Press release
Smart Factory Market is Expected to Soar at a Stellar CAGR of 10.8% from 2022 to 2028
Smart Factory Market
The worldwide coronavirus (COVID-19) pandemic has triggered a considerable downturn across industries, particularly the smart factory market. The deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, the massive slowdown in the manufacturing sector, especially in Asia, has strained economic activities across various industrial domains.
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Key Takeaways of Smart Factory Market Study
Software demand will grow at a significant CAGR throughout the forecast period.
Among software components, distributed control systems hold a leading market share as they are widely used in factories for monitoring and controlling various processes.
Discrete industry remains key revenue generator in smart factory market and would maintain the trend through 2030.
Business partnerships help increase revenue, and new innovations in IT domain are enabling smart factory solution providers reach new potential customers, globally.
Industry 4.0 and Technological Advancements Boost Adoption of Smart Technologies
Advantages such as cost efficiency and enhanced productivity have led to upsurge in adoption of smart factory technologies. In addition, technological advancements have diminished the boundaries between the digital (cyber) and physical factory infrastructure. Intelligent interconnected systems seamlessly support activities along the entire value chain in factories.
Governments worldwide are promoting and supporting the Industry 4.0 revolution. Further, they are encouraging entrepreneurs and small & medium enterprises (SME) to create innovative products by using robotics, AI and big data analytics.
A comprehensive view of the smart factory market reveals that the market is escalating at a significant rate owing to growing demand for real-time analytics to deliver personalized ads.
Impact of COVID-19 on Smart Factory Industry :
The worldwide coronavirus (COVID-19) pandemic has triggered considerable downturn across industries, particularly smart factory market. Vision guided robots play an important role to support fight against the COVID-19 outbreak. Leveraging machine vision technology and robotics can be a significant solution to prevent spread of coronavirus and help people to fight against the pandemic. But the pandemic has forced lockdowns across various countries in Asia, such as China, Japan, South Korea, India, Philippines and others.
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Competitive Landscape
Smart factory companies are investing in the research and development of smart manufacturing technologies that utilize industrial IoT components to maximize productivity and efficiency.
In January 2022, Neurala, a leading vision AI software company, announced the launch of its new detection technology that is aimed at improving quality inspection at smart factories. Manufacturers are aiming to optimize their smart manufacturing lines via such innovative solutions and technologies.
Some Key Players Are :
ABB Ltd.
Siemens AG
Schneider Electric SE
Rockwell Automation Inc.
General Electric Company
Johnson Controls International PLC
Yokogawa Electric Corporation
Honeywell International Inc.
Key Segments Of Smart Factory Industry Survey
Smart Factory Market by Component :
Smart Factory Hardware
Smart Factory Software
Smart Factory Services
Smart Factory Market By End User :
Discrete Industry
Process Industry
Smart Factory Market By Industry Vertical :
Smart Factories for Automotive
Smart Factories for Aerospace & Defence
Smart Factories for Electrical & Electronics
Smart Factories for Food & Beverages
Smart Factories for Energy & Utilities
Smart Factories for Healthcare & Pharmaceuticals
Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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