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Smart Manufacturing Market worth $479.17 billion by 2029 – Exclusive Report by MarketsandMarkets™

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DELRAY BEACH, Fla., Oct. 14, 2024 /PRNewswire/ — The global Smart Manufacturing Market is projected to reach USD 479.17 billion by 2029 from USD 233.33 billion by 2024; it is expected to grow at a CAGR of 15.5% according to a new report by MarketsandMarkets™. The smart manufacturing market is driven by several key factors, including the emphasis on boosting manufacturing efficiency through automated production. Strong and continuous investments by the government in 3D printing technologies are helping push the market even further Additionally, the need to maintain regulatory compliance for industrial solutions remains crucial as businesses adopt advanced technologies. There is also a rising demand for innovative solutions to minimize manufacturing downtime and reduce production waste.  For instance, the use of real-time data analytics in factories help companies optimize operations hence efficiency while reducing production waste.

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Browse in-depth TOC on “Smart Manufacturing Market” 
288 – Tables
83 – Figures
374 – Pages

Smart Manufacturing Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 233.33 billion by 2024

Estimated Value by 2029

$ 479.17 billion by 2029

Growth Rate

Poised to grow at a CAGR of 15.5%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By technology, industry, and region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Security issues in smart manufacturing

Key Market Opportunities

Rapid developments in IIoT and cloud computing

Key Market Drivers

Rising demand for innovative technologies to minimize manufacturing downtime and production waste

Digital transformation systems segment is expected to account for the largest share of the smart manufacturing market during the forecast period.

The digital transformation systems segment accounted for the largest share of smart manufacturing market in 2029. Digital transformation systems include Al in manufacturing, industrial cybersecurity, digital twin, and AR & VR in manufacturing. Growth in this segment is due to the growth of innovative technologies such as AI and the necessity to implement faster and more efficient manufacturing abilities. Furthermore, these technologies create immersive training environments that promote workforce knowledge retention and skills development. For instance, AR can layer digital information onto physical equipment like guidance by technicians in real time during repair and maintenance tasks.

Energy and Power segment to exhibit highest CAGR in the forecast year.

Significant growth opportunities are available for vendors of automation solutions in alternative energy sources, such as wind, solar, and hydropower. Moreover, rapid industrialization, infrastructural development, and the integration of advanced technologies by various industries result in increased demand for power and energy. More stabilized electricity production can fulfill high energy demand, which requires higher plant performance and flexibility. This enforces the burden on plant operators to monitor and control the plant more efficiently.  Thus, the adoption of advanced smart manufacturing technologies, such as HMI and PAM, is increasing significantly in the energy & power industry. Energy and power suppliers have already begun their shift toward smart manufacturing platforms owing to the rising inefficiencies of traditional methods. This adoption makes the suppliers more efficient in energy management, leading to cost savings and an eco-friendly landscape.

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Asia Pacific is expected to hold the largest market share of the smart manufacturing market during the forecast period.

The growth of smart manufacturing market in Asia Pacific can be attributed to rapid industrialization, commercialization of IIoT applications and  increasing adoption of industrial robot. Asia Pacific is a manufacturing hub; hence, motor vehicle suppliers, such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), and local manufacturers, such as Tata Motors (India) and Hyundai Motors (South Korea), invest heavily in the smart factory market in Asia Pacific. Most key manufacturers from different industries have shifted their manufacturing plants to Asia Pacific due to the low labor costs and the availability of skilled labor in the region.

Key Players

The key companies in the smart manufacturing companies include 3D Systems, Inc. (US), ABB (Switzerland), Cisco Systems, Inc. (US), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), and IBM (US).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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IEM Donates $100,000 to Support Hurricane Relief Efforts in North Carolina and Florida

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MORRISVILLE, N.C., Oct. 14, 2024 /PRNewswire/ — As part of our commitment to community resilience and recovery, IEM International, Inc., a recognized leader in emergency management and disaster recovery, donated $100,000 to state-led hurricane relief funds in North Carolina and Florida. With deep ties to both states—our headquarters in North Carolina and a strong presence in Florida—we are proud to stand with state and local leaders and first responders in helping survivors rebuild their lives following the devastating impact of Hurricanes Helene and Milton.

IEM contributed $50,000 to the North Carolina Disaster Relief Fund to support recovery from Hurricane Helene, and $50,000 to the Florida Disaster Fund to support recovery from Hurricanes Helene and Milton.

Both states experienced significant damage and loss, with entire communities facing the daunting task of rebuilding. IEM has employees deployed across the Southeast to assist state and local governments in supporting and augmenting their response and recovery operations.

“The destruction caused by Hurricanes Milton and Helene left individuals, families, and communities with an overwhelming recovery ahead,” said Bryan Koon, IEM President and CEO. “We are honored to support the communities where we live and work. North Carolina and Florida are home to many of our team members, and our team is working closely with local leaders to ensure that these areas recover and rebuild stronger after the storms.”

“With over 40 years of experience in disaster recovery, IEM understands the long-term needs of communities facing recovery from catastrophic events. This donation is part of our broader commitment to building resilience nationwide,” said Madhu Beriwal, IEM Founder and Chairwoman.

“On behalf of Volunteer Florida, we would like to thank IEM for their generous financial support to the Florida Disaster Fund as we continue statewide recovery efforts following Hurricanes Helene and Milton,” said Josie Tamayo, CEO of Volunteer Florida. “Their contribution will provide critical resources to help rebuild the impacted communities.”

“We are deeply grateful to IEM for their generous $50,000 donation to the NC Disaster Relief Fund. Their commitment to helping government partners navigate the recovery process is invaluable. Together, we will not only rebuild but also create stronger, more resilient communities prepared for the challenges ahead,” commented Brittany Pruitt Fletcher, President and CEO, United Way of North Carolina.

About IEM
As the largest woman- and minority-owned management consulting firm in the world, IEM is at the forefront of building a safe, secure, and resilient world. Founded in 1985, IEM integrates science, technology, and real-world experience to provide our clients with innovative solutions and outcomes that matter. Our services encompass emergency management, homeland security, long-term disaster recovery, critical infrastructure, project and grants management, logistics, public health, digital citizen services, innovative technologies, and public engagement and outreach. For more information, visit iem.com.

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SOURCE IEM International, Inc.

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Step Up to More Runtime and Better Performance™: CRAFTSMAN® Adds to V20* BRUSHLESS RP™ Line

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Latest additions include a drill/driver, hammer drill and impact driver Limited time deal: CRAFTSMAN CLUB® members get a free V20* battery with the purchase of $149 or more worth of select CRAFTSMAN® products**

TOWSON, Md., Oct. 14, 2024 /PRNewswire/ — Stanley Black & Decker’s iconic CRAFTSMAN® brand is adding several new additions to its V20* BRUSHLESS RP™ line of power tools designed to deliver more runtime and better performance‡. The latest additions include a drill/driver, hammer drill, impact driver, screwdriver, 2-tool combo kit and circular saw to help tackle those big DIY projects on your list, whether you’re creating a feature wall, building a pergola, or refinishing furniture.

“At CRAFTSMAN, we are committed to providing tools that empower our users to tackle just about any size home project with confidence,” said Josh Tarini, director of product management at CRAFTSMAN®. “Our new V20* BRUSHLESS RP™ products are designed to offer more power, performance and reliability. With the V20* battery system, you can easily switch between tasks, keeping your momentum going strong.”

New products added to the CRAFTSMAN® V20* BRUSHLESS RP™ lineup include:

V20* BRUSHLESS RP™ 1/2 in. Drill/Driver Kit (CMCD725D2) – Get pro performance with up to 60% more power and up to 34% faster drilling. Work for extended periods with a brushless motor that has a 2-speed gear box and drills up to 2,000 no-load RPM and 130 holes per charge1.V20* BRUSHLESS RP™ 1/2 in. Hammer Drill (Tool Only) (CMCD726B) – Complete long tasks by drilling up to 34% faster2 with up to 2,000 no-load RPM.V20* BRUSHLESS RP™ Cordless 1/4-in. Impact Driver (Available in Bare and Kitted) (CMCF830B, CMCF830D2) – Complete large projects with up to 55% faster driving and up to 24% more runtime3.V20* BRUSHLESS RP™ Screwdriver (Tool Only) (CMCF610B) – Drive up to 560 fasteners per charge4 with a high-efficiency motor that drives up to 1,080 no-load RPM.V20* BRUSHLESS RP™ 2-Tool Combo Kit (2 Batteries) (CMCK2530C2) – Experience up to 60% more power5 using the Drill/Driver and 1,800 in-lbs. of max driving torque using the Impact Driver.V20* BRUSHLESS RP™ 4.5 in. Circular Saw (Tool Only) (CMCS405B) – Perfect for tight spaces and extended-reach applications, the circular saw’s brushless motor delivers up to 4,500 no-load RPM for efficient cutting through various materials.

Free 4Ah Battery** for CRAFTSMAN CLUB® Members with $149 or More Purchase of Qualifying CRAFTSMAN® Products
Now through October 31, 2024, CRAFTSMAN CLUB® members can receive a free CRAFTSMAN® 4Ah battery**, an estimated $119 retail value, with the purchase of any V20* products or select mechanics tool sets (CMMT12125L, CMMT99080L and CMMT99121L) totaling $149 or more. Available in-store and online at participating retailers. For more details and to shop the promo, click here.

New CRAFTSMAN® V20* BRUSHLESS RP™ products are available in stores and online where CRAFTSMAN® products are sold. To learn more about these products and the entire line of CRAFTSMAN® tools and solutions, visit www.CRAFTSMAN.com.

* Maximum initial battery voltage (measured without a workload) is 20 volts. Nominal voltage is 18.

** Valid only on purchases of select products totaling $149 made by CRAFTSMAN CLUB® members from 9/1/24 to 10/31/24. Offer available in-store or online at Lowe’s, Ace Hardware, Blain’s Farm & Fleet, CRAFTSMAN.com, and Amazon.com (excluding 3rd party sellers and resellers). Receipt must be submitted by 11/15/24. Valid only in contiguous U.S. (excludes Alaska and Hawaii). Restrictions apply. Go to https://www.craftsman.com/pages/battery-redemption-terms-and-conditions for full details.

‡ CRAFTSMAN® brushless motors are capable of achieving higher efficiency, longer runtime and outputting higher power per unit volume when compared to like CRAFTSMAN® brushed motors using like batteries and types of applications.

1 CMCD725D2: More power based on MWO vs. CMCD700 drill/driver using CMCB202 battery; faster drilling vs. CMCD700 drill/driver using CMCB202 battery drilling 3/4″ Irwin speed bore drill bit into 2x SPF, speed 2; and holes per charge using CMCB202 battery drilling 3/4″ Irwin speed bore drill bit into 2x SPF, speed 2.

2 CMCD726: vs. CMCD700 drill/driver using CMCB202 battery (sold separately) drilling 3/4″ Irwin speed bore drill bit into 2x SPF, speed 2.

3 CMCF830B/CMCF830D2: faster driving 3″ deck screw into 4×4 pressure treated lumber vs. CMCF800 impact driver and CMCB202 battery; more runtime per charge, driving 3″ deck screws into 4×4 pressure treated lumber vs. CMCF800 impact driver and CMCB202 battery.

4 CMCF610B: on average, using CMCB202 battery (sold separately) based on time to install 2 1/2″ screws into 2 pieces of SPF on max clutch setting.

5 CMCK2530C2: based on MWO vs. CMCD700 drill/driver using CMCB2011 battery.

About CRAFTSMAN®
CRAFTSMAN® is an American icon that homeowners and auto enthusiasts have trusted since 1927 – and today’s CRAFTSMAN® continues that legacy. With a focus on reliable, high-performance tools, storage and equipment, CRAFTSMAN® has revived its long-established pride in superior quality. Now it’s easier than ever to get the tools trusted for generations at more places than ever. For more information visit www.CRAFTSMAN®.com or follow CRAFTSMAN® on FacebookInstagram and TikTok.

About Stanley Black & Decker
Founded in 1843 and headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in Tools and Outdoor, operating manufacturing facilities globally. The Company’s approximately 50,000 diverse and high-performing employees produce innovative end-user inspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world’s builders, tradespeople and DIYers. The Company’s world class portfolio of trusted brands includes DEWALT®, CRAFTSMAN®, STANLEY®, BLACK+DECKER®, and Cub Cadet®. To learn more visit: www.stanleyblackanddecker.com or follow Stanley Black & Decker on FacebookInstagramLinkedIn and X.

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SOURCE CRAFTSMAN

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Autire Partners with CPAmerica to Transform the EBP Auditing Process

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CPAmerica, Inc. is excited to announce a new partnership with Autire Technologies, welcoming them as a new Preferred Provider for the association.

GAINESVILLE, Fla., Oct. 14, 2024 /PRNewswire-PRWeb/ — CPAmerica, Inc. is excited to announce a new partnership with Autire Technologies, welcoming them as a new Preferred Provider for the association. Autire, a cutting-edge SaaS solution, is an end-to-end, fully automated, standards-based auditing tool designed to streamline Employee Benefit Plan (EBP) audits, allowing CPA firms to complete audits in half the time they’re used to.

“Through our partnership with Autire, member firms will gain access to auditing solutions, enhancing efficiency and precision in the EBP audit process,” said Horvath.

Built by CPAs for CPAs, Autire automates and validates key audit steps, simplifying the auditor’s workflow. With comprehensive documentation and clear insights into audit outcomes and risks, Autire makes the process more manageable. The platform also provides easy onboarding, customized training, and ongoing support to ensure smooth adoption

“We’re thrilled to partner with CPAmerica and provide its member firms with a solution that not only streamlines employee benefit plan audits but also enhances accuracy and compliance,” said Brian Price, CEO of Autire. “By cutting audit time by more than 50%, Autire enables firms to focus on delivering higher-value services while reducing risk and improving profitability.”

Autire joins over 70 CPAmerica Preferred Providers and is eager to help member firms transform their EBP audit processes through instantaneous risk assessment, standards-based deliverables, and customizations at the firm and plan level.

“We are excited to welcome Autire as our latest Preferred Provider,” said Grace Horvath, President & CEO of CPAmerica. “Through our partnership with Autire, member firms will gain access to auditing solutions, enhancing efficiency and precision in the EBP audit process.”

About CPAmerica, Inc.:
CPAmerica, Inc. is an accounting association made up of independent certified public accounting firms that is built on four key goals: to continuously improve; to make more money; to strengthen relationships among member firms; and to bring prestige to firms both domestically and internationally. CPAmerica is a member of Crowe Global, an accounting network with 230+ independent accounting and advisory services firms in 140+ countries that have a combined firm revenue of $5.3 billion. Learn more about CPAmerica at http://www.cpamerica.org.

About Autire:
Autire is a comprehensive SaaS platform designed to streamline and optimize the 401(k) audit process, transforming it from a time-consuming, error-prone task into an efficient, accurate, and profitable operation for CPA firms. As the industry’s only all-in-one, fully automated, standards-based auditing solution, Autire features full population testing, automated risk assessments, and instant error detection, making audits faster, more reliable, and far less labor-intensive. With a focus on reducing audit fatigue, ensuring compliance, and boosting firm profitability, Autire helps modern CPA firms stay competitive in today’s demanding regulatory environment. For more information about Autire, visit Autire.com.

Media Contact

Amy Azoulay, CPAmerica, Inc., 352-727-4070, aazoulay@cpamerica.org, www.cpamerica.org

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SOURCE CPAmerica, Inc.

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