Overview and Scope
Smart factories refer to factories where physical production processes and operations are combined with digital technology, smart computing, and big data to create a more opportunistic system for companies that are focusing on manufacturing automation and supply chain management.
Sizing and Forecast
The smart factory market size has grown rapidly in recent years. It will grow from $76.11 billion in 2023 to $83.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to adoption of industry 4.0 and digital transformation, increasing adoption of data analytics and big data, automation and robotics, cyber-physical systems, cloud computing and edge computing..
The smart factory market size is expected to see rapid growth in the next few years. It will grow to $127.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to government support and regulatory initiatives, increasing focus on sustainability, supply chain resilience and visibility, flexible and scalable manufacturing solutions, greater emphasis on cybersecurity.. Major trends in the forecast period include customization and personalization in production, remote monitoring and management, sustainable manufacturing practices, human-centric design in human-machine collaboration, smart sensors and actuators, collaborative robotics (cobots). .
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Segmentation & Regional Insights
The smart factory market covered in this report is segmented –
1) By Product: Machine Vision Systems, Industrial Robotics, Control Devices, Sensors Communication Technologies, Other Products
2) By Component: Smart Factory Hardware, Smart Factory Software, Smart Factory Services
3) By Industry Vertical: Automotive, Aerospace and Defense, Electrical and Electronics, Food and Beverages, Energy and Utilities, Healthcare and Pharmaceuticals, Other Industry Verticals
Asia-Pacific was the largest region in the smart factory market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart factory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for industrial robots is expected to propel the growth of the smart factory market going forward. Industrial robots refer to mechanical machines that are programmed to automatically perform production-related tasks in industrial environments. A smart factory focuses on the optimization and industrial automation of its resources, using tools such as information and smart sensor technologies, robotics, the internet of things, or artificial intelligence. For instance, in 2021, according to the International Federation of Robotics, a Germany-based non-profit organization, sales of new robots grew slightly by 0.5%, and robot installations are expected to rebound strongly and grow by 13%. Therefore, the growing demand for industrial robots is driving the smart factory market growth.
Key Industry Players
Major companies operating in the smart factory market report are ABB India Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Johnson Controls International PLC, Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corp., Cisco Systems Inc., Dassault Systèmes SE, Endress+Hauser AG, Kollmorgen Corp., Kuka AG, Omron Corporation, Oracle Corporation, Microsoft Corporation, PTC Inc., SAP SE, Hitachi Ltd., Amazon. com Inc., Fanuc Corporation, Cognex Corporation, FLIR Systems Inc., CoreTigo Ltd., Airbus Group Inc., Cellares Corp.
The smart factory market report table of contents includes:
1. Executive Summary
2.Smart Factory Market Characteristics
3.Smart Factory Market Trends And Strategies
4.Smart Factory Impact Of COVID-19
5.Smart Factory Market Size And Growth
6.Smart Factory Segmentation
7.Smart Factory Regional And Country Analysis
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27. Smart FactoryCompetitive Landscape And Company Profiles
28. Smart FactoryKey Mergers And Acquisitions
29. Smart Factory Future Outlook and Potential Analysis
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