The Global Smart Factory Market
Date: 4/4/2016 The Global Smart Factory Market Size Is Expected to Reach USD 74.80 Billion by 2020 and Growing at 10.4% CAGR to 2020 Smart Factory Market by PLM, MES, PLC, SCADA, ERP, DCS, & HMI Technologies, by Sensors, Actuators, Communication, Industrial Robotics, & Machine Vision Components, and by Process, and Discrete Industries The smart factory market size, driven by factors such as wide adoption of IOT and technological advancements in M2M communication in the industrial sector, is expected to reach USD 74.80 billion by 2020 in terms of value. Increasing focus on saving energy & improving process efficiency are also adding to the growth factors. The scope of this report covers the smart factory market, segmented on the basis of technology, component, industry, and geography. The ERP technology held the largest share of the market, based on technology, in 2015. ERP facilitates the flow of information among all the business functions inside the boundaries of the organization and manages relations with the outer stakeholders. As SaaS ERP is gaining momentum, the ERP market is expected to gradually shift from a licensed to a subscription model in the next five years. The market for machine vision is expected to grow at the highest rate during the forecast period. The machine vision systems have been increasingly gaining popularity as these are easy to use. Recent advancements in the machine vision technology such as smart cameras have increased the scope of the smart factory market for machine vision for wider applications in the industrial and non-industrial sectors. The smart factory market has been segmented on the basis of industry into the process and discrete industries. Due to the rapidly changing pattern of consumption and production of goods and services, the demand for smart factory is increasing across both the industries. The market for the pharmaceuticals industry, a subsegment of the process industry, is expected to grow at the highest CAGR between 2016 and 2022. The automotive industry, a subsegment of the discrete industry, held the largest share of the market in 2015 and is expected to dominate the market till 2022. The discrete industry is expected to hold the largest share of the overall smart factory market during the forecast period. The smart factory market for the process industry market is expected to gain the maximum traction and grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing use of smart factory solutions in various verticals to minimize losses that occur due to the ineffective management of materials. The smart factory market for the pharmaceuticals industry, which is a sub segment of the process industry, is expected to grow at the highest CAGR during the forecast period. In this industry, automation process is mostly used not only to reduce labor costs but also to improve experimental accuracy and workflow efficiency. The automotive industry held the largest share of the smart factory market for the discrete industry in 2015 and is expected to dominate the market till 2022. The changing market dynamics has urged the need for smart manufacturing techniques as the real manufacturing world has begun converging with the digital manufacturing. With the increasing demand for smart factory in the process and discrete industries, the market for smart factory is expected to witness lots of growth opportunities 2022. However, one of the restraining factors in the transition toward smart manufacturing is cost, which includes the expenses involved in upgrading legacy systems. The shortage of skilled workforce in the manufacturing sector and sensitive cyber-physical system security threat also restrain the growth of the smart factory market. In addition, a central problem of different interfaces and protocols of industrial devices & equipment is the lack of standardization in equipment, which results in the misinterpretation of data. This may lead to cases of mismatch occurring in majority of the existing databases. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key people in the market. The breakdown of the profile of primary participants is given below. The changing market dynamics has urged the need for smart manufacturing techniques as the real manufacturing world has begun converging with the digital manufacturing. With the increasing demand for smart factory in the process and discrete industries, the market for smart factory is expected to witness lots of growth opportunities 2022. The Key Players in The Smart Factory Market Profiled in This Report Are: By Technology: By Component: By Industry: