Smart Factory Market: Emerging Trends, Growth Analysis, and Industry Insights During 2023-2032

Smart factory is the advanced factory that has cyber-physical systems where materials can be moved efficiently across the factory floor. This advanced system has integrated computing codes that provides automation solution. This automation can be deployed within 60 days in order to streamline and track the materials flow through the facility of manufacturing. Smart factory provides data models and factory- specific & MES templates for rapid use. The use of smart factory boosts the quality & productivity and cuts down the operational cost as compared to traditional production systems.

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The factors that are driving the growth of the Smart Factory market are the rising practice for advanced base for manufacturing, increased focus on energy consumption and improved efficiency of manufacturing. However, the factors that are hampering the growth of the market are lack of interoperability & standardization and the shortage of trained workers. Rising industry of refurbished robots and untapped field such as industrial robots and RFID are expected to create lot of opportunities for the growth of the smart factory market.

Smart factory technology market is segmented into information technology system, enterprise resource planning (ERP), manufacturing execution system and industrial control system. Enterprise resource planning (ERP) is the largest revenue generating segment due to the usage of software applications to embody the processes and products, relationships between activities & functions, procedures and information flow.

Smart Factory by Field Devices Market Analysis
Smart factory field devices market is segmented into industrial robotics, articulated robot, control devices and industrial network. Industrial Robotics is further segmented into articulated robot, cylindrical robot, scara robot and cartesian robot. Control Devices is further segmented into sensors, relays & switches and motors & drive. Industrial Network is also sub-segmented into RFID System (Chipless RFID and Chip-Based RFID), Wireless Network (Chipsets, Microprocessor System and Sensors) and Wired Network. Industrial Network is the largest revenue generating segment due to differentiated products for various purposes.

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Smart Factory by Application Market Analysis:
Smart factory application market is segmented into process industry and discrete industry. Process Industry is further segmented into pharmaceuticals, food & beverages, chemical and oil & gas. Discrete Industry is sub-segmented into automotive & transportation, packaging and mining, minerals & metals. Discrete industry is the largest revenue generating segment due to the rising demand for Smart Factory from automotive industry.

Smart Factory Geography Market Analysis
Geographically, smart factory market is segmented into North America, Europe, Asia Pacific and RoW. Asia Pacific followed by North America is the largest revenue-generating segment due to its increasing adoption of Smart Factory in the automotive industry.

Competitive Landscape
The key strategies adopted by the companies to expand in the smart factory market are product launches, mergers & acquisitions and agreements & collaborations. These strategies would provide efficient products and yield strongly performing products that support the market regulations and finally, exhibit better customer satisfaction. The companies profiled in this report are Ubisense Group PLC., System Insights, Inc., Operator System, Mitsubishi Electric Corporation, Microsoft, Johnson Controls, Inc., Invensys PLC., General Electric Co., CMC Associates, and Apriso Corporation.

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High Level Analysis
The report analyzes various macro environments of the Smart Factory market using porter's analysis. According to porter's analysis, the bargaining power of the supplier is high due to high cost of switching. The bargaining power of buyer is low due to the specialized products smart factory market and threat of substitute is low due to unavailability of alternate products.

Key Benefits

1. Analysis of the smart factory market on the basis of various segments is expounded in the report, and segmental analysis is done to identify the largest revenue-generating segment.

2. To study the various factors that are enhancing and restraining the growth of the smart factory market which would help the market players in deeply understanding the market.

3. Study of SWOT and analysis of the captivating strategies adopted by the players in the market is conducted, which would help in assisting the stakeholders to take actionable decisions.

4. Analysis of the current market scenario, forecasts of the future transition trends and projected revenue of the market are expounded in the report; thus, help stakeholders analyze the market.

5. To find out the recent trends of the smart factory market and opportunities that would open doors for investors to participate in the market, which in turn would help in the enlargement and expansion of market.

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