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Smart Factory Market Will Surpass Us$ 168.7 Bn by 2023 to 2030|
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Smart Factory Market Will Surpass Us$ 168.7 Bn by 2023 to 2030|

The report titled “Smart Factory Market: Opportunity Analysis and Future Assessment 2023-2030” freshly published by Reports & Insights has the primary objective to offer its clients outright in-depth and meticulous information about the respective market along with the thorough knowledge of the statistics oriented in the direction of development of the respective market. For a clearer picture of the readers, the report also offers comprehensive know-how of the market, conceptual structure, and prevailing trends of the market together with the detailed textual and graphical representation. In addition, the report also cites comprehensively about the key players competing in the market for the unfluctuating intrigue of its readers.

The smart factory market is estimated to reach at a value of 94.6 Bn by the end of 2022 and expected to reach at a value of US$ 168.7 Bn by 2030 with a significant CAGR of 10.3%.

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Smart Factory Introduction

The idea of smart factories refers to enunciating the ultimate target of digitisation in the field of manufacturing. In the manner the term is most frequently used, a smart factory can be understood as the greatly digitized shop ground that constantly accumulates and exchanges data via connected devices, machines, and production systems. The data can further be employed by self-optimizing devices or across the organization to preemptively handle issues, enhance manufacturing procedures and retort to new demands.

The smart factory consists of several different technologies such as Big Data Analytics, Artificial Intelligence, Industrial IoT (IioT), and Cloud Computing which have made smart manufacturing practices entirely broad and complete.

Smart Factory Market Dynamics

In the present day and age, the 4.0 Industrial Revolution is the on-going progressive trend of automation of conventional industrial and manufacturing practices, employing advanced smart technology, such as AI and IoT which is majorly accelerating the idea of smart factories across the global markets. Owing to which, the global smart factory market is projected to grow substantially in the years to come.

In addition to that, the advanced technologies involved in the concept of smart factories, like big data analytics, artificial intelligence, and cloud computing enhances the production quality as well as asset efficiency to a huge level. Also, it eliminates machine and human errors, which is further estimated to accelerate the growth of the global smart factory market over the forecast period.

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Smart Factory Market Segmentation

The smart factory market is segmented on the basis of component, solution, industry, and region.

By Component

  • Industrial Sensors

  • Industrial Robots

  • Industrial 3D Printers

  • Machine Vision Systems

By Solution

  • SCADA

  • PAM

  • MES

  • Industrial Safety

By Industry

  • Process Industries

  • Oil & Gas

  • Chemicals

  • Pharmaceuticals

  • Energy & Power

  • Metals & Mining

  • Pulp & Paper

  • Food & Beverages

  • Others

  • Discrete Industries

  • Automotive

  • Aerospace & Defense

  • Semiconductor & Electronics

  • Machine Manufacturing

  • Medical Devices

  • Others

By Region

  • North America

  • Latin America

  • Europe

  • Africa

  • Middle East

  • Asia Pacific

Smart Factory Market Key Players

The key participating players of the global Smart Factory market include ABB Ltd., Endress+Hauser AG, Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., and Yokogawa Electric Corp., among others.

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