Market Research Future published a research report on “Smart Factory Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The inclusion of robots to reduce the strain of manual labor on humans is expected to incentivize the growth of the smart factory in 2020. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. An 11.7% CAGR is predicted to provide the impetus for market growth in the forecast period.
The progress in the sensor technologies is estimated to open up new areas for the expansion of the Smart Factory Market. The improvement in the adoption of robots in industries is expected further to stimulate the progress of the smart factory market. The attractiveness of the internet of things (IoT) is predicted to unlock favorable growth opportunities in the market.
The central contenders in the smart factory market are ABB Ltd, Rockwell Automation, Emerson Electric Co., Honeywell International Inc., Robert Bosch GmbH, FANUC Corporation, Mitsubishi Electric Corporation, General Electric Company (GE), Johnson Controls International PLC, Schneider Electric, Siemens AG, Yokogawa Electric Corporation, Atos SE, Cognex Corporation and Ubisense to name a few.
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The segmental investigation of the smart factory market has been conducted on the basis of connectivity, services, industry vertical, component, and region. On the basis of services, the smart factory market is segmented into managed & professional services. Based on the industry vertical, the smart factory market is segmented into aerospace & defense, chemicals, automotive, oil & gas, electronics & semiconductor, healthcare and pharmaceutical, and others. Based on the components, the smart factory market is segmented into hardware and software. On the basis of the connectivity, the smart factory market is segmented into wireless connectivity and wired connectivity. Based on the regions, the smart factory market is segmented into the Middle East & Africa, Asia-Pacific, North America, South America, and Europe.
The regional analysis of the smart factory market encompasses regions such as the Middle East & Africa, Asia-Pacific, North America, South America, and Europe. The North American region directed the smart factory market in the year 2017, while the Asia-Pacific region is likely to be the fastest increasing region in the smart factory market throughout the forecast period. The European region is anticipated to be at the next position for the smart factory market in terms of market share in the year 2017. The North American region guides the market due to the existence of the international corporations funding the R&D for the industrial Internet of Things (IIoT), industrial automation, and cloud technology.
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