The global smart factory market is projected to expand at a significant CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the development of innovative industrial-based technology and wide adoption of intelligent devices across several industries such as manufacturing, petrochemicals, and mining.
A smart factory refers to a type of industry that adopts or uses a variety of digital solutions to make production effective and optimize performance of its business operation. Several high-tech machinery and equipment are adopted in these industries by using smart electronic devices to facilitate data collection and sharing digitally. Adopting these types of internet-enabled devices help a business to boost its entire manufacturing process as the devices assist to offer intelligent inputs to maximize operations.
Various technological advancement are helping in developing advanced sensing components including sensor and actuators for the use in the industrial setup, which offer certain advantages such as growing self-sufficiency with less power consumption as well as incorporated computing abilities. Such innovative technology provide a range of integrated computing and automation solutions that can offer effective operations along with reducing operational costs. Surge in technological expansion in intelligent electronic sensing, communication, and control, the factory automation helps to improve overall development of the business operation, which results in offering higher efficiency and supplying high-end products to the customers.
The report on the global smart factory market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Smart Factory Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Technology (Data Acquisition System, Enterprise Resource Planning (ERP), Industrial Control System, Industrial Logistics, Manufacturing Execution System (MES), Product Life Cycle Management (PLM), and Supervisory Control), Field Devices (Articulated Robots, Control Devices, Industrial Network, and Industrial Robotics), and Applications (Automotive, Electronics & Electrical, Food & Beverages, Mining Materials, and Pharmaceuticals) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
ABB Ltd., Apriso Corporation, CMC Associates, General Electric Co., Invensys PLC, Johnson Controls Inc., Microsoft, Mitsubishi Electric Corporation, Rockwell Automation, Siemens AG, System Insights Inc., and Ubisense Group PLC |
Based on technology, the market is divided into data acquisition system, enterprise resource planning (ERP), industrial control system, industrial logistics, manufacturing execution system (MES), product life cycle management (PLM), and supervisory control. The ERP segment is expected to register a high revenue share in the coming years owing to the high use of software application for proper coordination of the products processes and its relationships with other functions, activities, or information flow.
On the basis of field devices, the global smart factory market is segmented into articulated robots, control devices, industrial network, and industrial robotics. The industrial network segment is projected to expand at a significant growth rate during the analysis years owing to its wide adoption of various devices for industrial network applications. On the other hand, the control devices segment is anticipated to constitute a large market share in the coming year owing to extensive use of various technology for production and process control.
Based on applications, the market is classified into automotive, electronics & electrical, food & beverages, mining materials, and pharmaceuticals. The automotive segment is expected to represent a key market share in the coming years owing to wide adoption of automatic devices in the industry. Rising development of electric vehicles and deployment of industrial robotics for assembly and manufacturing of automobiles present key drivers for the segment growth.
In terms of regions, the global smart factory market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period owing to the early adoption of digital solutions across industries and growing adoption of new smart technology especially in the automotive and healthcare sectors. However, the market in Asia Pacific is projected to expand at a significant CAGR in the coming years due to the rapid development of several industries impacted by urbanization.
The global smart factory market has been segmented based on
Some major participants competing in the global smart factory market include ABB Ltd., Apriso Corporation, CMC Associates, General Electric Co., Invensys PLC, Johnson Controls Inc., Microsoft, Mitsubishi Electric Corporation, Rockwell Automation, Siemens AG, System Insights Inc., and Ubisense Group PLC.
These leading market players are using strategies including mergers, acquisition, partnerships, new launches, collaborations, and product development to build their strong position in the market. For instance, in May 2020, Plex published a report ‘Plex’s 5th Annual State of Manufacturing Technology’, stating that 3D printing is one of the top emerging technologies for smart manufacturing. The company announced to improve its technology for faster production of custom and finished products through 3D printing.
The global smart factory market has been segmented based on
Some major participants competing in the global smart factory market include ABB Ltd., Apriso Corporation, CMC Associates, General Electric Co., Invensys PLC, Johnson Controls Inc., Microsoft, Mitsubishi Electric Corporation, Rockwell Automation, Siemens AG, System Insights Inc., and Ubisense Group PLC.
These leading market players are using strategies including mergers, acquisition, partnerships, new launches, collaborations, and product development to build their strong position in the market. For instance, in May 2020, Plex published a report ‘Plex’s 5th Annual State of Manufacturing Technology’, stating that 3D printing is one of the top emerging technologies for smart manufacturing. The company announced to improve its technology for faster production of custom and finished products through 3D printing.
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