Global Smart Factory Market : Industry Analysis and Forecast (2019 – 2027)
Global Smart Factory Market was valued at US$ 153.70 Bn in 2019 and is expected to reach US$ 293.85 Bn by 2027, at a CAGR of 9.7% during a forecast period. The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Global Smart Factory Market is driven by the revolution of the Internet of Things (IoT), increasing use of enabling technologies in manufacturing, rise in adoption of industrial robots in manufacturing, and innovations in assembly-line methods. Increasing use of automation in manufacturing, government support to industrial automation, simple regulatory compliances, increasing complexities in global supply chain are driving the global smart factory market across the globe. Industrial robotics is expected to be the leading sub-segment in components market during forecast period and is expected to command highest share in components segment in global smart factory market. Smart factory solutions address the growing need of centralizing business data and to track multiple operations with the real-time data analysis. Discrete industry to witness the highest growth during forecast period. Automotive and transportation are the largest end-use application segment in the global Smart Factory Market and are expected to continue dominance. Various sensors and actuators are used in many industries offering advance automation solutions that are projected to drive the demand over the forecast period.50% of the companies that have renovated their ERP core and migrated to