Global Forecast on Smart Factory Market

March 10th 2016 Mumbai, India: Bharatbook.com announces a report on “ Smart Factory Market by Technology (PLM, MES, PLC, SCADA, ERP, DCS, HMI), Component (Sensors & Actuators, Communication Technologies, Industrial Robotics, Machine Vision), Industry (Process, Discrete), and Geography - Global Forecast to 2022 ”. The smart factory market for the pharmaceuticals industry, which is a sub segment of the process industry, is expected to grow at the highest CAGR during the forecast period.

Integration of engineering and manufacturing by the adoption of IoT and advancements in M2M communication technology in the industrial sector are driving the growth of the smart factory market.

The smart factory market size, in terms of value, is expected reach USD 74.80 billion by 2020, at a CAGR of 10.4% between 2016 and 2022. This market is driven by factors such as wide adoption of IOT and technological advancements in M2M communication in the industrial sector, along with the increasing focus on saving energy & improving process efficiency.

The smart factory market for the process industry is expected to gain the maximum traction during the forecast period.

The discrete industry is expected to hold the largest share of the overall smart factory market during the forecast period. The smart factory market for the process industry market is expected to gain the maximum traction and grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing use of smart factory solutions in various verticals to minimize losses that occur due to the ineffective management of materials.

The smart factory market for the pharmaceuticals industry, which is a sub segment of the process industry, is expected to grow at the highest CAGR during the forecast period. In this industry, automation process is mostly used not only to reduce labor costs but also to improve experimental accuracy and workflow efficiency. The automotive industry held the...