This study presents a comprehensive evaluation of the current status of smart manufacturing systems (SMS), with a specific emphasis on their theoretical significance in the context of technology management and technology development. The paper examines the theoretical underpinnings of development of technology through the lens of Rogers' Diffusion of Innovation (DoI) theory. Additionally, the paper employs Rieck and Dickson's Technology Strategy Model (TSM) to emphasize the importance of technology management. By incorporating the Management of Technology (MOT) theory, the paper aims to provide a comprehensive framework for understanding and shaping technology development. The integration of several technologies inside the SMS system has been the subject of discussion in relation to patenting. The features of Smart Manufacturing Systems (SMS) have been examined in order to analyze the comprehensive components of this emerging technological system. The suggested SMS model of the clothing manufacturing unit has been used to represent the global textile complex. This research incorporates recent scholarly publications and advancements in technology to provide a comprehensive understanding of future manufacturing system views. The objective is to minimize human involvement and enhance production efficiency within the manufacturing business. The primary components of the SMS have been identified as the cyber-physical system, artificial intelligence (AI), digital twin, enterprise resource planning, additive manufacturing, and big data.