Smart Factory Market worth 205.42 Billion USD by 2022

According to the new market research report "Smart Factory Market by Technology (DCS, PLC, MES, ERP, SDADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), End-User Industry, and Region - Global Forecast to 2022", the smart factory market is projected to be valued at USD 205.42 Billion by 2022, growing at a CAGR of 9.3%, between 2017 and 2022. The factors driving the growth of the market include an increase in adoption of industrial robots, the evolution of Internet of Things (IoT), growth in demand for smart automation solutions, and increase in emphasis on regulatory compliances.

Browse 65 market data tables and 75 figures spread through 207 pages and in-depth TOC on "Smart Factory Market - Global Forecast to 2022"

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“Smart factory market for MES technology expected to grow at the highest rate between 2017 and 2022”

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There is a growing need to centralize the business data in enterprises and track multiplant operations with the help of real-time data analysis; this is one of the features of MES driving the growth of this market. This demand is expected to grow, even among small- and medium-sized enterprises (SMEs), due to the availability of cost-effective MES solutions for various process and discrete industry verticals.

“The market for industrial robots projected to account for maximum share of the global smart factory market during the forecast period”

An industrial robot is a disruptive technology which is expected to bring a revolution in the manufacturing processes. Implementing industrial robotics in the smart manufacturing processes can improve productivity, reduce the chances of human errors, and increase the production volume. With the advancements in the automotive manufacturing techniques, manufacturers focus more on enhancing their productivity by employing modern methodologies.

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“Discrete industry to grow at the highest rate between 2017 and 2022”

The discrete industry is expected to witness the highest CAGR during the forecast period. The growth in the discrete industry is driven by a high need for the monitoring and controlling solutions in various discrete industries such as automotive, medical devices, and aerospace and defense.

“North America projected to hold the second-largest share of the smart factory market, during the forecast period”

The North American region is a key market as it is home to some of the largest multinational corporations operating in this market, including a majority of the leading players. The increased R&D in the field of IoT for new and improved technologies is the crucial factor driving the market in North America. In addition, the rise in demand for advanced manufacturing solutions is expected to drive the growth of the smart factory market in North America. However, APAC is projected to be the largest smart factory market during the forecast period, owing to increase in investments in the development of manufacturing sectors and favorable government regulations.

The major players involved in the smart factory market are ABB Ltd.(Switzerland), Atos SE (France), Emerson Electric Co. (U.S.), FANUC Corporation (Japan), General Electric Co. (U.S.), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Robert Bosch GmbH (Germany), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), and Yokogawa Electric Corporation (Japan).

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This release was published on openPR.