Smart Factory Market is Driven by Growing Focus on Advanced Manufacturing Techniques and Rising Demand from Key VerticalsA smart factory is an advanced and automated manufacturing facility that facilitates more advanced, efficient and safer approaches to manufacturing or producing various products. n the basis of market structure, the global smart factory market is segmented to collect, to connect, to analyse and to control. The global market is further segmented on the basis of component, manufacturing vertical and region.
The global smart factory market was valued at US$ 51.9 Bn in 2014, which is expected to expand at a CAGR of 13.3% during the forecast period Rising focus on advanced manufacturing, high demand from key verticals and shift towards consumer-centric product offerings by manufacturers are some of the major factors propelling growth of the smart factory market.
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The global smart factory market is segmented on the basis of market structure as to connect, to collect, to analyse and to control. The ‘to analyse’ segment was valued at US$ 13.3 Bn in 2014 and is anticipated to register a CAGR of 15.2% during the forecast period.
The global smart factory market includes five major regions North America, Latin America, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA). Of all the regions, APAC was the contributor in terms of value, and accounted for over 39.0% share of the global smart factory market in 2014. This is mainly attributed to increasing investments in manufacturing units in the region.
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In April 2015 for example, the South Korean government along with Samsung Electronics announced an investment of US$ 12.6 Mn to promote the smart factory concept in the country. Moreover, MEA is anticipated to emerge as the fastest growing market, followed by Latin America during forecast period.
Key players identified in the global smart factory market include ABB Group, Rockwell Automation, Inc., General Electric Co., Siemens AG, Oracle Corporation, IBM Corporation, SAP SE, PTC Inc., Accenture PLC and Atos SE. These players focus on mergers and acquisitions, new product developments and partnerships in order to remain competitive in the market.
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