Press release
[PDF] Smart Factory Market : Being A Rockstar In Your Industry Is A Matter
Smart Factory
A smart factory is a highly digitized and connected production facility that depends on smart manufacturing. The concept of the smart factory is considered a crucial outcome of the fourth industrial revolution, i.e. Industry 4.0. Manufacturing companies are the major adopters of smart factories where they employ cutting-edge technologies such as artificial intelligence, Internet of Things, big data, analytics, and robotics.
Smart Factory Market Key Players:
Oracle Corporation, ABB Group, Atos SE, Rockwell Automation, Inc., PLC, General Electric Co., PTC Inc., Siemens AG, SAP SE, and IBM Corporation.
The Global Smart Factory Market is expected to be valued at US$ 276.12 Billion by 2027, witnessing a CAGR of 13.3 % during the forecast period (2019-2027)
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Market Dynamics Rising adoption of IIoT and cyber-physical systems is the major factor driving the global smart factory market as adoption of industrial internet of things (IIoT) and cyber-physical systems (CPS) is expected to revolutionize the global smart factory market. Moreover these IIoT devices allows connectivity all along the value chain for better communication among manufacturers, wholesalers, retailers, and consumers.
Smart Factory Market Taxonomy
Global Smart Factory Market, By Component:
Hardware
Software
Services
Global Smart Factory Market, By Market Structure:
To Connect
Wired and Wireless Networking
Wide Area Networking (WAN)
Local Area Networking (LAN)
Machine-to-Machine Network
To Collect
Sensors
Digital Measurement Devices
Auto Identification Hardware
To Analyse
Data Historian
Reporting
Complex Event Processing
Predictive Algorithm
To Control
Actuators
Programmable Logic Controllers
Smart Robotics
Additive Manufacturing Equipment
Global Smart Factory Market, By Manufacturing Verticle:
Automotive & Transportation
Food & Beverage
Electrical and Electronics
Aerospace & Defense
Oil & Gas
Garment & Textile
Chemical & Material
Others ( Healthcare & Pharmaceutical)
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Key Developments
Key players in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in January 2020, Oracle Corporation partnered with Mitsubishi Electric to develop Internet of Things (IoT)-enabled platform for smart manufacturing.
Major companies in the market are involved in capacity expansion, in order to gain a competitive edge in the market. For instance, in March 2018, ABB Group inaugurated its one of the first smart factories in Bangalore for production of electrical protection and connection solutions.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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Coherent Market Insights
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