Industrialization levels have increased exponentially across various regions over the years. The rising industrial prospects attached with the technological developments across manufacturing facilities will help create a positive growth trajectory for the smart factory market during the assessment period of 2021-2031. Modernization and adoption of the latest advancements will further help in propelling the growth prospects across the smart factory market.
- The advent of Industry 4.0 and the use of smart mechanisms to complete repetitive and tedious processes will help in boosting the growth opportunities across the smart factory market. The COVID-19 pandemic has further influenced the growth of the smart factory market to a considerable extent.
- The rapid transmission of the virus due to frequent human interaction is prompting many industrialists and manufacturers to adopt smart technologies for a variety of processes. These processes assure minimal human contact. Thus, all these factors bode well for the growth of the smart factory market.
- The integration of technologies like the Internet-of-Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), and others will help in increasing the growth rate of the smart factory market. In such developments, partnerships and research and development activities will further help in enhancing the growth of the smart factory market.
Smart Factory Market: Introduction
- Smart factories have been gaining popularity in the last couple of years owing to an increase in adoption of intelligence technologies in various industries including energy, mining, manufacturing, and petrochemicals
- Rise in usage of technologies in the manufacturing sector coupled with an increase in adoption of industrial robots and evolution of Internet of Things is expected to boost the smart factory market during the forecast period
Key Drivers and Opportunities of Global Smart Factory Market
- Increase in use of high-tech tools and high-tech machinery highlights a combination of manufacturing and technological developments. Furthermore, the industrial shift toward cyber world and each and every component of value chain is connected to ensure informed manufacturing with zero defects and no-time lags. The factors mentioned above are expected to propel the smart factory market during the forecast period.
- Various companies are providing industrial automation solutions on different processes and discrete industries. Furthermore, intelligent platform of business division offers software and hardware technology platforms, by primarily focusing on selling through solution providers. These are boosting the smart factory market.
- Smart factory helps boost efficient production, enhance production quality, is environment friendly and energy efficient. Thus, the associated benefits are expected to boost the companies adopting smart factory techniques during the forecast period.
- Development of Manufacturing Execution Systems (MES), data models for rapid usage, and factory-specific templates are a few recent trends witnessed in the global smart factory market. Moreover, increasing number of industries adopting refurbished robots coupled with untapped fields such as industrial robots and RFID is projected to offer significant opportunities in the global smart factory market.
Asia Pacific to Hold Major Share of Global Smart Factory Market
- In terms of region, the global smart factory market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Asia Pacific is expected to hold a dominant share of the global smart factory market. Increase in usage of automotive technologies and technological innovations in various industries are expected to fuel the market. Information integration and intellectualization are the central focus of government policies, which also propel the smart factory market in Asia Pacific.
- Various research institutions and organizations are working together to improve manufacturing processes in China. Japan is creating smart factories by developing manufacturing sensors, robots, machine vision systems, and wireless technologies.
Key Players Operating in Global Smart Factory Market
- ABB Limited
- Emerson Electric Co.
- Fanuc Corporation
- General Electric Company
- Honeywell International
- Johnson Control International Plc
- Mitsubishi Electric Corporation
- Rockwell Automation
- Schneider Electric
- Yokogawa Electric
Global Smart Factory Market: Research Scope
Global Smart Factory Market, by Technology
- Machine Learning
- Cloud Connectivity
- Big Data
- Internet of Things
- Artificial Intelligence
- Sensor Technology
- Others (Cyber security, etc.)
Global Smart Factory Market, by Component
Global Smart Factory Market, by Industry
- Discrete Industry
- Aerospace and Defense
- Others (Machinery, etc.)
- Process Industries
- Foods and Beverages
- Wood and Wood Products
- Others (Plastic, Rubber, Textile, etc.)
Global Smart Factory Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.