Press release
Smart Factory Market to Witness a Pronounce Growth of 13.2% CAGR During 2018-2028
The growth of smart factory market is expected accentuate, considering key functionalities such as real-time quality and time benefits, superior intelligence, and decentralizing manufacturing activities. Furthermore, growing demand for manufacturing without loss of time or products resulting in reduced energy consumption and enhanced manufacturing efficiency is projected to positively impact the growth of smart factory market. Innovations such as sensors and actuators offering advance automation solutions are projected to drive the demand over the forecast period.
“The demand for industrial robots has accelerated considerably considering ongoing trends toward automation and continued innovative technological improvements in industrial robots. Adoption of industrial robots will continue at an impressive pace, in the wake of digitalization and production process becoming increasingly connected. The growth of industrial robots is projected to support the smart factory market through 2028”- Research Analyst, IT and Telecommunication Domain, Future Market Insights
Get Sample Copy of Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-446
Rampant presence of technology giants in North America, will fuel the growth of smart factory market in the region, holding more than 28% of the total market share in 2018. Increased penetration of IoT solutions in India and ASEAN countries will result in potential growth opportunities in SEA and Others of APAC. Moreover, Asia Pacific and MEA have witnessed maximal investments by industrial and manufacturing companies. Constant technological advancements in the manufacturing industries in Asia Pacific and MEA, would also present growth and expansion opportunities to establish and emerging smart factory solutions providers.
Developments in the industrial IoT landscape is also projected to boost the smart factory market, globally. Manufacturing companies have introduced IIoT solutions on the factory floor for tracking inventory, production systems & supply chain management. Moreover, expanding number of on-board IoT devices will have a positive impact on the growth smart factory market.
Adoption of analytics, cyber security tools, and cloud computing in various industry verticals, such as manufacturing, chemical & material, and automotive are key factors driving the global smart factory market. Enterprises are adopting smart factory solutions to enhance their production process, optimize concept generation, product transaction, and manufacturing. Additionally, industries opting for cloud storage services instead of on-premise data storage to ensure the quick service delivery and meet changing industry and customer demands with greater efficiency while addressing security concerns, will propel the global smart factory market.
However, a lot of smart manufacturing opportunities still remain untapped considering lack of reliable data, standards and common practices across enterprises, especially the smaller ones. Only large enterprises are practicing smart factory initiatives and optimising resource utilisation. Lack of initiatives by industrial companies is likely to hamper the growth of the smart factory market. Moreover, complex software and lack of skilled resources to fully completely understand and deploy software, hardware, and system integrations could also restrain the market growth, to some extent.
Buy Full Report Now @ https://www.futuremarketinsights.com/checkout/446
In terms of forward market growth, long-term contracts with business partners to help increase revenue and reach potential customers in emerging markets, M&A, and geographic expansion are likely remain key strategies adopted by top companies in the smart factory market. Profound opportunity analysis suggests that smart factory vendors should target the pharmaceutical industry, considering tight regulations with pressing demand for constant product monitoring. Pharmacy product manufacturers are predicted to adopt advanced technologies and creating potential opportunities for vendors in the smart factory market.
Key players in the global smart factory market are ABB (ASEA BROWN BOVERI) Group, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Honeywell International, Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Robert Bosch GmbH, Oracle Corporation, SAP SE, IBM Corporation, Emerson Electric Company, Cisco Systems, Inc, and Wipro Limited.
ABOUT US:
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
CONTACT:
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
Email: sales@futuremarketinsights.com
Website: www.futuremarketinsights.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Smart Factory Market to Witness a Pronounce Growth of 13.2% CAGR During 2018-2028 here
News-ID: 1542657 • Views: …
More Releases from Future Market Insights
Global Lithium Ion Battery Separator Market Projected to Reach US$ 3,256.7 Milli …
The lithium-ion battery separator is a critical component in lithium-ion batteries, responsible for preventing short circuits and ensuring safe and efficient battery performance. It acts as a physical barrier between the positive and negative electrodes, allowing lithium ions to pass through while blocking the flow of electrons. With advancements in separator technology, these separators play a key role in enhancing battery capacity, cycle life, and overall safety in various applications,…
Industrial Drums Market on a Trajectory to Reach US$ 17.6 Billion by 2027, Bolst …
The Industrial Drums Market is experiencing a steady and promising trajectory, with an estimated value of US$ 12.5 billion in 2022, projected to escalate to US$ 17.6 billion by 2027 at a commendable Compound Annual Growth Rate (CAGR) of 7.1%. This growth is substantiated by a 6.6% CAGR in volume during 2022-27, as per Future Market Insights. Anticipated to expand 1.5 times within this period, the market presents alluring prospects for industry…
Supermarkets, Convenience Stores, and Eco-friendly Choices Fuel the Expansion of …
The metal cans market is predicted to grow at a CAGR of 5% over the forecast period, according to research by Future Market Insights. The industry's estimated value is expected to increase from US$ 56 Bn in 2023 to US$ 91.1 Bn by 2033.
The market for metal cans has been driven by the heightened demand for the product in food and beverages industry. Metal cans helps prolong shelf-life of perishable…
Folding IBCs Market Poised for Growth: Expected to Reach US$ 528 Million by 2027 …
The folding intermediate bulk containers (IBCs) market is on a growth trajectory, with an estimated value of US$ 418 million in 2022, projected to reach US$ 528 million by 2027, showcasing a Compound Annual Growth Rate (CAGR) of 4.8%. Remarkably, the China folding IBCs market defied initial pandemic-related skepticism and is anticipated to grow by 6.9% year on year in 2022. Despite global challenges, China's folding IBCs market is poised to contribute…
More Releases for CAGR
Cat Litter Box Market | CAGR of 9.1% | Revenue & CAGR of 9.1%
Cat Litter Box Market Report provides precise data about the market size, commercialization aspects and revenue forecast of the industry. The global Cat Litter Box market offers a historical factsheet relevant to the strategic mergers, acquirements, joint venture activities, and partnerships spread in the Cat Litter Box market. The most advanced data has been presented in the study on the revenue numbers, product details, and sales of the major firms.…
Predictive Analytics Market Growing at Strong CAGR of CAGR of 25.31% 2019
Predictive analytics helps to extract information from the existing data. It helps in understanding the pattern and predict the trend or future for the organization. It uses what-if scenarios to predict possible risks involved in the future. Predictive analytics also helps in the optimization of the marketing campaigns and understanding of the customer behaviour for increasing the end-user response and to reduce the churn.
Predictive analytics is segmented into:
Risk management:…
Global Absorption Chillers Market Reflecting a CAGR of 7.6% CAGR through 2025
The demand for thermally-driven chillers in multiple industrial verticals is poised to grow in the immediate future. Considering the rising demand for electrical chillers in commercial, residential as well as industrial settings, the adoption of absorption chillers will gain traction at considerable rate. By consuming lesser energy than conventional electrical chillers, absorption chillers will also garner surplus demand for not using ozone-depleting chlorofluorocarbons (CFC) for chilling purposes. Persistence Market Research’s…
Aircraft Sensors Market Growing at a CAGR of 6.4% CAGR By 2022
The global aircraft sensors market is forecasted to receive a strong push in its growth momentum on the back of advancements in technologies, massive investments forwarded by private equity groups, and the elevation in the demand for aircraft. Adherence to the requirements and regulations of authorities such as local aircraft regulatory bodies and the Federal Aviation Administration (FAA) could pamper the growth of the market. Nonetheless, there could be more…
China Baby Diapers Market Reflecting a CAGR of 19.1% CAGR 2012-2017
The increasing birth rate in China has proven to be a boon for the country’s baby diaper’s market. To provide a comprehensive analysis of the growth trajectory exhibited by the China baby diapers market and study the impact of the dynamic regulatory policies on the market, Transparency Market Research (TMR) has published a report, titled “Baby Diapers Market - China Industry Analysis, Market Size, Share, Growth, Trends And Forecast, 2012…
Ecg Device Market Register a CAGR Growth of 4.1% CAGR by 2024
This region holds highest market share over the forecast period (2016-2024) and is expected to exhibit slow growth rate. The Asia Pacific is expected to be the fastest-growing region for ECG devices owing to its increasing incidence rate of cardiovascular diseases and high population.
ECG devices are experiencing a paradigm technological shift from resting ECG systems to portable Holter monitoring systems, owing to their advantages of patient mobility, low prices and…
