Smart Factory Market Size, in Terms of Value, Is Expected to Reach $74.80 Billion by 2022

Mar 08, 2016, 13:10 ET from Research and Markets

DUBLIN, March 8, 2016 /PRNewswire/ --

Research and Markets ( has announced the addition of the "Smart Factory Market - Global Forecast to 2022" report to their offering.

Factors that drive the growth of the smart factory market include integration of engineering and manufacturing by the adoption of IoT and advancements in M2M communication in the industrial sector. Smart manufacturing helps in improving the energy efficiency of the processes. Companies adopt smart factory solutions to visualize and optimize the value chain and processes across their plants, identify all the loop holes, and optimize the energy usage.

The market for machine vision is expected to grow at the highest rate during the forecast period. The machine vision systems have been increasingly gaining popularity as these are easy to use. Recent advancements in the machine vision technology such as smart cameras have increased the scope of the smart factory market for machine vision for wider applications in the industrial and non-industrial sectors.

APAC is expected to hold the largest share and dominate the smart factory market between 2016 and 2022, owing to the growth in the manufacturing sector in China and India. The geographical expansion of key automotive manufacturers in APAC is also creating new opportunities for the market in this region.

However, one of the restraining factors in the transition toward smart manufacturing is cost, which includes the expenses involved in upgrading legacy systems. The shortage of skilled workforce in the manufacturing sector and sensitive cyber-physical system security threat also restrain the growth of the smart factory market. In addition, a central problem of different interfaces and protocols of industrial devices & equipment is the lack of standardization in equipment, which results in the misinterpretation of data. This may lead to cases of mismatch occurring in majority of the existing databases.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Market By Technology

8 Market,By Component

9 Market By Industry

10 Market,By Geography

11 Competitive Landscape

12 Company Profiles

Companies Mentioned:

  • ABB Ltd.
  • Atos SE
  • Emerson Electric Company
  • Fanuc Corp.
  • Freescale Semiconductor, Ltd.
  • General Electric Company
  • Honeywell International, Inc.
  • Johnson Controls, Inc.
  • Kuka Aktiengesellschaft
  • Robert Bosch GmbH
  • Rockwell Automation, Inc.
  • Schnieder Electric
  • Siemens AG
  • Yokogawa Electric Corp.

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SOURCE Research and Markets