Smart Factory Market Analysis

1

• Coherent Market Insights
• Market Research and Business Consulting Services
• https//www.coherentmarketinsights.com
• SMART FACTORY MARKET ANALYSIS

2
Market Overview

• A smart factory is a highly digitized and
  connected production facility that depends on
  smart manufacturing. The concept of the smart
  factory is considered a crucial outcome of the
  fourth industrial revolution, i.e. Industry 4.0.
  Manufacturing companies are the major adopters of
  smart factories where they employ cutting-edge
  technologies such as artificial intelligence,
  Internet of Things, big data, analytics, and
  robotics. These factories can run autonomously on
  a large scale with the ability to self-correct. A
  smart factory offers visibility, autonomy, and
  connectivity. Although companies have already
  employed automation, smart factories are a step
  further and run without human intervention. Since
  modern technologies are incorporated, smart
  factories can learn and adapt in real-time,
  making them more flexible than their
  predecessors.
• 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.

3
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
• Many industry verticals such as automotive and
  transportation, electronics, and electrical
  industries are focused on adoption of smart
  factory solutions, in order to augment efficiency
  and increase production capabilities.
  Furthermore, a number of manufacturing verticals
  are adopting smart factory solutions, in order to
  reduce production of defective products,
  downtime, and wastage. At the same time, they are
  focused on improving productivity. Apart from
  automobile and electronics manufacturing, smart
  factory is being adopted in chemical, oil gas,
  textile and food beverage industries. Hence,
  these factors are expected to boost growth of the
  market during the forecast period.
• Increasing focus on advanced manufacturing is
  expected to propel the global smart factory
  market growth over the forecast period
• Increasing demand for advanced manufacturing
  practices is expected to support the market
  growth in the near future. Advanced manufacturing
  involves production of goods with minimum
  resources while maintaining cost and improving
  performance. Hence, the demand for smart
  factories globally is increasing significantly.
  Therefore, these factors are expected to propel
  the global smart factor market growth over the
  forecast period.

4
Asia Pacific region dominated the global smart
factory market in 2019, accounting for 35.6
share in terms of value, followed by Europe and
North America, respectively.

• Source Coherent Market Insights

5
Market Dynamics- Restraints

• Low availability of skilled personnel is expected
  to hamper the global smart factory market
  growth during the forecast period
• There is a severe shortage of skilled personnel
  and the skill gap of current workforce is
  creating challenges for the market. In emerging
  regions such as Africa and Latin America, this
  problem is severe. However, the situation is
  expected to change in the near future due to
  growing awareness regarding automation and smart
  factories in the region. Thus, these factors are
  expected to hamper the market growth in the near
  future.
• Concerns regarding data theft information
  security are expected to restrain growth of the
  global smart factor market over the forecast
  period
• Smart factories enable intensive digital
  communication between different machines, across
  divisions, companies, and industries. Critical
  information is shared across various channels
  through internet, which increases concerns
  related to information and data security.
  Moreover, this risk is even higher when
  information is shared across external networks.
  Hence, these factors are expected to restrain
  growth of the global smart factory market during
  the forecast period.

6
Market Opportunity

• Rising adoption of collaborative robots can
  provide major growth opportunities
• Collaborative robots or cobots are intended to
  interact with humans in a shared space or work
  safely in close proximity. Since these robots are
  designed to work autonomously with safety assured
  by isolation from human contact, they are better
  than conventional robots. For instance, in
  September 2014, ABB Limited introduced a
  collaborative robot named YuMi, which is
  human-friendly, dual armed and designed for the
  new era of automation.
• Increasing investments in manufacturing plants
  are expected to present lucrative opportunities
  for market players
• Rising global competition is encouraging
  manufacturers to adopt technologies that enhance
  efficiency and productivity at manufacturing
  units. Across the globe, numerous product
  manufacturers are investing significantly in
  incorporating the latest technologies and
  solutions to enhance manufacturing capabilities.
  For instance, in April 2015, GE invested over US
  200 million on its new multi-modal smart factory
  in India.

7
In global smart factory market, by component
segment defense, hardware sub-segment dominated
the global smart factory market in 2019,
accounting for 45.2 share in terms of value,
Above by software and services.
8
Market Trends

• North America Trends
• Rising demand for industrial robots in the region
• The demand for industrial robots is increasing
  significantly, owing to rising automation in
  manufacturing plants, since it accelerates
  production and enhances the quality of products.
  For instance, the Robotic Industries Association
  (RIA) reported that the number of robot units
  ordered from North American companies increased
  by 28 between 2013 and 2014. Moreover, during
  the same period, the number of robots shipped to
  North American companies increased by 13.
• Latin America Trends
• Increasing investments in automobile
  manufacturing plants
• In Latin America, a number of global automobile
  manufacturing companies have increased
  investments in the recent past. This trend is
  expected to grow of smart factories in the near
  future. For instance, in April 2015, Ford Motor
  Company announced an investment of US 2.2 Bn for
  a new engine and transmission plants in Mexico.
  Furthermore, in December 2015, Hyundai Motor
  Company decided to invest US 130 Mn in its new
  plant in Mexico.

9
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.

10

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• Reference
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  -insight/smart-factory-market-3688

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About Us

• Coherent Market Insights is a global market
  intelligence and consulting organization focused
  on assisting our plethora of clients achieve
  transformational growth by helping them make
  critical business decisions.
• What we provide
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12
Contact Us

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• Coherent Market Insights Pvt.Ltd.
• Address 1001 4th Ave, 3200 Seattle, WA 98154,
  U.S.
• Phone [phone]
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13
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