The smart factory market with a newer trend of the internet of things (IoT) has tremendously changed many of the industries and one of them is industrial sector. Machine tools and physical plans have been heavily impacted by the latest Industrial Internet of things (IIotT). Enhanced production, innovation in technologies, workforce transformation and new hybrid business models are some of the primary benefits of implementing IIoT components. In order to improve and enhance their business performance and operational efficiency in the present highly competitive scenario, factories have started opting for advanced and automated systems. Thereby, due to the advancement and development in the industrial internet of things (IIoT), the smart factory market is expected to witness high growth during the forecast period, 2020 to 2027 as it holds immense potential for the market players. Furthermore, IIoT solutions on the floor introduced by manufacturing factories helps in supply chain management & production systems and inventory tracking. In addition, some companies have introduced the usage of on-board IoT devices as well. These factors have changed the era of smart factory market.
Industry 4.0 Revolution
A new revolution in the industrial sector has come up in the form of the Industry 4.0 revolution which is swiftly changing the industrial production capabilities; thereby changing the trend of smart factory market. The industrial processes have seen a new shift in the traditional processes in the form of artificial intelligence-based systems, the rising adaptation of connected devices, enterprise applications, and advanced sensing systems for data collection. However, there are some of the factors that would hinder the market growth such as data & security-related issues. Our reliability on technology today has given brought this issue into scenario which would be a threat throughout the forecast period though the security related software is into scene.
Industrial Robots Plays a Crucial Role in Smart Factory Market
Industrial robots are expected to hold a substantial share in the smart factory market. The industries are preferring robots as compared to human laborers. Industries feel that robots are much efficient in handling complex tasks and increasing productivity. In addition, the increasing labor cost across regions such as North America and Europe has further raised the demand for the robots. There are several tasks that are accomplished by the articulated robots such as palletizing, pick up, welding, assembly, etc.
Smart Factory Market by Application
Cost saving benefits and increased productivity has raised the demand for smart factory in food & beverage sectors. As the customer is on rise, Industry 4.0 solutions have further compelled food manufacturers to provide fresh and ready to cook products, Smart factory has gained growth in this sector so as to achieve the ideal parameters of the food and beverage industry. Among the geographies, North America is expected to achieve potential growth during the forecast period owing to intelligent supply chain and manufacturing technologies across numerous industries. Across North America the U.S. is expected to witness high growth due to reducing employee involvement, technically advanced production systems, and saving huge labor costs.
Market Players in the Smart Factory Market
Some of the prominent players in the global smart factory market are ABB, Rockwell Automation, Emerson Electric, General Electric, Honeywell International Inc., Robert Bosch GmbH, Schneider Electric, Siemens, etc. The major strategies adopted by these players are technological innovations & advancement and partnership & collaborations. This market is highly competitive where the market players are competing highly against each other to grab the major share of the market.
Scope of the Smart Factory Fertilization Market
Market by Component (Revenue, USD Billion, 2019 - 2028)
Market by Application (Revenue, USD Billion, 2019 - 2028)
By Region Segments (Revenue, USD Billion, 2019 - 2028)
Frequently Asked Questions (FAQs)
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