Industrial Automation Magazine India

Smart factory market is expected to soar at a stellar CAGR of 10.8 percent from 2022 to 2028

Published on : Thursday 10-11-2022

Smart factory companies are investing in R&D of smart manufacturing technologies that utilise industrial IoT components.

November 2022 – The Smart Factory Market is anticipated to soar at a stellar CAGR of 10.8 percent and surge from a valuation of USD 127.2 Bn in 2022 to USD 288.1 Bn by 2030. Witnessing stupendous growth in the recent past, smart factory projects have been performing well on the back of the rising adoption of analytics and cybersecurity tools. The global smart factory market value surpasses USD 127.2 Bn in 2022. A new Future Market Insights (FMI) study has projected solid double-digit growth for the market during the forecast period, 2022 - 2030.

 The worldwide coronavirus (Covid-19) pandemic has triggered a considerable downturn across industries, particularly the smart factory market. The deployment of smart technologies could be beneficial in breaking the pattern of the virus. However, the massive slowdown in the manufacturing sector, especially in Asia, has strained economic activities across various industrial domains.

 Key Takeaways

·Software demand will grow at a significant CAGR throughout the forecast period.

·Among software components, distributed control systems hold a leading market share as they are widely used in factories for monitoring and controlling various processes.

·The discrete industry remains a key revenue generator in the smart factory market and would maintain the trend through 2030.

·Business partnerships help increase revenue, and innovations in the IT domain are enabling smart factory solution providers to reach new potential customers, globally.

 Advantages such as cost efficiency and enhanced productivity have led to an upsurge in the 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 (SMEs) 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 a growing demand for real-time analytics to deliver personalized ads.

 Smart factory companies are investing in the research and development of smart manufacturing technologies that utilise industrial IoT components to maximise productivity and efficiency.

 In January 2022, Neurala, a leading vision AI software company, announced the launch of its new detection technology that is aimed at improving quality inspection at smart factories. Manufacturers are aiming to optimise their smart manufacturing lines via such innovative solutions and technologies.