Global Smart Factory Market: Overview

Smart factories have gained huge traction in the past couple of years owing to the increasing adoption of intelligence technologies in various industries including energy, mining, manufacturing, and petrochemicals. Increasing use of high-tech tools and high-tech machinery portrays a beautiful combination of manufacturing and technological developments. Another significant factor driving growth in the global smart factory market is the industrial shift towards cyber world. In this, every component of value chain likely to be connected to ensure informed manufacturing with zero defects and no-time lags that will further augments demand in this market.  

The report provides major drivers and restraints that influence growth in the global smart factory. These insights will benefit key stakeholder to get a complete knowledge about the market and crucial pointers that might affect in the growth of this market. In addition, geographical analysis, vendor landscape, and segmentation are also thoroughly analyzed in the report. Various assessments and evaluation of the market dynamics are based on throw statistical analysis of large volume of relevant data.

Global Smart Factory Market: Notable Developments

General Electronic and Siemens are two eminent players in the global smart factory market. The former provides industrial automation solutions on different process and discrete industries and latter holds majority in the smart factory market. GE’s Intelligent Platform business division offers software and hardware technology platforms by mainly focusing on selling through solution providers. Siemens holds a competitive edge in petrochemical, oil and gas, and chemical industries. Some of the other companies are also making significant efforts in expanding smart factory market.

  • Schneider Electric collaborating with Temasek, collectively entered an agreement to buy Larsen & Toubro’s Electrical & Automation business. They will then collaborate it with its Low Voltage & Industrial Automation Products business situated in India. This agreement will help both the companies to strengthen their position in this region.
  • IBM partnered with ABB for industrial artificial intelligence solutions. ­IBM Watson Internet of Things (IoT) and ABB Ability is a potent automation combination that will help in improving the production lines by recognizing critical faults over manufacturing process.

Several other players are also making significant efforts in expanding the global smart factory market by using different strategies and techniques. Some of the leading players include Schneider Electric, ABB, FANUC, Emerson Electric, General Electric, Yokogawa Electric, Honeywell International, Rockwell Automation, Mitsubishi Electric, Siemens, and Robert Bosch.

Global Smart Factory Market: Trends and Opportunities

Among the recent trends seen in the global smart factory market, includes development of Manufacturing Execution Systems (MES), data models for rapid usage, and factory-specific templates. Moreover, increasing industries of refurbished robots coupled with untapped fields such as industrial robots and RFID are projected to create lucrative growth opportunities in the global smart factory market.

Increasing R and D Activities by Institutions Led Dominance of Asia Pacific in Smart Factory Market

Geographically, Asia Pacific is expected to hold dominant share in the global smart factory market. Presence of dominant players such as Yokogawa, Mitsubishi Electric, Omron, and Fanuc led dominance of Asia Pacific in this market. In addition, increasing use of automotive technologies and technological innovations in various industrious industries also fueled growth in this market.

Among the various developing economies in Asia Pacific, China has been using advanced industrial practices by implementing automation technologies in manufacturing sector. Information integration and intellectualization are the central focus of the government policies, which also contributed in the growth of the Asia Pacific smart factory market.  Moreover, various research institutions and organizations are working together to improve manufacturing processes in China. Japan is also playing a significant role in boosting growth in this market. Prominent three companies namely Honda, Suzuki, and Toyota are working towards creating smart factories by developing manufacturing sensors, robots, machine vision systems, and wireless technologies. These initiatives will also spur growth in this market.  

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
  • Europe
  • 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.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Smart Factory Market

Pre Book