Smart Factory Market

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2. SMART FACTORY MARKET ANALYSIS Smart Factory Market, By Component (Hardware, Software, and Services) by Market Structure (To Connect, To Collect, To Analyze, To Control ), by Manufacturing Verticals (Automobile & Transportation, Food & Beverages, Electrical & Electronics, Aerospace & Defense, Oil & Gas, Garment & Textile, Chemical & Material, Others (healthcare & pharmaceuticals)), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. Market Overview The global smart factory market is estimated to account for US$ 116.3 Bn in terms of value in 2019 and is expected to grow at a CAGR of 13.3% during the forecasted period 2019-27. Market Dynamics Drivers • Growing demand for smart factory from key verticals is expected to drive growth of the global smart factor market during the forecast period • Increasing focus on advanced manufacturing is expected to propel the global smart factory market growth over the forecast period

4. Figure 1. Smart Factory Market

5. Market Dynamics Restraints • Low availability of skilled personnel is expected to hamper the global smart factory market growthduring the forecast period • Concerns regarding data theft information security are expected to restrain growth of the global smart factor market over the forecast period

6. Figure 2. Smart Factory Market Opportunity Analysis

7. Market Opportunity • Rising adoption of collaborative robots can provide major growth opportunities • Increasing investments in manufacturing plants are expected to present lucrative opportunities for market players

8. Figure 3. Smart Factory Market, Revenue

9. Figure 4. Smart Factory Market Opportunity

10. Market Trends • North America Trends Rising demand for industrial robots in the region • Latin America Trends Increasing investments in automobile manufacturing plants

11. Competitive Section Key players operating in the global smart factory market are Oracle Corporation, ABB Group, Atos SE, Rockwell Automation, Inc., Accenture PLC, General Electric Co., PTC Inc., Siemens AG, SAP SE, and IBM Corporation. Few Recent Developments • Key players in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in January 2020, Oracle Corporation partnered with Mitsubishi Electric to develop Internet of Things (IoT)-enabled platform for smart manufacturing. • Major companies in the market are involved in capacity expansion, in order to gain a competitive edge in the market. For instance, in March 2018, ABB Group inaugurated its one of the first smart factories in Bangalore for production of electrical protection and connection solutions.

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