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Redding, California - October 12, 2022

Smart Factory Market Worth $262.2 Billion by 2029

Smart Factory Market by Component, Technology, and End-use Industry (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, and Other End-use Industries)) - Global Forecast to 2029


Meticulous Research®—a leading global market research company, published a research report titled ‘Smart Factory Market by Component, Technology, and End-use Industry (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, and Other End-use Industries)) - Global Forecast to 2029.’

According to this latest publication from Meticulous Research®, the global smart factory market is projected to reach $262.2 billion by 2029, at a CAGR of 21.3% from 2022 to 2029. This market is driven by the surge in demand for smart and connected products, the increasing investments toward industry 4.0, and the increasing adoption of robots in the manufacturing sector. However, the high capital and operating expenses somewhat restrain the market growth. The implementation of smart factories in developing countries and the increasing developments in wireless sensor networks and their adoption in smart factories are expected to offer significant growth opportunities for the stakeholders in the smart factory market. However, vulnerability to cyberattacks and the rising data sensitivity & security concerns are expected to pose serious challenges to the growth of the smart factory market.

The global smart factory market is segmented by component (solutions and services),  technology (Industrial Internet of Things (IIoT), cloud computing & storage, robotics & automation (robots, automated storage and retrieval systems and automatic guided vehicles, automated assembly lines, wearables & mobile devices), industrial cybersecurity, additive manufacturing, augmented reality/virtual reality, digital twin, artificial intelligence, blockchain, and other technologies (modern databases & modern ERP systems)), and end-use industry (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, fast-moving consumer goods, paints & chemicals, energy & power, pulp & paper, other end-use industries (agriculture and prefabricated construction)). The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on component, the global smart factory market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global smart factory market.  The large market share of this segment is attributed to the increasing proliferation of smart factory solutions in discrete manufacturing, the increasing need to automate factory production with smart factory software, the rising popularity of connected factory solutions, and the growing demand to analyze productivity and efficiency in factories. This segment is also projected to register the highest CAGR during the forecast period.

Based on technology, the smart factory market is segmented into industrial Internet of Things (IIoT), cloud computing & storage, robotics & automation, industrial cybersecurity, additive manufacturing, augmented reality/virtual reality, digital twin, artificial intelligence, blockchain, and other technologies. In 2022, the industrial IoT segment is expected to account for the largest share of the smart factory market. The large market share of this segment is attributed to the increasing need to improve the performance and productivity of industrial processes, the consistently declining cost of industrial IoT sensors, the significant rise in the overall equipment effectiveness (OEE) through industrial IoT usage, and the increasing investments to interconnect equipment to upgrade the existing factories to smart factories. However, the blockchain segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the factors such as the increasing proliferation of blockchain technology in the energy & power and industrial sectors, the rising demand for real-time data analysis, and the increasing need to enhance production with minimum maintenance, simplify business processes and reduce downtime.

Based on end-use industry, the global smart factory market is segmented into automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, fast-moving consumer goods, paints & chemicals, energy & power, pulp & paper, and other end-use industries. In 2022, the automotive segment is expected to account for the largest share of the global smart factory market. The large market share of this segment is attributed to the growing emphasis on developing next-generation automobile warehouses, the increasing need to reduce costs & downtime in automotive production lines, the increasing integration of operational technology (OT) with information technology (IT) for better data-driven decisions, and the increasing need of IoT & connected devices in the automotive industries. However, the pharmaceuticals segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the factors such as the increasing need to adopt cost-control measures in the healthcare sector, the adoption of digital technologies in medical device manufacturing operations, and its increasing demand to ensure the safety and security of the supply chain in the pharmaceutical industry.

Based on geography, the global smart factory market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global smart factory market. The large market share of this market is attributed to the increasing adoption of smart manufacturing solutions in the region, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based smart manufacturing solutions, the growing presence of well-established players operating in the region, and the increasing demand for IIoT & connected systems by regional automotive industries. This region is also slated to register the highest CAGR over the forecast period.

Key Players

The key players operating in the global smart factory market are ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), General Electric (U.S.), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Mitsubishi Electric Corp. (Japan), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Endress+Hauser Group Services AG (Switzerland), SAP SE (Germany), Oracle Corporation (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), and Ubisense Ltd. (U.K.).

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Key questions answered in the report-

  • Which are the high-growth market segments in terms of component, technology, end-use industry and geography?
  • What is the historical market for smart factories across the globe?
  • What are the market forecasts and estimates for 2022–2029?
  • What are the major drivers, restraints, opportunities, challenges, and trends in the global smart factory market?
  • Who are the major players in the global smart factory market, and what share of the market do they hold?
  • How is the competitive landscape?
  • What are the recent developments in the global smart factory market?
  • What are the different strategies adopted by the major players in the market?
  • What are the geographic trends and high-growth countries?
  • Who are the local emerging players in the global smart factory market, and how do they compete with the other players?

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Report ID: MRICT - 104681 Pages: 250 Formats*:PDF Category: Information and Communications Technology
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