Smart Factory Market size to increase by USD 73.68 billion from 2022 to 2027, Need for simplification of complex manufacturing activities to drive the market growth, Technavio

NEW YORK, March 4, 2024 /PRNewswire/ -- The smart factory market size is expected to grow by USD 73.68 billion from 2022 to 2027. However, the growth momentum of the market will be progressing at a CAGR of  9.26% during the forecast period. The need for simplification of complex manufacturing activities is notably driving the growth of the global smart factory market. As the industrial landscape has evolved over time, the primary emphasis for industrial operators has shifted towards the maintenance of plant assets. Ensuring optimal operational efficiency while effectively maintaining critical assets has become a substantial challenge for modern industries. The significance of this challenge lies in the fact that even minor disruptions or failures of crucial assets within operational cycles can result in substantial revenue losses.  View PDF Sample 

Consequently, industries are compelled to implement regular asset management practices to avert any potential shutdowns or downtime in their processes. Such factors are expected to drive the expansion of the global smart factory market throughout the forecast periodThe market is segmented by component (Industrial sensors, Industrial robots, Industrial 3D printers, and Machine vision systems), solution (SCADA, MES, DCM, PLC, and PLM),  and geography (North America, Europe, APAC, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the smart factory market: ABB Ltd., Azbil Corp., Cisco Systems Inc., Dassault Systemes SE, Emerson Electric Co., FANUC Corp., FUJI Corp., General Electric Co., Honeywell International Inc., Johnson Controls International Plc, Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, Yokogawa Electric Corp., and Endress Hauser Group Services AG
• Smart Factory Market is fragmented in nature.
• Market to observe 8.77% YOY growth in 2023.

The emergence of the Industrial Internet of Things (IIoT)

The integration of smart machines across both industrial and service sectors has been enabled by the advancements in Industrial Internet of Things (IIoT) technology. The surging demand for and utilization of smart devices, wireless connectivity, and cloud technology are playing a pivotal role in expanding the capabilities and operational modes of smart machines in the foreseeable future. The evolution of IIoT is prompting companies to transform their conventional factories into smart facilities, where equipment can be dynamically adjusted to production requirements and autonomous robots exhibit high adaptability. In response, companies are enhancing their offerings by introducing highly intuitive human-machine interfaces (HMIs), ensuring that operating smart machines doesn't necessitate advanced technical expertise. As IIoT gains momentum, the smart machines market is witnessing growth, driven by the escalating demand for products like expert systems, autonomous robots, and other intelligent machinery. These factors collectively contribute to the growth of the market during the forecast period.

• Data privacy and security concerns are the major challenges hindering the market growth. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The market share growth by the industrial sensors segment will be significant during the forecast period. Sensors play a crucial role in detecting and quantifying physical phenomena. They form the foundational elements of the Internet of Things (IoT) ecosystem. The integration of smart sensors into electronic devices enables wireless connectivity and seamless communication among various devices and systems. IoT gateway solutions facilitate the establishment of IoT infrastructures on adaptable operating systems (OS) and platforms. Anticipated advancements in nanotechnologies during the forecast period are poised to revolutionize sensor technology by enabling further miniaturization, thereby driving down hardware costs. These trends collectively contribute to heightened demand for this segment, consequently propelling the growth of the global smart factory market during the forecast period. Get a glance at the market contribution of the segments, Request a FREE Sample 

Analyst Review

The Smart Factory Market is experiencing a seismic shift driven by transformative technologies such as Industrial Robots, IoT, Artificial Intelligence, and Machine Learning. These advancements are revolutionizing traditional manufacturing paradigms, leading to unparalleled levels of Automation, Resource Optimization, and Cost Reduction.

However, this digital transformation also brings forth new challenges, notably Cyberattacks. With the integration of Cyber-Physical Systems and IT Infrastructure, the Vulnerability of manufacturing plants to cyber threats is a pressing concern. To mitigate risks, robust Security measures, Interoperability, and Wireless Sensor Networks are imperative.

In response to these challenges, the Smart Factory Market is witnessing a surge in Automation Software adoption. Solutions like SCADA Systems, Manufacturing Execution Systems, and Distributed Control Systems are enhancing Production Operations and Quality Control. Moreover, Big Data Analytics and Predictive Maintenance are optimizing Asset Management and Energy Efficiency.

Leading industrial players are leveraging platforms like Siemens MindSphere, GE Predix, and SAP Manufacturing Cloud to orchestrate seamless operations across Multiple Industries including the Oil and Gas Industry, Automotive Industry, and Aerospace Industry. These platforms facilitate Supply Chain Management and Product Lifecycle Management, ensuring agility and responsiveness in dynamic market landscapes.

The convergence of Information Technology and Operational Technology is reshaping Manufacturing Processes. Technologies such as Augmented Reality and Human-Machine Interface are enhancing Productivity and Worker Safety in the Electronics and Packaging industries. Moreover, Physics-based Modeling and Industrial Sensors are optimizing Production in Metal and Mining operations.

As the Smart Factory Market continues to evolve, Collaboration and Innovation will be pivotal. Solutions like Rockwell Automation FactoryTalk ProductionCentre and Honeywell Experion Process Knowledge System are empowering manufacturers to adapt to dynamic market demands. Embracing 5G Technology and Smart Connectivity, the future of manufacturing is poised for unprecedented efficiency and agility. Request a FREE Sample 

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio