The rising demand for industrial robot and technology advancements are expected to spur the growth.
The Smart Factory Market is expected to reach USD 330.11 Billion by 2028, according to a new report by Reports and Data. Smart factory attributes to several fully-integrated automation solutions implemented for manufacturing purposes. This integration helps to streamline the material flow during all the methods involved in manufacturing, thus, facilitating the efficient flow of materials across the factory floor. Integrating the digital and physical worlds has transformed the automation industry, thereby empowering maximum performance.
Easy monitoring, minimization of waste, and acceleration of production are some of the significant benefits of a smart factory. This technology advancement provides enhanced quality, with standardization and reliable products to the customers, within time and at a much economical cost. The emergence of wireless networking technologies is promoting revolutionary improvements in this market along with the growing number of smart factories globally and also encouraging the use of mobile devices, to observe and manage industrial processes.
North America region accounts for the second largest share of 27.3% of the market in 2020. This region is an important market as it consists of some of the most prominent multinational organizations engaging in this market, including the preponderance of the leading players. The developed R&D in the field of IoT for modern and upgraded technologies, as well as the rising demand for enhanced lifestyle, are the two significant factors driving the market in this region. Also, the increasing demand for high-level manufacturing solutions is anticipated to drive the growth of the market in North America.
Key participants include ABB, Siemens, Emerson Electric, General Electric, FANUC, Honeywell International, Mitsubishi Electric, Robert Bosch, Rockwell Automation, Schneider Electric, Siemens, Yokogawa Electric
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Further key findings from the report suggest
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For the purpose of this study, Reports and Data have segmented the global Smart Factory Market on the basis of Type, Application, Technology and region:
Type Outlook (Revenue, USD Million; 2020-2028)
Application Outlook (Revenue, USD Million; 2020-2028)
Technology Outlook (Revenue, USD Million; 2020-2028)
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Regional Outlook (Revenue, USD Million; 2020-2028)
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