What's Driving the Smart Factory Market Trend? |ABB, Atos, Cisco, Cognex, Emerson Electric, FANUC, Honeywell, Hewlett Packard Enterprise, IBM, Johnson Controls, Omron, Oracle, PTC Inc., Robert Bosch, Rockwell Automation, SAP SE, Schneider Electric, Siemen

Escalating demand for intelligent technology solutions to save labor and operational costs has fueled the growth of smart factory market extensively. Smart factories are basically aimed at improving work processes with the help self-optimizing and automating machinery. Technology has had a colossal impact on the operations of industrial facilities, helping to enhance manufacturing efficiency through automated systems and tools like analytics, Big Data and IoT. Adoption of advanced sensors and AI-powered equipment will propel global smart factory industry share considerably.

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Manufacturers require their production lines and operational processes to be integrated as well as flexible to adapt and enable quick configuration changes to lessen lead times. This helps them to retain a competitive edge in a constantly evolving segment. Smart factories have the ability to address these needs without compromising on quality and safety, positioning the industry in a favorable spot to experience business growth. Not only is building smarter facilities by investing in Internet of Things (IoT) is a massive undertaking, it is also a key component in promoting efficient scalability in the era of Industry 4.0.

The Major Key Players in the Market are as follows:
1. ABB Ltd.
2. Atos SE
3. Cisco
4. Cognex Corporation
5. Emerson Electric Co.
6. FANUC
7. Honeywell International
8. Hewlett Packard Enterprise
9. IBM
10. Johnson Controls Inc.
11. National Instruments
12. Omron
13. Oracle
14. PTC Inc.
15. Robert Bosch GmbH
16. Rockwell Automation
17. SAP SE
18. Schneider Electric
19. Siemens
20. TE Connectivity
21. Texas Instruments

The automotive industry is expected to emerge as a prominent growth avenue for the smart factory market over the forecast timeframe. In 2016, multinational automobile company Audi unveiled its Smart Factory 2035 vision in which it envisioned a facility without any assembly lines, instead deploying intelligent, flexible and modern production stations.

Last year, the company had already implemented the proposed vision to manufacture electric motors, wherein vehicle assembly takes place at a production station with automobile components being transported between stations by driverless systems that are controlled by smart IT control systems.

Through this production method, Audi estimates that the factory can produce approximately 400 electric drives with just 100 employees. Audi's initiative offers a proof of the benefits in establishing a smart factory. Several key industry players are expected to follow suit and make investments in their own visions regarding advanced manufacturing plants, significantly boosting smart factory market outlook.

The global food & beverage segment will certainly emerge as a major revenue contributor for smart factory market due to consistent demand for packaged and frozen food products. A large global population base, that is estimated to hit 9 billion by 2050, tightening regulatory demands around food safety & quality and environmental concerns, as the food & beverage sector consumes 5% of the world's energy, are putting immense pressure on profit margins of producers.

In terms of the regional spectrum, Europe is expected to retain its position as a lucrative market player over the projected period. In fact, Europe accounted for over $25 billion of the global smart factory market share in 2018. The region is home to a number of global automotive firms and according to the European Automobile Manufacturers Association, Europe automobile sector brings in over EUR90.3 billion in the form of trade surplus. Moreover, the smart factory market is the biggest private investor for R&D in Europe, investing approximately EUR54 billion annually.

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With growing adoption of automation technologies in the food & beverage and automotive sectors, smart factories will undoubtedly become a common trend among large and medium enterprises in the imminent future. Global smart factory market share will exceed $155 billion in annual remunerations by 2025.

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