As per the report titled ‘Smart Factory Market Size By Component (Hardware [Sensors, Industrial Robots {Articulated Robots, Cartesian Robots, SCARA Robots, Cylindrical Robots, Collaborative Robots}, Machine Vision], Software [HMI, Product Life Cycle Management (PLM), Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS)], Service), By Application (Automotive, Aerospace & Defense, Food & Beverage, Electrical & Electronics, Energy & Power), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025’ available with Market Study Report, the global smart factory market is projected to surpass USD 155 billion by the year 2025.
 

Surging adoption of industrial robots in conjunction with advancement of industrial internet of things (IIoT) is driving the growth of smart factory market. Increasing focus on efficient energy use, resource optimization, and cost-saving benefits across industries will boost the demand for intelligent manufacturing solutions. This factor, along with growing integration of real-time data driven technologies and digital supply chain management for high product quality, improved asset efficiency, and reduced human & machine errors will positively impact the market growth. Moreover, increasing incorporation of advanced sensors and actuators across industries owing to embedded computational features and low energy consumption will augment the market outlook in the coming years.
 

Industrial robots are being deployed across several industries on account of increased productivity and reduced errors as compared to human workers. These robots produce high-quality products with continuous precisions, reduce industrial waste, and handle all the critical & dangerous manufacturing processes, thereby ensuring worker safety. Increasing labor cost and expensive training across North America and Europe are enhancing the demand for these robots. These factors coupled with increasing deployment of collaborative robots which work alongside humans is stimulating the growth of smart factory market.
 

Based on the application, smart factory market from automotive segment is expected to grow considerably during the forecast period. The integration of advance technologies such as cloud computing, AI, IoT, 3D printing, and automation for manufacturing high-quality automobile systems and components is driving the segment growth. Inflowing investments by key automotive players to increase productivity and enhance operational efficiency will aid the business outlook in the coming years.
 

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Considering the geographical outlook, Asia Pacific smart factory market is slated to grow significantly during 2019-2025. The regional growth can be affixed to rapid industrialization in tandem with increasing adoption of automation technologies across the various industry verticals. Increasing government initiatives to promote manufacturing sector will further enhance the regional market share.
 

Prominent players of smart factory market include Honeywell International, Inc., ABB, Robert Bosch GmbH, Emerson Electric, General Electric, Siemens, Rockwell Automation, and Schneider Electric among others.