Meticulous Research®—leading global market research company, published a research report titled ‘Smart Factory Market by Component (Solutions, Services, Technologies), Sector (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, Pharmaceuticals), and Geography - Global Forecast to 2030.’

According to this latest publication from Meticulous Research®, the smart factory market is expected to register a CAGR of 15.5% during the forecast period to reach $245.2 billion by 2030. The growth of the smart factory market is driven by the benefits of cloud-based smart factory solutions & services, increasing investments in Industry 4.0 technologies, and the growing adoption of robots in the manufacturing sector. However, the high capital and operating expenses restrain the growth of this market.

The implementation of smart factory in developing countries and technological advancements in industrial sensors are expected to create market growth opportunities. However, privacy, data security, and confidentiality concerns are major challenges for the players operating in this market. Additionally, the incorporation of IIoT, digital twins, and robotic process automation in smart factory and the proliferation of smart technologies for pharmaceutical manufacturing are prominent trends in the smart factory market.

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The smart factory market is segmented by component (solutions [industrial sensors, industrial robots {articulated robots, SCARA, cartesian robots, autonomous mobile robots, other industrial robots}, machine vision systems {cameras, optics, and LED lighting}, industrial automation and control systems/plant-level controls {SCADA, distributed control systems, programmable logic controllers, other plant-level controls}, enterprise-level controls {product lifecycle management, enterprise resource planning, manufacturing execution systems}, industrial safety systems, asset performance management solutions, other smart factory solutions], services [professional services, managed services, technologies {artificial intelligence, cloud computing & storage, digital twin, industrial cybersecurity, blockchain AR/VR}]), sector (automotive, heavy machinery & tools, aerospace & defense, metals & mining, electronics & semiconductors, medical devices, food & beverage, pharmaceuticals, oil & gas, FMCG, paints & chemicals, energy & power, pulp & paper, and other sectors), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the smart factory market is segmented into solutions, services, and technologies. In 2023, the solutions segment is expected to account for the largest share of the smart factory market. The large market share of this segment is attributed to the increasing proliferation of smart factory solutions in discrete manufacturing, the increasing need to automate factory production with smart factory software, the rising popularity of connected factory solutions, and the growing need to analyze productivity and efficiency in factory. In addition, the benefits offered by smart factory solutions, such as efficiency, reliability, improved quality control, and lower operating costs, contribute to this segment's growth. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on sector, the smart factory market is segmented into automotive, heavy machinery & tools, electronics & semiconductors, aerospace & defense, FMCG, medical devices, food & beverage, pharmaceuticals, paints & chemicals, oil & gas, metals & mining, energy & power, pulp & paper, and other sectors. In 2023, the automotive segment is expected to account for the largest share of the global smart factory market. The large market share of this segment is attributed to the growing emphasis on developing next-generation automobile warehouses, the increasing need to reduce costs & downtime in automotive production lines, the increasing integration of operational technology (OT) with information technology (IT) for better data-driven decisions, and the increasing demand for IoT & connected devices among automotive industries. However, the pharmaceuticals segment is expected to register the highest CAGR during the forecast period.

Based on geography, the smart factory market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the smart factory market. Asia-Pacific’s large market share is attributed to the increasing investments by private and public industries in managing essential resources & machinery, the presence of a large number of smart manufacturing industries, the surge in demand for cost-effective IIoT solutions, and leading companies’ increasing emphasis on robotics and automation. This regional market is also projected to register the highest CAGR during the forecast period.

Key Players
The key players operating in the smart factory market are ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Schneider Electric SE (France), Endress+Hauser Group Services AG (Switzerland), SAP SE (Germany), Oracle Corporation (U.S.), International Business Machines Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), and Ubisense Ltd. (U.K.).

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Scope of the Report:
Smart Factory Market, by Component
• Solutions
o Industrial Sensors
o Industrial Automation & Control Systems/Plant-level Controls
 SCADA (Supervisory Control and Data Acquisition)
 Distributed Control Systems (DCS)
 Programmable Logic Controllers (PLC)
 Other Plant-level Controls
o Industrial Robots
 Articulated Robots
 Cartesian Robots
 SCARA (Selective Compliance Articulated Robot Arm)
 Autonomous Mobile Robots
 Other Industrial Robots
o Machine Vision Systems
 Cameras
 Optics & LED Lighting
o Enterprise-level Controls
 Product Lifecycle Management (PLM)
 Enterprise Resource Planning (ERP)
 Manufacturing Execution Systems (MES)
o Asset Performance Management Solutions
o Industrial Safety Systems
o Other Smart Factory Solutions
• Services
o Professional Services
o Managed Services
• Technologies
o Cloud Computing & Storage
o Industrial Cybersecurity
o Augmented Reality/Virtual Reality (AR/VR)
o Digital Twin
o Artificial Intelligence
o Blockchain
o Other Technologies

Smart Factory Market, by Sector
o Automotive
o Heavy Machinery & Tools
o Electronics & Semiconductors
o Aerospace & Defense
o FMCG
o Medical Devices
o Food & Beverage
o Pharmaceuticals
o Paints & Chemicals
o Oil & Gas
o Metals & Mining
o Energy & Power
o Pulp & Paper
o Other Sectors

Smart Factory Market, by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
• Latin America
o Mexico
o Brazil
o Rest of Latin America
• Middle East & Africa
o UAE
o Israel
o Rest of Middle East & Africa

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