The Global Smart Factory Market Report offers extensive knowledge and information about the Smart factory market pertaining to market size, market share, growth influencing factors, opportunities, and current and emerging trends. The report is formulated with the updated and latest information of the Smart factory market further validated and verified by the industry experts and professionals. The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market.
The growth of this market can be attributed to the increasing adoption of digital technologies across all major industries, including food beverage, petrochemicals, automotive, aerospace defense, and energy power. The rising need to eliminate human machine errors, enhanced asset efficiency and production quality has increased the adoption of digitized supply chain management solutions. The increasing need for operational efficiency, connected logistics, better connectivity, and scalability is most likely to increase the adoption of Industrial IoT in the manufacturing industry.
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Key participants include IBM, ABB, General Electric, Siemens, Rockwell Automation, Honeywell International, Schneider Electric, Mitsubishi Electric, Emerson Electric, and Cisco, among others.
Market Dynamics:
The report offers insightful information about the market dynamics of the Smart factory market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of theSmart factory market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Smart factory market.
Some Key Highlights from the Report
- In May 2019, ABB and the Vietnamese Ministry of Science and Technology (MoST) exchanged a Letter of Intent (LOI) in Stockholm, Sweden. The LOI was exchanged to accelerate the realization of smart manufacturing in Vietnam.
- The Manufacturing Execution System segment held the largest market share of 28.7% in 2019. Increasing utilization of the advanced and cost-effective technologies, such as the cloud-based Manufacturing Execution System, in the manufacturing process by the small and medium-sized enterprises (SMEs) is expected to drive the segment's growth.
- Industrial Robotics is forecasted to grow with the fastest CAGR of 13.6% over the forecast period. Implementation of artificial intelligence and the increasing investments for automation across all major industries in the developing countries is driving the growth of the segment.
- The automotive industry segment held the largest market share of Smart Manufacturing in 2019. Increasing implementation of advanced technologies such as Industrial 3D printing in order to reduce the overall manufacturing cost is expected to drive the growth of the market.
Emergen Research has segmented the global Smart Manufacturing Market on the basis of Information Technology, Enabling Technology, Industry, and region:
Information Technology Outlook (Revenue, USD Billion; 2017-2027)
- Manufacturing Execution System
- Human-Machine Interface
- Warehouse Management System
- Plant Asset Management
- Industrial Communication
- Enterprise Manufacturing Intelligence
- Product lifecycle Management
- Others
Enabling Technology Outlook (Revenue, USD Billion; 2017-2027)
- Industrial Robotics
- Machine Vision
- Industrial 3D printing
- Industrial Internet of Things (IIoT)
- Artificial Intelligence (AI) in manufacturing
- Blockchain in manufacturing
- Augmented Reality and Virtual Reality in manufacturing
- Others
Industry Outlook (Revenue, USD Billion; 2017-2027)
- Energy Power
- Aerospace Defense
- Pharmaceuticals
- Automotive
- Food Beverage
- Semiconductor electronics
- Oil Gas
- Chemicals
- Others
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