The factors that are driving the growth of the Smart Factory market are the rising practice for advanced base for manufacturing, increased focus on energy consumption and improved efficiency of manufacturing. However, the factors that are hampering the growth of the market are lack of interoperability & standardization and the shortage of trained workers. Rising industry of refurbished robots and untapped field such as industrial robots and RFID are expected to create lot of opportunities for the growth of the market.
Smart Factory technology market is segmented into information technology system, enterprise resource planning (ERP), manufacturing execution system and industrial control system. Enterprise resource planning (ERP) is the largest revenue generating segment due to the usage of software applications to embody the processes and products, relationships between activities & functions, procedures and information flow.
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Smart Factory is the advanced factory that has cyber-physical systems where materials can be moved efficiently across the factory floor. This advanced system has integrated computing codes that provides automation solution. This automation can be deployed within 60 days in order to streamline and track the materials flow through the facility of manufacturing. Smart Factory provides data models and factory- specific & MES templates for rapid use. The use of smart factory boosts the quality & productivity and cuts down the operational cost as compared to traditional production systems.
Smart Factory application market is segmented into process industry and discrete industry. Process Industry is further segmented into pharmaceuticals, food & beverages, chemical and oil & gas. Discrete Industry is sub-segmented into automotive & transportation, packaging and mining, minerals & metals. Discrete industry is the largest revenue generating segment due to the rising demand for Smart Factory from automotive industry. Geographically, Market is segmented into North America, Europe, Asia Pacific and RoW. Asia Pacific followed by North America is the largest revenue-generating segment due to its increasing adoption of Smart Factory in the automotive industry.
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