The global smart factory market reached a value of US$ 161.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 286.6 Billion by 2027, exhibiting a CAGR of 10.6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

A smart factory is a highly digitalized and networked facility that operates through cyber-physical systems to move materials effectively. It is integrated with computer codes and pre-programmed software to track the material flow and optimize production processes. Smart factories are hyperflexible, self-adapting and equipped with cognitive and self-healing capabilities. They include advanced solutions, such as machine vision systems, industrial robotics, supervisory control and data acquisition (SCADA), programmable logic controller (PLC) and human-machine interface (HMI) systems. They require minimal human interaction and are commonly used for manufacturing, planning, supply chain management, logistics and product development. As a result, smart factory finds extensive applications across various industries, including oil and gas, chemical, pharmaceutical, automotive, aerospace and food and beverage.

Smart Factory Market Trends:
Rapid digitization across industries, along with the increasing requirement for industrial automation, is one of the key factors creating a positive outlook for the market growth. Moreover, the widespread adoption of manufacturing execution systems (MES) and advanced data models for process-specific functioning is providing a thrust to the market growth. In line with this, the increasing adoption of refurbished industrial robots and radio frequency identification (RFID) systems is also contributing to the growth of the market. Various technological advancements, such as the integration of connected devices with cloud computing, artificial intelligence (AI) and the Internet of Things (IoT), are acting as other growth-inducing factors. These innovative technologies aid in performing electronic and mechanical assembly, product testing and automated material handling. Smart factories also utilize force sensors to verify component insertion, maintain constant force during buffing, polishing and deburring and collect data for statistical process control (SPC) systems. Other factors, including the advent of the Industrial Internet of Things (IIoT), along with the increasing adoption of smart factory solutions for the manufacturing of intricate automotive and medical components, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart factory market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on field devices, technology and end use industry.

Breakup by Field Devices:

Industrial Sensors
Industrial Robots
Industrial Network
Industrial 3D Printers
Machine Vision Systems

Breakup by Technology:

Product Lifecycle Management (PLM)
Human Machine Interface (HMI)
Enterprise Resource Planning (ERP)
Manufacturing Execution Systems (MES)
Distributed Control Systems (DCS)
Industrial Control System
Others

Breakup by End Use Industry:

Pharmaceuticals
Food and Beverages
Chemical
Oil and Gas
Automotive and Transportation
Semiconductor and Electronics
Aerospace and Defense
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Dassault Syst?mes, Emerson Electric Co., General Electric Company, Honeywell International Inc., Johnson Controls International, Microsoft Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Schneider Electric SE and Siemens AG.

Key questions answered in this report:
How has the global smart factory market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart factory market?
What are the key regional markets?
What is the breakup of the market based on the field devices?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart factory market and who are the key players?
What is the degree of competition in the industry?