Smart Factory Market
Global Smart Factory Market Report: by Component (Software, Hardware, Service), by Connectivity (Wired Connectivity, Wireless Connectivity), by Industry Vertical (Electronics and Semiconductor, Aerospace & Defense, Automotive, Oil & Gas, Chemicals, Healthcare & Pharmaceuticals and others) Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast to 2023
Market Highlights
The global smart factory market is spanned across North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The key growth drivers of the market include significantly high adoption of robots across industries and a number of advances in sensor technologies. However, risks associated with cybersecurity and data loss issues are restricting the market growth.
North America led the smart factory market in 2017, whereas Asia-Pacific is expected to be the fastest growing region in the smart factory market during the forecast period. Europe is expected to be at the second spot for the global smart factory market in terms of market share in 2017.
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North America dominates the market owing to the presence of the multinational corporations investing in R&D for industrial automation, industrial Internet of Things (IIoT), as well as cloud technology. Europe is the second largest market with Germany having the highest market share, followed by the rest of Europe, the UK, and France. Some of the factors responsible for the market growth include an increase in the number of industrial robots and advancements in sensor technology. Also, many manufacturers are shifting towards digitizing their industrial processes. The rapid adoption of IoT and industrial automation have enhanced the growth of the smart factory market considerably. Companies are currently investing heavily in research and development to integrate IoT technology in the automotive, manufacturing, and electronics and semiconductor industries.
Asia-Pacific is projected to have the highest CAGR during the forecast period with China being the leader in this region. The growth can be attributed to the presence of several manufacturing firms and Internet Plus initiatives by the governments that encourage all industry verticals to adopt internet technologies and make the business operations smart. The companies operating in the Asia-Pacific smart factory market include Yokogawa Electric Corporation (Japan), Mitsubishi Electric Corporation (Japan), and Fanuc Corporation (Japan).
The global smart factory market is expected to reach USD ~257,485 million at a CAGR of over 11.7% by the end of the forecast period.
Global Wireless Network Infrastructure Ecosystem: Segmentation
The global smart factory has been segmented on the basis of hardware, software, services, and region. The market, by hardware, has been segmented into industrial robots, sensors, machine vision system, and control devices. The software segment includes Supervisory Control and Data Acquisition (SCADA), Programmable Automation Controller (PAC), Programmable Logic Controller (PLC), Distributed Control System (DCS), Enterprise Resource Planning (ERP) and others. The services segment include managed services and professional services. Whereas, on the basis of region, the market has been segmented as North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
Some of the prominent players in the global smart factory market are Rockwell Automation, Schneider Electric, Honeywell International Inc., Emerson Electric Co., Johnson Controls International PLC, Yokogawa Electric Corporation, Atos SE, Siemens AG, General Electric Company (GE), ABB Ltd, FANUC Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Cognex Corporation, and Ubisense.
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