Albany, NY -- (SBWIRE) -- 01/08/2019 -- The smart factory is a paradigm shift from traditional automation to a fully connected and flexible system that enables organisations to digitally plan and project the entire lifecycle of products and production facilities. A smart factory can integrate data from system-wide physical, operational and human assets to drive manufacturing, maintenance and inventory tracking. Moreover, several companies are already leveraging components of smart factories in areas such as advanced planning, scheduling, real-time production and inventory management.

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In this report, FMI has segmented the global smart factory market on the basis of market structure, manufacturing vertical, component and region. By market structure, the market is sub-segmented into to connect, to collect, to analyse and to control. The control sub-segment is surging the growth of the global smart factory market owing to a quantitative increase in the demand for industrial components such as actuators, industrial robots and additive manufacturing equipment. In addition, the global adoption of Internet-based technologies by several industry verticals is surging the growth of the smart factory market. However, the growth of the analyse sub-segment can be attributed to the growth of data-driven technologies across the globe. It has been observed that the demand for data-driven technologies is increasing rapidly. Companies are adopting data-driven technologies for decision making. Owing to these factors, the analyse sub-segment is projected to register double-digit market growth and hold the highest market share at the end of 2028 in the global smart factory market. In addition, the collect sub-segment is expected to register a high Y-o-Y growth rate during the forecast period due to advancements in chemical and material industries. Moreover, the connect sub-segment is also witnessing high growth due to an increase in the adoption of Internet-based technologies.

Based on manufacturing vertical, the smart factory market is sub-segmented into automotive & transportation, food & beverages, electrical & electronics, aerospace & defence, oil & gas, garments & textile, chemical & material and others. The emergence of next-generation vehicles is a major factor that promotes the growth of the automotive & transportation sub-segment. The automotive segment has witnessed several technological advancements in the recent years. In the automotive industry, autonomous vehicles, such as smart cars, connected cars and driverless cars, are in the testing and deployment stages. These key advancements in the automotive industry are encouraging automotive OEMs to adopt smart factory components.

Furthermore, on the basis of component, the smart factory market is segmented into hardware, software and services. Due to an increase in the proliferation of industrial robots, sensors and additive manufacturing equipment, the hardware sub-segment is projected to hold the largest market share for the smart factory market at the end of 2028. Moreover, due to the adoption of data-driven technologies in various industry verticals, the software sub-segment is expected to register double-digit growth during the forecast period.

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In addition, on the basis of geography, the North America smart factory market is expected to dominate the global smart factory market due to advancements in next-generation technologies in the U.S. and Canada. The provision of enhanced manufacturing capabilities is expected to propel the smart factory market in North America. Moreover, the region has witnessed the widespread deployment of IoT and ultra-reliable, low-latency communications technologies in the past couple of years. These factors are fuelling the growth of the smart factory market in North America. The smart factory market has high potential in China owing to major technological advancements in the manufacturing and industrial sectors. The SEA and Others of APAC smart factory market is expected to be among target markets for smart factory market participants. The Latin America smart factory market is estimated to grow at a high CAGR over the forecast period. The MEA smart factory market is projected to grow at a high CAGR due to an increase in the penetration of additive manufacturing components in the oil & gas industry.

According to FMI analysis, long-term contracts with business partners are likely to increase revenue and new innovation strategies are estimated to enable smart factory vendors to reach new growth markets. Some of the key players in the global smart factory market include ABB (ASEA BROWN BOVERI) Group, Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Honeywell International, Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Robert Bosch GmbH, Oracle Corporation, SAP SE, IBM Corporation, Emerson Electric Company, Cisco Systems, Inc. and Wipro Limited.

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