Pump is one of the indispensable equipment in manufacturing process. If there is any unexpected downtime, it will cause a considerable loss to factory. In its product life cycle, energy consumption and maintenance costs account for more than 60%. Hence, in order to reduce costs, pump is one of the equipment that requires timely maintenance and monitoring. Smart pump system can improve the transparency of pump operation and remind users to make preventive adjustments at any time. This article discusses the definition, function, market status, market driving force and restraint, industry development process and industry value chain of smart pump system. Future market and industry of this new trend are also analyzed.