Published : 3 years ago, on 28/07/2021

Witnessing stupendous
growth in the recent past, smart factory projects have been performing well on
the back of rising adoption of analytics and cyber security tools. The global smart factory market value surpassed US$ 95 Bn in 2019. A new
Future Market Insights (FMI) study has projected a solid double-digit growth
for the market during forecast period, 2020 – 2030.

The worldwide
coronavirus (COVID-19) pandemic has triggered considerable downturn across
industries, particularly smart factory market. Deployment of smart technologies
could be beneficial in breaking the pattern of the virus. However, massive
slowdown in the manufacturing sector, especially in Asia, has strained economic
activities across various industrial domains. These factors are constantly
putting pressure on smart factory market and would adversely affect the market
supply chain.

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Key Takeaways of Smart
Factory Market Study

• Software demand will
  grow at a significant CAGR throughout the forecast period.
• Among software
  components, distributed control systems hold a leading market share as they are
  widely used in factories for monitoring and controlling various processes.
• Discrete industry
  remains key revenue generator in smart factory market and would maintain the
  trend through 2030.
• Business partnerships
  help increase revenue, and new innovations in IT domain are enabling smart
  factory solution providers reach new potential customers, globally.

To sustain extreme
competition, a majority of companies are adopting data-driven technologies such
as Big Data analytics, intelligent automation, AI, and sensor technologies.
Data-driven technologies offer an opportunity in transformation of existing
manufacturing paradigm to smart manufacturing. Further, they empower companies
to craft new strategies to gain leading edge.

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Industry
4.0 and Technological Advancements Boost Adoption of Smart Technologies

Advantages such as cost efficiency and enhanced productivity
have led to upsurge in adoption of smart factory technologies. In addition,
technological advancements have diminished the boundaries between the digital
(cyber) and physical factory infrastructure. Intelligent interconnected systems
seamlessly support activities along the entire value chain in factories.
Governments worldwide are promoting and supporting the Industry 4.0 revolution.
Further, they are encouraging entrepreneurs and small & medium enterprises
(SME) to create innovative products by using robotics, AI and big data
analytics.

A comprehensive view of the smart factory market reveals that
the market is escalating at a significant rate owing to growing demand for
real-time analytics to deliver personalized ads. Smart factory market in
regions such as East Asia and Europe is anticipated to grow at high rates
during the forecast period, owing to increased adoption of smart factory
solutions and tools across various industries. Alliances with other providers,
along with regional expansion, are some strategies opted by key players in
these regions to fuel market growth.

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