Over the projected period 2019 to 2028, the global Smart Factory Market, to reach above USD 160.1 billion by 2028, is expected to increase at a healthy rate of more than 10.5%.
Smart Factory Market Overview
Smart Factory enables organisations to use resources more effectively and efficiently, resulting in a higher return on investment for existing stakeholders. Many low- and middle-income organisations have begun to reap the benefits of AI's capabilities, resulting in more opportunities for small entrepreneurs to start new businesses. AI is being hailed as the next great technical advancement, following in the footsteps of the industrial revolution, the computer age, and the introduction of smartphone technology. Furthermore, the introduction of image, face, and voice recognition technology is expected to accelerate Market growth in the twenty-first century.
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Smart Factory Market Key Players
Some of the key manufacturers involved in the Market are ABB Ltd. (Switzerland), Endress Hauser AG (Switzerland), Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc Frequent cross industry partnerships are leading to Market consolidation.
This report defines, describe, and forecast the overall Market segmented on the basis of components, technologies, end-use industries, and regions. It analyses the Markets with the respect to individual growth trends, prospects, and contributions to the Smart Factory Market, opportunities in the Markets through various stakeholders by identifying the high-growth segments of the Market. It also analyses the various strategic development, merger and acquisition, product launches, and main research and development in Smart Factory Market.
Smart Factory Market Segmentation
Smart Factory Market By Component, 2019-2028, (IN USD Billion)
Industrial Sensors
Industrial Robots
Industrial 3d Printers
Machine Vision Systems
Smart Factory Market By Solution, 2019-2028, (IN USD Billion)
Scada
PAM
MES
Industrial Safety
Smart Factory Market By Industry, 2019-2028, (IN USD Billion)
Process Industries
Oil Gas
Chemicals
Pharmaceuticals
Energy Power
Metals Mining
Pulp Paper
Food Beverages
Others
Discrete Industries
Automotive
Aerospace Defense
Semiconductor Electronics
Machine Manufacturing
Medical Devices
Others
By Regions:
- North America
- S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Rest of the World
The demand for Internet-of-Things (IoT) technology and services are growing globally, especially around applications within the healthcare, energy, transport, public sector, and manufacturing industries. Many countries have led to the emergence of IoT/smart city projects.
Smart Factory Market Regional Analysis
According to the International Trade Administration, Ireland’s U$ 50 billion digital economy accounts for 13% of GDP. Around 1,000 digital firms operate in Ireland, including major U.S. MNEs like Apple, AWS, Cisco, Facebook, Google, HPE, IBM, Intel, and Microsoft. Despite the impact presented by the COVID-19 pandemic, the US$ 5 billion ICT Market has maintained demand as digital technologies and solutions recreate a tremendous role globally.
The Asia Pacific Smart Factory Market is anticipated to be the fastest-growing Market, owing to the rapid improvement in Data Storage capacity, high computing power, great output and processing which leads to a good contribution to the growth of Smart Factory Market in the end-user organization such as automotive and healthcare.
The U.S. accounted for the major share in the global landscape in technology innovation. As per the World Economic Forum’s 2018 Global Competitive Index, the country’s competitive advantage is owing to its business vitality, substantial institutional pillars, financing agencies, and vibrant innovation ecosystem.
Table of content:
- Market Snapshot
- Key Trends
- Estimation Methodology
- Research Assumption
- Objective of the Study
- Market Definition Scope
- Market Drivers
- Market Opportunities
- Porter’s 5 Force Model
- PEST Analysis
- Risk Assessment: COVID-19 Impact
- Competitive Intelligence
- Research Process
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