A smart factory is an automated and cutting-edge facility utilized for providing advanced, safe, and efficient approaches to manufacturing numerous types of products. A number of companies across the world are adopting smart factory solutions as these solutions enhance the energy efficiency of their manufacturing processes. In addition, companies are also employing these solutions for optimizing and visualizing the processes and value chain across their manufacturing plants, and identifying the shortfalls in a manufacturing facility.
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Development of M2M Communications in Industrial Sector to Boost Smart Factory Market
The increasing shift toward customer-centric product offerings by a number of manufacturers globally is a key factor driving the global smart factory market. The market for smart factory solutions is predicted to rise at a 13.30% CAGR from 2015 to 2025. The growing demand for advanced manufacturing solutions will provide impetus to the growth of this market.
Furthermore, the development of M2M communications in the industrial sector and the growing integration of manufacturing and engineering through the utilization of the Internet of Things (IoT) will further augment the development of the global smart factory market. However, the increasing cost of deployment of smart manufacturing facilities and the dearth of skilled labor are amongst the main factors restraining the development of the smart factory market.
‘To Analyze’ Segment to Exhibit Remarkable 15.20% CAGR 2015-2025
In terms of market structure, the market is categorized into to connect, to collect, to control, and to analyze. Of these, on the basis of revenue, the segment of ‘to control’ holds the largest share in the market at present and is predicted to lead the market all through the forecast horizon. On the other hand, the segment of ‘to analyze’ is expected to exhibit a remarkable 15.20% CAGR between 2015 and 2025.
Automotive and Transportation Segment Led Market in 2014
By manufacturing vertical, the market for smart factory solutions is categorized into oil and gas, automotive and transportation, chemicals and materials, garments and textiles, aerospace and defense, electrical and electronics, food and beverages, and others including pharmaceuticals and healthcare. Amongst these, on the basis of revenue, the segment of automotive and transportation led the market in 2014 and is expected to maintain its superiority all through the forecast horizon. This is owing to the growing investments in smart factories by top manufacturers in the automobile industry.
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Asia Pacific Smart Factory Market Held a Share of Over 39.0% in 2014
On the basis of geography, the smart factory market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa (MEA). Amongst these, the Asia Pacific smart factory market held a share of more than 39.0% in 2014 in terms of value. This is owing to the growing government, private, and foreign investments in the manufacturing sector in this region. On the other hand, MEA is predicted to be the most swiftly developing regional market for smart factory solutions and will be trailed by the region of Latin America in the forecast horizon.
ABB Group, General Electric Co., Oracle Corporation, IBM Corporation, PTC Inc., and Accenture PLC, among others, are the chief players operating in this market.