Smart Factory Market Worth $244.8 Billion by 2024 - Exclusive Report by MarketsandMarkets™

Smart Factory Market Worth $244.8 Billion by 2024 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, March 27, 2019

CHICAGO, March 27, 2019 /PRNewswire/ -- According to the new market research report "Smart Factory Market by Technology (DCS, PLC, MES, ERP, SCADA, PAM, HMI, PLM), Component (Sensors, Industrial Robots, Machine Vision Systems, Industrial 3D Printing), Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Smart Factory Market is expected to be valued at USD 153.7 billion in 2019 and to grow USD 244.8 billion by 2024 at a CAGR of 9.76% between 2019 and 2024. Factors driving the growth of the market include increasing adoption of industrial robots, the evolution of Internet of Things (IoT), growing demand for the smart automation solutions, and increasing emphasis on regulatory compliances.

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"Smart factory market for MES technology expected to grow at the highest rate between 2019 and 2024"

There is a growing need to centralize business data in enterprises and track multiplant operations with the help of real-time data analysis; this is one of the features of MES driving the growth of this market. This demand is expected to grow, even among small and medium-sized enterprises (SMEs), due to the availability of cost-effective MES solutions for various process and discrete industry verticals.

"Discrete industry to witness highest growth between 2019 and 2024"

The discrete industry is expected to witness the highest CAGR during the forecast period. The implementation of smart factory solutions in this industry ensures optimal supply chain management through the integration of the various production processes. It automates production processes and helps reduce the manufacturing cost. The smart factory market for the discrete industry is expected to be driven by rapid adoption of advanced manufacturing solutions by manufacturers to improve visibility, operational excellence, and quality, while reducing the lead time.

Browse in-depth TOC on "Smart Factory Market"

58 – Tables

65 – Figures

227 – Pages

"North America expected to hold the second-largest share of the smart factory market during the forecast period"

This region is a key market as it is home to some of the largest multinational corporations operating in this market, including the majority of the leading players. The increased R&D in the field of IoT for new and improved technologies, as well as the increasing demand for improved lifestyle are the two crucial factors driving the market in North America. In addition, rising demand for advanced manufacturing solutions is expected to drive the growth of the smart factory market in North America.

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Key players involved in the smart factory market are ABB (Switzerland), Emerson Electric (US), FANUC (Japan) General Electric (US), Honeywell International (US), Mitsubishi Electric (Japan), Robert Bosch (Germany), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), and Yokogawa Electric (Japan).

Please Explore Relevant Reports:

Smart Manufacturing Market by Enabling Technology (Condition Monitoring, Artificial Intelligence, IIoT, Digital Twin, Industrial 3D Printing), Information Technology (WMS, MES, PAM, HMI), Industry, and Region - Global Forecast to 2023

Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry and Geography - Global Forecast to 2024

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