Revolutionizing Manufacturing: Smart Factory Market Set to Triple in Size by 2033

The smart factory market is expected to increase in size from USD 140.7 Bn in 2023 to USD 388.7 Bn by 2023. This market is anticipated to climb at a fantastic CAGR of 10.7% throughout the projected period.

Owing to the increased acceptance of intelligence technologies across a variety of industries, smart factories have become increasingly popular in recent years. During the forecast period, the manufacturing sector’s increased use of technology is anticipated to enhance the market for smart factories.

Moreover, the rising industrial robot adoption and the development of the Internet of Things are also expected to push market expansion. The emergence of Industry 4.0 and the usage of intelligent devices to carry out repetitive and tiresome tasks will enhance the development prospects for the market for smart factories.

To Get a Sample Copy of the Report Visit:
https://www.futuremarketinsights.com/reports/sample/rep-gb-446

The Internet of Things (IoT), machine learning (ML), artificial intelligence (AI), and other technologies will all contribute to the market for smart factories growing more quickly. In such developments, collaborations and research and development efforts will contribute to accelerating the market growth for smart factories.

Industrial automation solutions are offered by several organizations for various processes and distinct sectors. Utilization of high-tech equipment and tools has increased, highlighting both production and technical advancements.

An environmentally friendly, energy-efficient, and smart factory helps increase efficient output. As a result, throughout the projection period, the accompanying advantages are anticipated to encourage businesses to use smart manufacturing approaches.

North America is likely to lead the smart factory market over the forecast period. This rise can be linked to an increase in government initiatives for IoT technology development. Moreover, there is a growing focus on boosting manufacturing output in nations like the US and Canada.

KEY TAKEAWAYS

• The market for smart factories in the United States is anticipated to grow at a CAGR of 11.8% through 2033.
• With a CAGR of 10.7%, the United Kingdom smart factory market is expected to grow significantly during the forecast period.
• With a CAGR of 8.8% throughout the research period, Japan is predicted to grow rapidly in the market for smart factories by 2033.
• The smart factory market in China is expected to grow at a CAGR of 8.6% over the forecast period.
• With a CAGR of 10.4% throughout the research period, the market for smart factories in South Korea is anticipated to increase speedily.
• The software category of the smart factory market’s component segment is predicted to develop at a CAGR of 10.6% through 2033.
• In the market for smart factories, the discrete industry section of the end-user category is estimated to showcase a CAGR of 10.6% over the forecast period.

COMPETITIVE LANDSCAPE

Key companies in the smart factory market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Honeywell International Inc., SAP SE, Oracle Corporation, IBM Corporation, Cisco Systems Inc., Microsoft Corporation, Kollmorgen and others.

These companies have used a few techniques to improve their market share in the smart factory sector. To increase their clientele and revenue, they have used both organic and inorganic development techniques, including new product releases, acquisitions, corporate expansions, and partnerships.

Request for Methodology:
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-446

RECENT DEVELOPMENT

• In March 2022, the industrial control platform Movicon.NExT 4.1.33 has been updated by Emerson Electric Company with MT Connect. It has the potential to boost productivity while reducing downtime and improving efficiency.
• In October 2020, together with Microsoft, Rockwell Automation created market-ready, integrated solutions that support industrial clients in becoming more digitally agile. The two companies will work together for five years to create cutting-edge edge-to-cloud solutions that combine data from the development, operations, and maintenance teams through a single trusted data environment.