Smart manufacturing is a practice of orchestrating manufacturing activities across different layers comprising tradeoff decisions, operation, maintenance, automation, control, logistic, risk assessment, management and business. The entire procedure is undertaken by using real-time smart manufacturing system and data-driven manufacturing intelligence. Smart manufacturing has transformed conventional factories into high strategically versed centers, thereby stimulating the productivity in a cost efficient manner. Information and communication technology based solutions when implemented across the manufacturing processes help efficiently in augmenting the workflow and bring about maximum productivity. The production process generally encompasses data capturing, modelling and simulation, big data analysis, planning and controlling, cloud computing and others. The above techniques can be efficiently implemented only through digital innovations and its deployment in the manufacturing domain. Smart manufacturing model optimizes procedures within the plants and supply chain networks through highly automated and IT driven production procedures.
Large scale technical advancements across various domains have lead the companies to strive hard in adopting modern technologies and gain competitive advantage over their counterparts. Smart manufacturing technology efficiently assists in reducing unnecessary system costs, thereby enabling manufactures to attain cost effective production plans. Many developed countries have witnessed wide scale adoption of IoT and machine to machine (M2M) communication technology in the industrial sector. This has significantly staged a major driving factor influencing the market growth. Furthermore, certain regional governing bodies have introduced regulations to enhance the deployment rate of smart manufacturing technology. Contribution of industrial revolution 4.0 too may pose an opportunistic growth characteristics for the smart manufacturing market. However, there are various restraints hampering the market growth for smart manufacturing technology. As the entire automation process is controlled by engineers, there is a frequent demand for skilled workforce. Moreover, vulnerabilities involved in cyber security platform are the major concern preventing manufacturers to deploy smart manufacturing technology.