Smart Factory Market Projected To Reach $285.7 Billion By 2031

By Author: Rutuja kadam
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Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Factory Market by Offering (Solutions, Services, Technologies), Sector (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, Pharmaceuticals), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the smart factory market is projected to reach $285.7 billion by 2031, at a CAGR of 16.4% during the forecast period 2024–2031. The growth of the smart factory market is driven by the increasing adoption of cloud-based smart factory solutions & services, growing investment in Industry 4.0, and rising adoption of robots in the manufacturing sector. However, high capital & operating expenses restrain this growth.

Additionally, the rising demand for smart factories in developing countries and technological advancements in industrial sensors are expected to create market growth opportunities. However, concerns about privacy, data security, and confidentiality pose challenges to ...
... the market’s growth.

The smart factory market is segmented by offering (solutions {industrial sensors, industrial safety systems, asset performance management solutions, industrial automation and control systems/plant level controls [supervisory control and data acquisition, distributed control systems, programmable logic controllers, and other plant-level controls], industrial robots [articulated robots, SCARA, cartesian robots, autonomous mobile robots, other industrial robots], machine vision systems [cameras optics and LED lighting], enterprise-level controls [product lifecycle management, enterprise resource planning, manufacturing execution systems], other solutions}, services {professional services, managed services}, technologies {artificial intelligence, cloud computing & storage, digital twin, industrial cybersecurity, blockchain, AR/VR, and other technologies }), and sector, (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, oil & gas, pharmaceuticals, fast-moving consumer goods, paints & chemicals, energy & power, pulp & paper, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the smart factory market is segmented into solutions, services, and technologies. In 2024, the solutions segment is expected to account for the largest share of over 73.0% of the smart factory market. The large market share of this segment is attributed to the growing use of smart factory solutions in discrete manufacturing, the increasing need for factory automation through smart factory software, the rising popularity of connected factory solutions, and the growing need for analyzing productivity and efficiency in factories. Moreover, the solutions segment is projected to register the highest CAGR during the forecast period.

Based on sector, the smart factory market is segmented into automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, oil & gas, pharmaceuticals, fast-moving consumer goods, paints & chemicals, energy & power, pulp & paper, and other sectors. In 2024, the automotive segment is expected to account for the largest share of over 16.0% of the 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, and the increasing integration of operational technology (OT) with information technology (IT) for better data-driven decisions.

However, the pharmaceuticals segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need for cost-control measures in the healthcare sector, the growing adoption of digital technologies in medical device manufacturing, and the need to ensure the safety & security of the pharmaceutical supply chain.

Based on geography, the smart factory market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 38.0% of the smart factory market. Asia-Pacific’s major market share is attributed to the presence of leading smart factory players like Mitsubishi Electric Corporation (Japan), Yokogawa Electric Corporation (Japan), and Omron Corporation (Japan) in the region. Additionally, increased investments from both private and public sectors in resource and machinery management, growing demand for cost-effective IIoT solutions, and a strong emphasis on the development & implementation of robotics and automation by leading companies further contribute to the region’s significant market share.

Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 17.1% during the forecast period. The growth of this regional market is driven by the proliferation of smart factories in developing countries, increasing investments in Industry 4.0, and the growing adoption of robotic process automation. Additionally, rapid economic growth and infrastructure development, particularly in Japan, South Korea, and India, further drive the growth of the smart factory market in Asia-Pacific.

Key Players

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

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of component and sector?
What was the historical market size for smart factories globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the smart factory market?
Who are the key players in the smart factory market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the smart factory market?
What are the various growth strategies adopted by major market players?
What are the major market trends, and which are the high-growth countries? 
Who are the emerging players in the smart factory market, and how do they compete with other players?

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