The global smart factory market size is expected to reach USD 191.02 billion by 2030 according to a new study by Polaris Market Research. The report “Smart Factory Market Share, Size, Trends, Industry Analysis Report, By Component; By Solution (SCADA, MES, Industrial Safety, PAM); By Industry (Process Industry, Discrete Industry); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Industry 4.0 is being implemented and adopted more widely, driving the market's growth. The market share has increased due to rising automation and software-based procedures. Real-time analysis and synchronization have been made accessible to the global market by smart technologies, helping to reduce costs and save time.
A digital platform known as a "smart factory" allows data to be transmitted in real-time between numerous linked devices, machinery, and other systems. Technology transfers the transmitted data through the market to optimize devices and handle difficulties with ease.
During a pandemic, a lockdown may cause the halting operation of industrial applications. To minimize the rapid transmission of viruses, manufacturers and many industrialists adopt smart technologies to stop human interaction for many processes. This will also affect the overall market of the smart factory.
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Rising demand for technologies such as IoT and artificial intelligence in the industrial environment is supposed to influence the market's growth over the forecast period. Additionally, a growing number of developments in wireless sensor networks, with their adoption in smart factories and the emergence of 5G technology, are creating lucrative opportunities for industrial players.
Smart Factory Market Report Highlights
Polaris Market Research has segmented the smart factory market report based on component, solution, industry and region:
Smart Factory, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Factory, Solution Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Factory, Industry Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Factory, Regional Outlook (Revenue - USD Billion, 2018 - 2030)