The global market for Smart Factory Solutions is projected to reach US$214.6 billion by 2024, driven by the growing importance of automated, responsive, adaptive, and connected manufacturing against the backdrop of intensifying global competitive pressure to enhance efficiency and reduce costs. Benefits of smart factory, also known as Industry 4.0, driving its adoption in the manufacturing industry include cost reductions in material handling; lower inventory costs; operational flexibility; improved supply chain predictability and efficiency; remote maintenance and monitoring of production processes; agility to keep up with manufacturing demand fluctuations; decentralized control of production; more effective integration of IT systems and creation of a seamless digital factory floor; higher energy efficiency; reduced material wastages and lower risk of production flaws; continuous real-time information and visibility; provides benefits of automating production, quality testing processes; provides valuable data about the manufacturing processes for better management. Other major trends in the market influencing growth include stringent energy regulations and growing pressure to conform to energy efficiency norms; developments in Industrial Internet of Things (IIoT), big data analytics and cloud computing technologies; aging workforce, shortage of skilled labor and the resulting forced necessity to adopt factory automation; urgent need to curtail de-industrialization in developed countries; maturity in sensor technology, falling costs and availability of affordable sensors as the building blocks of smart factories; and robust demand for smart factory networking technologies. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 9.6% over the analysis period, supported by factors such as region’s massive manufacturing base and competitive adoption of smart technologies in both large and small-scale sectors; rising global competitive standards in manufacturing and the ensuing spurt in demand for software solutions designed to transform factories from cost centers to profit and innovation centers. In developed markets, on the other hand, growth will be driven by growing opposition to strategic outsourcing of manufacturing operations and increasing emphasis laid on bringing back the manufacturing activities that were hitherto lost to low-cost destinations.
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Company and Industry News & Stories
- Accenture Expands the Capabilities of Accenture myWizard®, an Intelligent Automation Platform
- CORE Acquires Midwest Composite Technologies in a Bid to Establish an Industry Technology 4.0 Platform
- Pall Partners with Celltheon for Biotherapeutics Development in a Move to Deliver Integrated Manufacturing Solutions for Customers Developing Biotherapeutics
- Accenture Expands Industry X.0 Practice with Acquisition of Mindtribe and Pillar Technology
- Altizon Enters into Partnership with IMR in a Move to Offer an Innovative and Collaborative Manufacturing Ecosystem
Outlook in Key Market Segments
- Through 2024, Control Equipment & Software will remain the largest market, followed by Reporting & Analysis Software
- Reporting & Analysis Software is projected to witness the fastest growth driven by its capability to enhance productivity performance, cost, and quality in smart factories.
Product Definition & Scope
- Smart factory or smart manufacturing is a concept that envisages creation of intelligent factories, where the traditional disparate manufacturing processes are linked to generate intelligent data. In the smart manufacturing model, standalone production facilities can communicate with other sites within the factory, and facilitate integration of existing industrial infrastructure facilities with Internet of Things (IoT) and cloud computing. The resultant ecosystem is a highly complex yet vibrant network of self-regulation machines and facilities, which enables customization or production output, facilitates optimal allocation of resources, and also provides a seamless interface between virtual and physical aspects of production and assembly.
Timeline for Analysis
- Market Estimates and Forecasts for 2015-2024
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Middle East & Africa, and Latin America
Market Segmentation & Classification
- Control Equipment & Software, Reporting & Analysis Software, Measurement Devices, and Connectivity Solutions
- End-Use Sectors:
- Oil & Gas, Industrial Equipment, Automotive, Aerospace & Defense, Electronics, and Others.
- ABB Ltd.
- Cisco Systems, Inc.
- Dassault Systèmes
- FANUC Corporation
- General Electric Company
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Infosys Ltd.
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