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Smart Factory Market Analysis

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The “Global Smart Factory Market, By Component(Hardware, Software, and Services) by Market Structure (To Connect, To Collect, To Analyze, To Control ), by Manufacturing Verticals (Automobile & Transportation, Food & Beverages, Electrical & Electronics, Aerospace & Defense, Oil & Gas, Garment & Textile, Chemical & Material, Others (healthcare & pharmaceuticals)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 276.12 Billion by 2027, witnessing a CAGR of 13.3 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights. – PowerPoint PPT presentation

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Title: Smart Factory Market Analysis


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com
  • SMART FACTORY MARKET ANALYSIS

2
Market Overview
  • A smart factory is a highly digitized and
    connected production facility that depends on
    smart manufacturing. The concept of the smart
    factory is considered a crucial outcome of the
    fourth industrial revolution, i.e. Industry 4.0.
    Manufacturing companies are the major adopters of
    smart factories where they employ cutting-edge
    technologies such as artificial intelligence,
    Internet of Things, big data, analytics, and
    robotics. These factories can run autonomously on
    a large scale with the ability to self-correct. A
    smart factory offers visibility, autonomy, and
    connectivity. Although companies have already
    employed automation, smart factories are a step
    further and run without human intervention. Since
    modern technologies are incorporated, smart
    factories can learn and adapt in real-time,
    making them more flexible than their
    predecessors.
  • The global smart factory market is estimated to
    account for US 116.3 Bn in terms of value in
    2019 and is expected to grow at a CAGR of 13.3
    during the forecasted period 2019-27.

3
Market Dynamics- Drivers
  • Growing demand for smart factory from key
    verticals is expected to drive growth of the
    global smart factor market during the forecast
    period
  • Many industry verticals such as automotive and
    transportation, electronics, and electrical
    industries are focused on adoption of smart
    factory solutions, in order to augment efficiency
    and increase production capabilities.
    Furthermore, a number of manufacturing verticals
    are adopting smart factory solutions, in order to
    reduce production of defective products,
    downtime, and wastage. At the same time, they are
    focused on improving productivity. Apart from
    automobile and electronics manufacturing, smart
    factory is being adopted in chemical, oil gas,
    textile and food beverage industries. Hence,
    these factors are expected to boost growth of the
    market during the forecast period.
  • Increasing focus on advanced manufacturing is
    expected to propel the global smart factory
    market growth over the forecast period
  • Increasing demand for advanced manufacturing
    practices is expected to support the market
    growth in the near future. Advanced manufacturing
    involves production of goods with minimum
    resources while maintaining cost and improving
    performance. Hence, the demand for smart
    factories globally is increasing significantly.
    Therefore, these factors are expected to propel
    the global smart factor market growth over the
    forecast period.

4
Asia Pacific region dominated the global smart
factory market in 2019, accounting for 35.6
share in terms of value, followed by Europe and
North America, respectively.
  • Source Coherent Market Insights

5
Market Dynamics- Restraints
  • Low availability of skilled personnel is expected
    to hamper the global smart factory market
    growth during the forecast period
  • There is a severe shortage of skilled personnel
    and the skill gap of current workforce is
    creating challenges for the market. In emerging
    regions such as Africa and Latin America, this
    problem is severe. However, the situation is
    expected to change in the near future due to
    growing awareness regarding automation and smart
    factories in the region. Thus, these factors are
    expected to hamper the market growth in the near
    future.
  • Concerns regarding data theft information
    security are expected to restrain growth of the
    global smart factor market over the forecast
    period
  • Smart factories enable intensive digital
    communication between different machines, across
    divisions, companies, and industries. Critical
    information is shared across various channels
    through internet, which increases concerns
    related to information and data security.
    Moreover, this risk is even higher when
    information is shared across external networks.
    Hence, these factors are expected to restrain
    growth of the global smart factory market during
    the forecast period.

6
Market Opportunity
  • Rising adoption of collaborative robots can
    provide major growth opportunities
  • Collaborative robots or cobots are intended to
    interact with humans in a shared space or work
    safely in close proximity. Since these robots are
    designed to work autonomously with safety assured
    by isolation from human contact, they are better
    than conventional robots. For instance, in
    September 2014, ABB Limited introduced a
    collaborative robot named YuMi, which is
    human-friendly, dual armed and designed for the
    new era of automation.
  • Increasing investments in manufacturing plants
    are expected to present lucrative opportunities
    for market players
  • Rising global competition is encouraging
    manufacturers to adopt technologies that enhance
    efficiency and productivity at manufacturing
    units. Across the globe, numerous product
    manufacturers are investing significantly in
    incorporating the latest technologies and
    solutions to enhance manufacturing capabilities.
    For instance, in April 2015, GE invested over US
    200 million on its new multi-modal smart factory
    in India.

7
In global smart factory market, by component
segment defense, hardware sub-segment dominated
the global smart factory market in 2019,
accounting for 45.2 share in terms of value,
Above by software and services.
8
Market Trends
  • North America Trends
  • Rising demand for industrial robots in the region
  • The demand for industrial robots is increasing
    significantly, owing to rising automation in
    manufacturing plants, since it accelerates
    production and enhances the quality of products.
    For instance, the Robotic Industries Association
    (RIA) reported that the number of robot units
    ordered from North American companies increased
    by 28 between 2013 and 2014. Moreover, during
    the same period, the number of robots shipped to
    North American companies increased by 13.
  • Latin America Trends
  • Increasing investments in automobile
    manufacturing plants
  • In Latin America, a number of global automobile
    manufacturing companies have increased
    investments in the recent past. This trend is
    expected to grow of smart factories in the near
    future. For instance, in April 2015, Ford Motor
    Company announced an investment of US 2.2 Bn for
    a new engine and transmission plants in Mexico.
    Furthermore, in December 2015, Hyundai Motor
    Company decided to invest US 130 Mn in its new
    plant in Mexico.

9
Competitive Section
  • Key players operating in the global smart factory
    market are Oracle Corporation, ABB Group, Atos
    SE, Rockwell Automation, Inc., Accenture PLC,
    General Electric Co., PTC Inc., Siemens AG, SAP
    SE, and IBM Corporation.

10
  • Request Sample Report https//www.coherentmarket
    insights.com/insight/request-sample/3688
  • Request Customization https//www.coherentmarketi
    nsights.com/insight/request-customization/3688
  • Download PDF Brochure https//www.coherentmarketi
    nsights.com/insight/request-pdf/3688
  • Talk to Analyst https//www.coherentmarketinsight
    s.com/insight/talk-to-analyst/3688
  • Reference
  • https//www.coherentmarketinsights.com/market
    -insight/smart-factory-market-3688

11
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

12
Contact Us
  • Mr. Shah
  • Coherent Market Insights Pvt.Ltd.
  • Address 1001 4th Ave, 3200 Seattle, WA 98154,
    U.S.
  • Phone 1-206-701-6702
  • Email sales_at_coherentmarketinsights.com

13
Thank You!
  • Kindly follow CMI Social Media Profiles for the
    latest company updates
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  • https//www.coherentmarketinsights.com/
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