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Global Smart Factory Market was valued at USD 150.0 billion in 2019 and is predicted to reach USD 240.0 billion by 2025, growing at a CAGR of 9.9% during the forecast period (2020-2025)

11-06-2020 06:52 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: VynZ Research

Smart Factory Market

Smart Factory Market

The global smart factory market was valued at USD 150.0 billion in 2019 and is predicted to reach USD 240.0 billion by 2025, growing at a CAGR of 9.9% during the forecast period. The factors responsible for the growth of smart factory across the globe are growing use of enabling technologies in manufacturing, growing adoption of industrial robots in manufacturing sector driven by collaborative robots, evolution of the Internet of Things (IoT) and connected enterprise, along with large scale production to cater to growing population.

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On the basis of application, the smart factory market is categorized into automotive, aerospace & defense, food & beverage, electrical & electronics, and energy & power. During the forecast period, the automotive industry segment is expected to be largest among all the segments. Smart factory enhances the quality of the vehicle and also increase the productivity of the factory.

“North America to hold the largest regional market share in 2019.”

North America is the largest revenue contributor in the smart factory market. This is due to the growing adoption of intelligent manufacturing & supply chain technologies across various industries in the region. The industrial sector in North America is experiencing huge demand for automated and robotic systems for conducting different operational tasks at manufacturing and warehouse units to increase production. The automobile giants such as BMW, and Audi are doing investments in the field of factory automation operations to minimize production cycles and save costs.

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Some of the major players in the global smart factory market include General Electric, Honeywell International Inc., ABB, Emerson Electric, Robert Bosch GmbH, Schneider Electric, Rockwell Automation, FANUC, Yokogawa Electric, and Siemens.

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About VynZ Research

VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that includes comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, market shares and anticipated new trends & technologies arising across wide range of industries.

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