With more and more manufacturing facilities moving towards fully integrated and automated solutions, the global smart factory market is expected to expand at an impressive 13.2% CAGR, exceeding US$ 339 Bn mark in terms of sales revenue, over the forecast period of 2018-2028. With profound revenue share, the global smart factory market will grow further owing to transitional technologies such as internet-of-things, Big Data analytics and artificial intelligence, advanced Robotics, 3D printing, and cloud computing. In a recently conducted market analysis, Future Market Insights (FMI) predicts that burgeoning automotive and manufacturing industries and subsequent digital transformation in the form of industrial robots and related systems will further drive the global smart factory market through 2028.
The growth of smart factory market is expected accentuate, considering key functionalities such as real-time quality and time benefits, superior intelligence, and decentralizing manufacturing activities. Furthermore, growing demand for manufacturing without loss of time or products resulting in reduced energy consumption and enhanced manufacturing efficiency is projected to positively impact the growth of smart factory market. Innovations such as sensors and actuators offering advance automation solutions are projected to drive the demand over the forecast period.
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“The demand for industrial robots has accelerated considerably considering ongoing trends toward automation and continued innovative technological improvements in industrial robots. Adoption of industrial robots will continue at an impressive pace, in the wake of digitalization and production process becoming increasingly connected. The growth of industrial robots is projected to support the smart factory market through 2028”- Research Analyst, IT and Telecommunication Domain, Future Market Insights
Rampant presence of technology giants in North America, will fuel the growth of smart factory market in the region, holding more than 28% of the total market share in 2018. Increased penetration of IoT solutions in India and ASEAN countries will result in potential growth opportunities in SEA and Others of APAC. Moreover, Asia Pacific and MEA have witnessed maximal investments by industrial and manufacturing companies. Constant technological advancements in the manufacturing industries in Asia Pacific and MEA, would also present growth and expansion opportunities to establish and emerging smart factory solutions providers.
Developments in the industrial IoT landscape is also projected to boost the smart factory market, globally. Manufacturing companies have introduced IIoT solutions on the factory floor for tracking inventory, production systems & supply chain management. Moreover, expanding number of on-board IoT devices will have a positive impact on the growth smart factory market.
Adoption of analytics, cyber security tools, and cloud computing in various industry verticals, such as manufacturing, chemical & material, and automotive are key factors driving the global smart factory market. Enterprises are adopting smart factory solutions to enhance their production process, optimize concept generation, product transaction, and manufacturing. Additionally, industries opting for cloud storage services instead of on-premise data storage to ensure the quick service delivery and meet changing industry and customer demands with greater efficiency while addressing security concerns, will propel the global smart factory market.
However, a lot of smart manufacturing opportunities still remain untapped considering lack of reliable data, standards and common practices across enterprises, especially the smaller ones. Only large enterprises are practicing smart factory initiatives and optimising resource utilisation. Lack of initiatives by industrial companies is likely to hamper the growth of the smart factory market. Moreover, complex software and lack of skilled resources to fully completely understand and deploy software, hardware, and system integrations could also restrain the market growth, to some extent.
In terms of forward market growth, long-term contracts with business partners to help increase revenue and reach potential customers in emerging markets, M&A, and geographic expansion are likely remain key strategies adopted by top companies in the smart factory market. Profound opportunity analysis suggests that smart factory vendors should target the pharmaceutical industry, considering tight regulations with pressing demand for constant product monitoring. Pharmacy product manufacturers are predicted to adopt advanced technologies and creating potential opportunities for vendors in the smart factory market.
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Key players in the global smart factory market are ABB (ASEA BROWN BOVERI) Group, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Honeywell International, Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Robert Bosch GmbH, Oracle Corporation, SAP SE, IBM Corporation, Emerson Electric Company, Cisco Systems, Inc, and Wipro Limited.