Smart Factory Market worth 74.80 Billion USD by 2022

The report “Smart Factory Market by Technology (PLM, MES, PLC, SCADA, ERP, DCS, HMI), Component (Sensors & Actuators, Communication Technologies, Industrial Robotics, Machine Vision), Industry (Process, Discrete), and Geography – Global Forecast to 2022″, The smart factory market size, in terms of value, is expected to reach USD 74.80 Billion by 2022, at a CAGR of 10.4% between 2016 and 2022.

The emergence of smart factories can be seen from the period of change toward cohesive control of the machineries, processes, and resources with local intelligence. The increasing focus on saving energy & improving process efficiency along with the integration of engineering and manufacturing by the adoption of IoT is expected to foster the growth of the smart factory market.

Machine vision expected to play a key role in the smart factory market, by component

The market for machine vision is expected to grow at the highest rate during the forecast period. The machine vision systems have been increasingly gaining popularity as these systems are easy to use. Recent advancements in the machine vision technology such as smart cameras have increased the scope of the machine vision market for wider applications in the industrial and non-industrial sectors.

Discrete industry expected to hold the largest market share during the forecast period

The discrete industry is expected to hold the largest share of the smart factory market by 2020, whereas the smart factory market for the process industry is expected to grow at the highest rate between 2016 and 2022. This growth in the process industry can be attributed to the increasing use of smart factory solutions in various verticals to minimize losses that occur due to the ineffective management of materials.

APAC expected to hold the largest market share and to grow at the highest CAGR

APAC is expected to hold the largest market share and dominate the smart factory market between 2016 and 2022, owing to the growth in the manufacturing sector in China and India. The geographical expansion of the key automotive manufacturers in APAC is creating new opportunities for the smart factory market.
The major players operating in the smart factory market include FANUC Corporation, Siemens AG, ABB Ltd., Honeywell International, Inc., and Yokogawa Electric Corp.

The scope of the report covers detailed information regarding the major factors influencing the growth of the smart factory market such as drivers, restraints, challenges, and opportunities. Detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, and key strategies such as new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the smart factory market.