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Smart Factory Market worth $244.8 billion by 2024 | CAGR of 9.76%

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Smart Factory Market worth $244.8 billion by 2024 | CAGR of 9.76%

August 17
15:55 2020
Smart Factory Market worth $244.8 billion by 2024 | CAGR of 9.76%

Smart Factory Market
Smart Factory Market Research Report, identifies new revenue opportunity in smart factory industry. The report aims at estimating the market size and future growth of the smart factory based on offering, process, application, vertical, and region.

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″, 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.

• Informational PDF Brochure :-

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).

Browse 63 market data Tables and 61 Figures spread through 187 Pages and in-depth TOC on “Smart Factory Market – Global Forecast to 2024”

Smart Factory Market

“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.

“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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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