Smart Factory Market Size, Share, Revenue, Trends, and Drivers For 2024-2033

The Business Research Company's Smart Factory Market Size, Share, Revenue, Trends, and Drivers For 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 9, 2024 /EINPresswire.com/ -- The smart factory market has experienced robust growth in recent years, expanding from $76.11 billion in 2023 to $83.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to adoption of industry 4.0 and digital transformation, increasing adoption of data analytics and big data, automation and robotics, cyber-physical systems, cloud computing and edge computing.

What Is The Estimated Market Size Of The Global Smart Factory Market And Its Annual Growth Rate?
The smart factory market is projected to continue its strong growth, reaching $127.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to government support and regulatory initiatives, increasing focus on sustainability, supply chain resilience and visibility, flexible and scalable manufacturing solutions, greater emphasis on cybersecurity. Major trends in the forecast period include customization and personalization in production, remote monitoring and management, sustainable manufacturing practices, human-centric design in human-machine collaboration, smart sensors and actuators, collaborative robotics (cobots).

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Growth Driver Of The Smart Factory Market
The growing demand for industrial robots is expected to propel the growth of the smart factory market going forward. Industrial robots refer to mechanical machines that are programmed to automatically perform production-related tasks in industrial environments. A smart factory focuses on the optimization and industrial automation of its resources, using tools such as information and smart sensor technologies, robotics, the internet of things, or artificial intelligence.

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Who Are The Leading Competitors In The Smart Factory Market Share?
Key players in the market include ABB India Ltd., Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Johnson Controls International PLC, Mitsubishi Electric Corporation, Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Yokogawa Electric Corp., Cisco Systems Inc., Dassault Systèmes SE, Endress+Hauser AG, Kollmorgen Corp., Kuka AG, Omron Corporation, Oracle Corporation, Microsoft Corporation, PTC Inc., SAP SE, Hitachi Ltd., Amazon. com Inc., Fanuc Corporation, Cognex Corporation, FLIR Systems Inc., CoreTigo Ltd., Airbus Group Inc., Cellares Corp.

What Are The Dominant Trends In Smart Factory Market Growth?
Technology advancements are a key trend gaining popularity in the market. Major companies in the smart factory sector are using advanced technologies to improve the production process and achieve better efficiency.

How Is The Global Smart Factory Market Segmented?
1) By Product: Machine Vision Systems, Industrial Robotics, Control Devices, Sensors Communication Technologies, Other Products
2) By Component: Smart Factory Hardware, Smart Factory Software, Smart Factory Services
3) By Industry Vertical: Automotive, Aerospace and Defense, Electrical and Electronics, Food and Beverages, Energy and Utilities, Healthcare and Pharmaceuticals, Other Industry Verticals

Geographical Insights: North America Leading The Smart Factory Market
Asia-Pacific was the largest region in the smart factory global market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart factory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Smart Factory Market Definition
Smart factories refer to factories where physical production processes and operations are combined with digital technology, smart computing, and big data to create a more opportunistic system for companies that are focusing on manufacturing automation and supply chain management.

Smart Factory Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global smart factory market report covering trends, opportunities, strategies, and more
The Smart Factory Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smart factory market size, smart factory market drivers and trends, smart factory market major players and smart factory market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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Oliver Guirdham
The Business Research Company
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