Witnessing stupendous growth in the recent past, smart technologies have been performing well on the back of rising adoption of analytics and cyber security tools. The global smart factory market value surpassed $95bn in 2019. A new study has projected a solid double-digit growth for the market during forecast period, 2020 - 2030.
The worldwide coronavirus (COVID-19) pandemic has triggered considerable down turn across industries, particularly smart factory market.
Deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, massive slowdown in the manufacturing sector, especially in Asia, has strained economic activities across various industrial domains. These factors are constantly putting pressure on smart factory market and would adversely affect the market supply chain.
To sustain extreme competition, a majority of companies are adopting data-driven technologies such as Big Data analytics, intelligent automation, AI, and sensor technologies. Data-driven technologies offer an opportunity in transformation of existing manufacturing paradigm to smart manufacturing. Further, they empower companies to craft new strategies to gain leading edge.
Advantages such as cost efficiency and enhanced productivity have led to upsurge in adoption of smart factory technologies. In addition, technological advancements have diminished the boundaries between the digital (cyber) and physical factory infrastructure.
Intelligent interconnected systems seamlessly support activities along the entire value chain in factories. Governments worldwide are promoting and supporting the Industry 4.0 revolution. Further, they are encouraging entrepreneurs and Small & Medium Enterprises (SME) to create innovative products by using robotics, AI and big data analytics.
A comprehensive view of the smart factory market reveals that the market is escalating at a significant rate owing to growing demand for real time analytics to deliver personalised ads.
Smart factory market in regions such as East Asia and Europe is anticipated to grow at high rates during the forecast period, owing to increased adoption of smart factory solutions and tools across various industries. Alliances with other providers, along with regional expansion, are some strategies opted by key players in these regions to fuel market growth.
These insights are based on a report on Smart Factory Market by Future Market Insights.