Smart manufacturing platform refers to the end to- end software framework that helps to connects any industrial assets and devices, further it collects data from different sources, process them and delivers them to different applications.
Smart manufacturing platform helps technologies such as smart manufacturing or Industry 4.0 to connect with the industrial internet of things (IIoT). This help in collecting, analysing, making use of appropriate data, thus offering better data insights into direct action, and create competitive advantage.
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Moreover, some of the commonly used functionality of the smart manufacturing platform are performance optimization, asset management, condition monitoring and predictive maintenance. Likewise, there are several other advantages of using smart manufacturing platform, some of them are mentioned as below, have a look-
• The technology facilitates communication, data flow, device management, and functionality of applications. The advantages offered by the technology to the business is a prominent factor expected to drive the global smart manufacturing platform market.
• In addition to this, factors like increasing adoption of industrial automation, industry 4.0 solutions, and favourable governments support are some other factors likely to fuel the smart manufacturing platform market.
• However, lack of skilled and experienced labour to work on IIoT technology, high costs of installation and maintenance and frequent software upgrade are some of the major factors projected to restrain the growth of the smart manufacturing platform market.
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• Along with this, several other factors such as complexity in the integration of this platform with the other excising infrastructure, compromised data security, and presence of other technology is expected to hamper smart manufacturing platform market.
• Nevertheless, factors like rising adoption advanced technologies in the industry, increase in number of suppliers, and lower operation costs are some of the prominent factors expected to offer lucrative gains to the smart manufacturing platefrom market.