packard Enterprise Company, Google LLC, Citrix Systems, Inc., Jelastic, Inc., Plex Systems Inc., and Rootstock Software.
The worldwide cloud manufacturing market can be distinguished on the basis of component, industry vertical, deployment, organization size, and region.
- On the grounds of component, the worldwide cloud manufacturing market can be distinguished into hardware, software, and services.
- On the grounds of industry vertical, the worldwide cloud manufacturing market can be distinguished into healthcare, aerospace and defence, semiconductor electronics, metal & machinery manufacturing, automotive, and others.
- On the grounds of deployment, the worldwide cloud manufacturing market can be distinguished into the public cloud, private cloud, and hybrid cloud.
- On the grounds of organization size, the worldwide cloud manufacturing market can be distinguished into large enterprises and small and medium-sized enterprises.
- On the grounds of the region, the worldwide cloud manufacturing market can be distinguished into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
The geographical evaluation of North America, Europe, Asia-Pacific, Middle East and Africa, and South America has been conducted. As per the evaluation, North America is projected to dominate the worldwide market. The second position is estimated to be attained by Europe. However, the Asia-Pacific region is likely to record the expansion at the highest CAGR during the review period.
North America dominates the market owing to the presence of established players in the region. Also, the region is adopting the IoT at a fast pace which plays an essential role in growing the market. Besides, the fast digitization in the region is a pivotal cause of market expansion in the region.
Europe is expanding significantly due to the adoption of cloud-based manufacturing techniques in the region. The enterprises in the UK are taking initiatives to implement the cloud-first technique, which is estimated to grow the regional market.
The APAC region is predicted to expand significantly due to the presence of developing nations such as India, China, and Japan. The market in the APAC region is projected to expand significantly during the assessment period.
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