The growth of internet of things (IoT) and integration of digital technologies will provide profitable opportunities for the smart factory market.

Smart Factory Market Perspective 2021
𝗥𝗲𝗽𝗼𝗿𝘁 𝗣𝗮𝗴𝗲𝘀: [130 Pages]

A smart factory is a high-tech and digitized manufacturing plant that uses smart manufacturing techniques. Most factories have long depended on manual automation, but high-end smart factories can run virtually completely on their own without human involvement and even without automation.

The benefits of smart factories are many, including being able to improve the efficiency of your manufacturing process. Smart factories improve quality control system that reduces errors and increases the production of a high volume of products. These machines also use the latest tools, software, and data sources to provide the highest levels of efficiency.

𝗚𝗼 𝗳𝗼𝗿 𝗺𝗼𝗿𝗲 𝗱𝗲𝘁𝗮𝗶𝗹 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗮𝗯𝗼𝘂𝘁 𝗦𝗺𝗮𝗿𝘁 𝗙𝗮𝗰𝘁𝗼𝗿𝘆 𝗠𝗮𝗿𝗸𝗲𝘁
https://www.coherentmarketinsights.com/market-insight/smart-factory-market-3688

Coherent Market Insights is celebrating 𝟓𝐭𝐡 𝐀𝐧𝐧𝐢𝐯𝐞𝐫𝐬𝐚𝐫𝐲 and offering 𝐅𝐥𝐚𝐭 𝟮𝟎𝟎𝟎𝐔𝐒𝐃 𝐃𝐈𝐒𝐂𝐎𝐔𝐍𝐓. Offer is valid for all CMI reports. Let’s celebrate with us.

The increasing adoption of the Internet of Things (IoT) across the manufacturing sector is a prime factor driving the market growth of the smart factory. International Data Corporation estimates that the IoT global market revenue is expected to reach approximately US$1.1 trillion by 2025. The growing popularity of industrial robots in the manufacturing sector coupled with the increasing mass production in order to cater to demand from a growing population around the globe is again contributing to the market growth of smart factories. The growing need for smart manufacturing processes for improving productivity and reduce human errors is further projected to accelerate the market growth of the smart factory.

From the geographical point of view, Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to high spending on IoT across manufacturing industries. According to the Federation of Indian Chambers of Commerce & Industry, the industries that are forecasted to spend the most on IoT solutions in 2019 are manufacturing (US$197 billion), consumer IoT (US$108 billion), transportation (US$71 billion), and utilities (US$61 billion).

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:
In September 2020, Deloitte and Wichita State University announced the launch of The Smart Factory @ Wichita, which the two described as “a groundbreaking and immersive experiential learning environment.

In November 2019, Schneider Electric has launched its Smart Factory in Bengaluru. This is the second such facility by Schneider Electric in India which demonstrates how the company’s EcoStruxure architecture and related suite of offerings drives process automation, increases operational efficiency, and decrease costs in the industrial settings

In June 2020, Hexagon’s Manufacturing Intelligence division announced the launch of a new range of smart factory technologies. The new technologies will enable manufactures to shift quality inspection workflows from manual, repetitive work to more value-added tasks, all while maintaining throughput.

𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁 / 𝗣𝗿𝗼𝗺𝗼-𝗖𝗼𝗱𝗲?
𝗬𝗲𝘀, Coherent Market Insights is celebrating 5𝙩𝙝 𝘼𝙣𝙣𝙞𝙫𝙚𝙧𝙨𝙖𝙧𝙮 and offering 𝙁𝙡𝙖𝙩 2000𝙐𝙎𝘿 𝘿𝙄𝙎𝘾𝙊𝙐𝙉𝙏. Offer is valid for all CMI reports. Let’s celebrate with us.
https://www.coherentmarketinsights.com/promo/buynow/3688

Go Through Our Trusted Clients List: https://www.coherentmarketinsights.com/trusted-by

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:
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.

This release was published on openPR.