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Global Smart factory Market is Projected to Reach $70.5 Billion by 2023

The Global Smart factory market is poised to grow from $122 Billion in 2017 to $206 Billion by 2023 at a CAGR of 9.1% during the forecast period 2018 to 2023. The increasing adoption of industrial robots paired with the evolution of IoT has steered the demand for automated processes in the manufacturing facilities.

The industrial robotics segment accounted for the maximum share in 2017 in the market. The deployment of industrial robots in smart factory helps in improving productivity, decreases the chances of human errors, and increases the volume of production.

Among the industry verticals, the automotive industry held the largest market share. However, the food & beverage industry is anticipated to denote a lucrative growth rate in the smart factory market. Asia-Pacific is estimated to lead the smart factory market. This dominance is attributable to the growth in the manufacturing sector and favorable government regulations.

The key market players operating in the smart factory market include Siemens AG, General Electric Co, ABB Ltd, Rockwell Automation Inc., Schneider Electric SE, Honeywell International Inc., Fanuc Corporation, Mitsubishi Electric, Emerson Electric, and Yokogawa Electric Corporation among others. These players adopt various strategies such as product launch, partnership, acquisition, and others to sustain in the market.

Key Takeaways of the Global Smart Factory Market:
•    The manufacturing execution system segment is estimated to grow at the fastest pace over the forecast period 2018 to 2023.
•    The industrial robotics in the smart factory market generated the highest revenue share in 2017.
•    Automotive industry dominated the smart factory market in 2017.
•    Asia-Pacific region is estimated to lead the market in 2017 and is expected to maintain its dominance over the forecast period

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