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Smart Factory Market Size

Report ID: GMI1436
Published Date: Apr 2023
Report Format: PDF

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Smart Factory Market Size

Smart Factory Market size exceeded USD 110 billion in 2022 and is anticipated to exhibit more than 9% CAGR from 2023 to 2032.

Smart Factory Market

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The swiftly rising deployment of 5G networks into smart factory will significantly accelerate the industry outlook. In recent years, several smart factory owners are more securely deploying cellular technologies with the help of 5G technology and personalizing them for various use cases. The integration of sensors via 5G-enabled equipment enables data collection from manufacturing networks devoid of connecting to machines to offer seamless real-time optimization. Hence, the excessive adoption of 5G networks in smart factories for securing strong and reliable connection will influence the industry expansion.

Smart Factory Market Report Attributes
Report Attribute	Details
Base Year:	2022
Smart Factory Market Size in 2022:	USD 110 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9%
2032 Value Projection:	USD 280 billion
Historical Data for:	2018 to 2022
No. of Pages:	246
Tables, Charts & Figures:	239
Segments covered:	Component, End-Use, and Region
Growth Drivers:	Surge in the integration of 5G networks into smart factory Rising adoption of industrial robots Growing investments in industry 4.0 Increasing emphasis on energy efficiency Growing adoption of IoT and AI in smart factory technologies
Pitfalls & Challenges:	Lack of technical expertise and skilled labor Growing concerns of cyber-attack and data breach

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Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

The market size of smart factory had reached over USD 110 billion in 2022 and will exhibit more than 9% CAGR from 2023 to 2032, due to the rising prominence of industry 4.0 investments.

The automotive end-use segment is poised to depict over 5% CAGR during 2023 to 2032, with the rising focusing of auto-makers on improving efficiency, reducing costs, and augmenting productivity.

North America market size will cross USD 80 billion by the end of 2032, owing to the thriving popularity of automated systems, mainly in Canada.

ABB Ltd., Mitsubishi Electric, Cisco, Fujitsu, General Electric, Honeywell International, and Emerson Electric Co are some of the well-known industry players.