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Smart Factory Market Projected to reach $244.8 billion by 2024 | Key players include ABB, Emerson Electric, FANUC and General Electric
MarketsandMarkets
Browse 63 market data Tables and 61 Figures spread through 188 Pages and in-depth TOC on "Smart Factory Market - Global Forecast to 2024"
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“Smart factory market for MES technology expected to grow at the highest rate between 2019 and 2024”
There is a growing need to centralize business data in enterprises and track multiplant operations with the help of real-time data analysis; this is one of the features of MES driving the growth of this market. This demand is expected to grow, even among small and medium-sized enterprises (SMEs), due to the availability of cost-effective MES solutions for various process and discrete industry verticals.
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“Discrete industry to witness highest growth between 2019 and 2024”
The discrete industry is expected to witness the highest CAGR during the forecast period. The implementation of smart factory solutions in this industry ensures optimal supply chain management through the integration of the various production processes. It automates production processes and helps reduce the manufacturing cost. The smart factory market for the discrete industry is expected to be driven by rapid adoption of advanced manufacturing solutions by manufacturers to improve visibility, operational excellence, and quality, while reducing the lead time.
“North America expected to hold the second-largest share of the smart factory market during the forecast period”
This region is a key market as it is home to some of the largest multinational corporations operating in this market, including the majority of the leading players. The increased R&D in the field of IoT for new and improved technologies, as well as the increasing demand for improved lifestyle are the two crucial factors driving the market in North America. In addition, rising demand for advanced manufacturing solutions is expected to drive the growth of the smart factory market in North America.
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Key players involved in the smart factory market are ABB (Switzerland), Emerson Electric (US), FANUC (Japan) General Electric (US), Honeywell International (US), Mitsubishi Electric (Japan), Robert Bosch (Germany), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), and Yokogawa Electric (Japan).
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