A recent market intelligence report that is published by Data Insights Partner on the global SMART Factory Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international SMART Factory Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global SMART Factory Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global SMART Factory Market is offered. In accordance with the report, the global SMART Factory Market is projected to expand at a CAGR of 7.2 % over the period of forecast.
Market Insight, Drivers, Restraints& Opportunity of the Market:
The SMART Factory is a fully connected and flexible system that relies on smart manufacturing, thereby enabling the organizations to plan and forecast the life cycle of products and production facilities digitally. With the introduction of SMART factory, production facilities and logistics systems will be organized without human intervention. Though at an infancy stage, smart factory is considered an important outcome of the 4th industrial revolution or Industry 4.0.
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The evolution of Industry 4.0 and integration of various technologies like Internet of Things (IoT), rising adoption of industrial robots and innovative technologies in manufacturing sector are the driving factors for global SMART factory market. The use of such technologies will enhance the quality, production and asset efficiency, thereby eliminating human and machine errors. Industrial Robots are gaining huge popularity are majorly used in big companies, to eliminate human intervention for several basic and complex tasks thereby increasing operational efficiency and increased productivity.
The biggest factor that deters the growth of global SMART factory market is the data and security related issues. Companies that use SMART factory rely a lot on technology and data integration, which may be targeted by various cyber-attacks. Moreover, smart technologies like PLM, ERP etc. might pose a major challenge in factories using conventional methods. SMART factory is a highly capital intensive market which may also hamper the growth of this market.
Due to technological innovation for intelligent manufacturing and increasing adoption of automation technologies, the North American region is expected to account for the largest share of the SMART Factory market globally. Majority of government and private companies are investing in the SMART factory market for promoting the use of Industry 4.0 technologies, which directly impacts productivity benefit for manufacturers.
Manufacturers spend a significant amount of its revenue for its research and development specially focusing in product development and innovations. In April 2017, ABB and IBM entered into partnership for an Industrial Artificial Intelligence solution. This automation combination helped in in identifying critical faults during the manufacturing process, thereby improving the production lines. In June 2018, PTC and Rockwell Automation have combined together to offer a solution for industrial companies to transform their physical operations with digital technology.
Industry 4.0 or 4th revolution is a process to transform the orthodox production ways to manufacturing products using digitalization. A combination of cyber-physical systems, the Internet of Things and the Internet of Systems makes Industry 4.0 possible and SMART factory a reality.
However, at present, the world is gripped with Covid-19 pandemics, wherein some manufacturers have closed production completely, some have seen reduced demands for products and services and others have seen a huge increase in demand. The prime focus for manufacturers is survival and damage limitation. Manufacturers are now reducing their non-essential spending and investments, including solutions and advanced methodologies by Industry 4.0 which fall under the category of non-essential activities. However, SMART Factory may have a slight chance to survive this crisis due to the capabilities is offers like real-time visibility, artificial intelligence which would help to re-assess plans and activities, use of mobile technology and augmented / virtual reality to help workers perform tasks more efficiently. Also, SMART factory technologies would make remote and virtual working efficient in times of lockdown and social distancing.
This market intelligence report on the global SMART Factory Market encompasses market segments based on component, solution, industry and country/regions.
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In terms of component, the global SMART Factory Market is segregated into :
- Hardware Components
v Industrial Robots
v Articulated Robots
ü Industrial Network
v RFID Systems
v Wired Network
v Wireless Network
ü Control Devices
ü Machine Vision
ü Industrial 3D Printing
- Software Components
ü Manufacturing Execution Systems
ü Industrial Control Systems
ü Product Life Cycle Management
ü Industrial Logistics
ü Supervisory Control
ü Data Acquisition System
ü Enterprise Resource Planning
ü Managed Services
ü Professional Services
By solution, the global SMART Factory Market is also classified into :
By industry, the global SMART Factory Market is also classified into :
ü Process Industries
ü Oil & Gas
ü Food & Beverages
ü Metals & Mining
ü Pulp & Paper
v Water & Wastewater
v Furniture & Wood
ü Discrete Industries
ü Machine Machinery
ü Semiconductor & Electronic
ü Aerospace & Defense
ü Medical Devices
v Packaging Industries
By country/region, the global SMART Factory Market has been divided into :
ü North America (the U.S., Canada),
ü Latin America (Brazil, Mexico, Argentina and other countries),
ü Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
ü Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
ü Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
ü ABB Group
ü Atos SE
ü Cisco Systems Inc.
ü Cognex Corporation
ü Emerson Electric Co.
ü FANUC Corporation
ü General Electric Company
ü Honeywell International Inc.
ü Hewlett Packard Company
ü IBM Corporation
ü Johnson Controls Inc.
ü KUKA AG
ü Mitsubishi Electric Corporation
ü National Instruments Corporation
ü Omron Corporation
ü Oracle Corporation
ü PTC Inc.
ü Robert Bosch GmBH
ü Rockwell Automation Inc.
ü SAP SE
ü Schneider Electric
ü Siemens AG
ü TE Connectivity
ü Texas Instruments Incorporated
ü Yokogawa Electric Corporation
ü and many more
Others players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as SMART Factory related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Ø This study offers comprehensive yet detailed analysis of the SMART Factory Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020 – 2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world SMART Factory Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø Leading market players covered this report comprise names such as Honeywell International, Hewlett Packard Enterprise, IBM, Johnson Controls Inc., KUKA, Mitsubishi Electric, National Instruments, Omron, Oracle, PTC Inc., Robert Bosch GmBH, Rockwell Automation, SAP SE, Schneider Electric, Siemens, TE Connectivity, Texas Instruments, Yokogawa Electric and many more.
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for SMART Factory Market caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for SMART Factory Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the SMART Factory Market
v Identification of key factors driving investment opportunities in the SMART Factory Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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