Smart Factory Market Size & Share Valuation Anticipated to Grow Over USD 191.02 Billion by 2030, Calculating 10.46% CAGR Rise: Polaris Market Research
Smart Factory Market Size & Share Valuation Anticipated to Grow Over USD 191.02 Billion by 2030, Calculating 10.46% CAGR Rise: Polaris Market Research
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Nov 15, 2022, 08:44 ET
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NEW YORK, Nov. 15, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Smart Factory Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, MES, Industrial Safety, PAM); By Industry (Process Industry, Discrete Industry); By Region; Segment Forecast, 2022 - 2030" in its research database.
According to the research study, the global smart factory market size & share was valued at USD 79.41 billion in 2021 and is expected to reach over USD 191.02 Billion by 2030, growing at a CAGR of 10.46% during the forecast period.
What is Smart Factory? What is the Smart Manufacturing Market Size & Share Expected Growth?
· Overview
A smart factory is an advanced factory that uses advanced technologies such as artificial intelligence (AI), machine learning, and connected devices to continuously collect data and share it in real time. The data can then be used by the company to handle issues, enhance production processes, and fulfill new demands. Smart factories are part of Industry 4.0, or the fourth industrial revolution, which is driven by digital transformation and automation.
Other technologies incorporated by smart factory includes cloud connectivity, big data, Industrial Internet of Things (IIoT), virtual reality (VR) and augmented reality (AR), and others. These factories provide benefits such as faster problem resolution, better safety & quality control, on-time delivery, and seamless data exchange. The smart factory market size is driven by factors including an increasing focus on energy efficiency, resource optimization, and cost reduction in production operations.
Request Sample Copy of "Smart Factory Market" Research Report @ https://www.polarismarketresearch.com/industry-analysis/smart-factory-market/request-for-sample
Our Free Sample Report Includes
· Report introduction, overview, and in-depth industry analysis
· Breakdown data by regions, type, players, and applications
· Competitive landscape and leading competitor market shares
· 110+ pages research report
· Offers chapter-wise instruction on request
· Includes market presence across different geographies with share, size, and trends
· Updated list of tables and figures
· The report covers leading players with their business strategies
· Factors and fact research methodology
Growth Driving Factors
· Increasing technological automation to push the market growth
The rising development and adoption of Industry 4.0 majorly fuel the market growth. The continuously growing automation and software-based process propel the smart factory industry demand. The rapid technological developments, growing industrial robots, and RFID in the manufacturing sector are the factors creating a lot of opportunities in the smart factory market. Various benefits offered by smart factories, such as improved data insights, faster issue resolution, better safety & quality control, etc., are supposed to boost the market expansion over the predicted period.
Moreover, the increasing integration of technologies, including the Internet-of-Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), and others, is likely to positively influence smart factory market sales. Augmented reality (AR) is another technology used by the smart factory which increases production activity and enhances production procedures on the floor, thereby accelerating the industry's growth. In addition, a surge in the adoption of smart manufacturing by companies or manufacturers is expected to bolster market evolution.
Directly Purchase a copy of report with TOC @ https://www.polarismarketresearch.com/checkouts/17311
Recent developments
In March 2022, Emerson Electric Company launched MT Connect for Movicon.NExT 4.1.33 industrial control platform, which has the potential to improve efficiency, reduce downtime and increase productivity.
Some for the Top Market Players Operating in the Global Market Are:
· ABB (ASEA BROWN BOVERI) Group
· Cisco Systems Inc.
· Emerson Electric Company
· Fanuc
· General Electric Company
· Honda
· Honeywell International Inc.
· IBM Corporation
· Johnson Controls International PLC
· Mitsubishi Electric
· Omron
· Oracle Corporation
· Robert Bosch GmbH
· Rockwell Automation Inc.
· SAP SE
· Schneider Electric SE
· Siemens AG
· Suzuki
· Toyota
· Wipro Limited
· Yokogawa Electric Corporation