Smart Factory Market: A Deep Dive into the USD 191.02 Billion Revenue Forecast by 2030 With CAGR: 10.46%

The smart factory market size is projected to be valued at USD 79.41 billion in 2021 and is expected to rise to USD 191.02 billion by 2030. The market is expected to register a CAGR of 10.46% during the forecast period from 2022 to 2030. Various factors propelling the demand for smart factories include:

● Industrial robot usage has skyrocketed in the previous decade due to its benefits, which include high output, consistency in speed and quality, improved workplace safety, and increased floor space utilization.
● The market for smart factories is developing due to the increased use of robots in the industrial industry.
● The key driver of the smart factory market is the increased emphasis on energy efficiency, resource optimization, and cost reduction in manufacturing activities.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐰𝐢𝐭𝐡 𝐎𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/smart-factory-market/request-for-sample

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐒𝐦𝐚𝐫𝐭 𝐅𝐚𝐜𝐭𝐨𝐫𝐲?

A smart factory is a computerized manufacturing facility that constantly collects and shares data through connected devices, machines, and production systems. This information is then utilized to influence decisions about improving processes and addressing any difficulties that may develop. A smart factory's smart manufacturing processes are made possible by a variety of technologies, such as artificial intelligence (AI), big data analytics, cloud computing, and the industrial Internet of Things.

𝐓𝐨𝐩 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬:

Major competitors continuously invent and distinguish their products in an attempt to gain market dominance in this fiercely competitive industry. Some of the leading companies in the smart factory industry are:
• ABB (ASEA BROWN BOVERI) Group
• Cisco Systems Inc.
• Emerson Electric Company
• Fanuc
• General Electric Company
• Honda
• Honeywell International Inc.
• IBM Corporation
• Johnson Controls International PLC
• Mitsubishi Electric
• Omron
• Oracle Corporation
• Robert Bosch GmbH
• Rockwell Automation Inc.
• SAP SE
• Schneider Electric SE
• Siemens AG
• Suzuki
• Toyota
• Wipro Limited
• Yokogawa Electric Corporation

𝐀𝐜𝐜𝐞𝐬𝐬 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.polarismarketresearch.com/buy/1679/2

𝐒𝐦𝐚𝐫𝐭 𝐅𝐚𝐜𝐭𝐨𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

• Industrial sensors acquired the most significant market share in 2021 due to the increased use of these sensors in various industries.
• PAM solutions acquired the most significant market share in 2021 due to developing a comprehensive data library for the various equipment placed in the units, from their uptime performance to their life cycle cost analysis.
• The process industry segment is supposed to account for the largest market share due to the increasing benefits of smart manufacturing solutions, such as the fastest decision-making process, energy efficiency, and improved product quality in the oil & gas sector.
• Asia Pacific is projected to register the highest CAGR during the forecast period due to the increasing adoption of industrial robots and the growing utilization of cloud-based smart manufacturing solutions.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

𝟏. 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐈𝐨𝐓 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧:

• The increasing adoption of Industrial Internet of Things (IIoT) technologies is a significant driver. IIoT enables real-time data collection and analysis, which helps in predictive maintenance, asset tracking, and improving operational efficiency.

𝟐. 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐀𝐈 𝐚𝐧𝐝 𝐌𝐚𝐜𝐡𝐢𝐧𝐞 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠:

• Artificial Intelligence (AI) and Machine Learning (ML) are transforming manufacturing processes by enabling predictive analytics, optimizing production lines, and facilitating quality control.

𝟑. 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐇𝐢𝐠𝐡 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐚𝐧𝐝 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐯𝐢𝐭𝐲:

• Companies are investing in smart factory technologies to reduce production downtime, enhance resource utilization, and improve overall productivity.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐩𝐭𝐡 𝐨𝐟 𝐎𝐮𝐫 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/smart-factory-market

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐁𝐫𝐞𝐚𝐤𝐝𝐨𝐰𝐧:

The smart factory market is mainly segmented by components, solutions, industries, and regions. Industrial sensors held the greatest market share by component type, owing to their expanding advantages, such as enhanced sensitivity during data acquisition, practically lossless transmission, and continuous, real-time analysis.

Furthermore, according to the solution research, the PAM category will have the largest market share. PAM systems help manufacturing businesses enhance their competitiveness by enabling fast information collecting and decision-making.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Virtual Payment (POS) Terminals Market: https://www.polarismarketresearch.com/industry-analysis/virtual-payment-pos-terminals-market

Payment Gateway Market: https://www.polarismarketresearch.com/industry-analysis/payment-gateway-market

Automated Storage and Retrieval System (ASRS) Market: https://www.polarismarketresearch.com/industry-analysis/automated-storage-and-retrieval-system-asrs-market

Cold Chain Monitoring Market: https://www.polarismarketresearch.com/industry-analysis/cold-chain-monitoring-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

Polaris Market Research
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Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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This release was published on openPR.