The market for smart factories in the United States is anticipated to grow at a CAGR of?11.8%?through 2033.
The smart factory market is predicted to grow from USD 140.7 billion in 2023 to USD 388.7 billion by 2033. This market is expected to grow at a phenomenal CAGR of 10.7% over the forecast period.
Smart factories have grown in popularity in recent years, owing to the greater acceptance of intelligence technology across a wide range of industries. During the forecast period, the manufacturing sector’s increased usage of technology is expected to boost the market for smart factories.
Furthermore, increased industrial robot usage and the development of the Internet of Things are likely to drive market growth. The introduction of Industry 4.0 and the use of intelligent gadgets to perform repetitive and arduous operations would improve the market’s development prospects for smart factories.
The Internet of Things (IoT), machine learning (ML), artificial intelligence (AI), and other technologies will all help to accelerate the growth of the smart factory sector. Collaborations and research and development initiatives will help to accelerate the market growth for smart factories in such advancements.
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Several firms provide industrial automation solutions for various processes and industries. The use of high-tech equipment and tools has expanded, showing both production and technological progress.
An environmentally friendly, energy-efficient, and smart factory aids in increasing output efficiency. As a result, the related benefits are expected to motivate enterprises to embrace smart manufacturing approaches throughout the forecast period.
Over the forecast period, North America is expected to lead the smart factory market. This increase can be attributed to an increase in government initiatives to create IoT technologies. Furthermore, in countries such as the United States and Canada, there is a growing emphasis on increasing manufacturing production.
KEY TAKEAWAYS
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COMPETITIVE LANDSCAPE
Key companies in the smart factory market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., General Electric Company, Johnson Controls International PLC, Yokogawa Electric Corporation, Honeywell International Inc.,?SAP SE, Oracle Corporation, IBM Corporation, Cisco Systems Inc., Microsoft Corporation,?Kollmorgen?and others.
These companies have used a few techniques to improve their market share in the smart factory sector. To increase their clientele and revenue, they have used both organic and inorganic development techniques, including new product releases, acquisitions, corporate expansions, and partnerships.
RECENT DEVELOPMENT
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Key Segments Of Smart Factory Industry Survey
Smart Factory Market By Component:
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Apr 19, 2023