Cloud-based manufacturing is a process of utilizing well-established manufacturing resources, such as Enterprise Resource Planning (ERP), through the cloud. Cloud-based manufacturing also reduces capital expenditure because cloud computing eliminates some major, long-term costs that occur in legacy ERPs. It also smoothens the process by automating communication between manufacturing and accounting.
Global Cloud-based Manufacturing Market – Dynamics
Cost Competition
Competition among players operating in the global manufacturing sector has increased. Cost and production efficiency is the key to penetrate the market, specifically in Asia Pacific, due to price-conscious consumer behavior. The need to offer products at competitive pricing has increased across industries, with China being the world-leading manufacturer of inexpensive products. Cloud-based manufacturing Market is playing a key role in eliminating the major capital expenditure for automated workflow management in order to reduce the overall cost of manufacturing.
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Increasing Demand for Automation in Manufacturing Process among SMEs
In the competitive market scenario, SMEs are adopting automation in their business processes. Small & medium enterprises (SMEs), specifically those in North America and Europe, are adopting cloud-based manufacturing so as to become more competitive in their price offering.System Infrastructure and System Downtime Hampering the Global Cloud-based Manufacturing Market
Incorporation of cloud-based manufacturing in the manufacturing process leads to increase in system downtime. This can hamper the global cloud-based manufacturing market during the short-term forecast period. In several countries of Asia Pacific, production systems are not compatible with cloud-based manufacturing. This can increase the cost incurred by the manufacturer for deployment of compatible systems in the organization.
North America to Dominate the Global Cloud-based Manufacturing Market
In terms of region, the global cloud-based manufacturing market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global cloud-based manufacturing market during the forecast period, as adoption of cloud-based technologies by SMEs and large enterprises is higher in this region compared to other regions.
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COVID-19 Impact on the Global Cloud-based Manufacturing Market
The COVID-19 pandemic is expected to adversely impact the global cloud-based manufacturing market for a short-term period. This is attributed to lockdown in countries of Europe, North America, and Asia Pacific regions, which hold 75%–85% share of the global manufacturing industry as well as the global cloud-based manufacturing market. The major usage of cloud-based manufacturing can be seen in different industries. With the shutdown of manufacturing units across the globe, the pandemic is projected to hamper the cloud-based manufacturing software market for the next 1–2 years.
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Global Cloud-based Manufacturing Market – Competition Landscape
- In June 2020, manufacturing automation technology company Vention announced that it has raised US$ 38 Mn CAD in Series-B financing. The funding will be majorly used to develop its cloud-based platform, expand its library of plug-and-play automation components, and continue international expansion.
Vention
Established in 2016, Vention is headquartered in Montreal, Canada. Vention helps some of the most innovative manufacturers automate their production floors in just a few days. Vention’s online-first manufacturing automation platform lets clients design, program, order, and commission automated equipment directly from their web browsers. Vention manufacturing software is used in over 1,000 factories in three continents.
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