2022-2027 Global Smart Factory Annual Compound Growth of 10.3%

According to data released by MarketsandMarkets, the global smart factory market is expected to reach $86.
2 billion in 2022, and this data is expected to increase to $140.
9 billion by 2027, with a compound annual growth rate of 10.
3%.

The growing adoption of IoT and artificial intelligence and increasing use of industrial robots in factories are the major factors
driving the growth of the smart factory market.

The industrial sensor segment is expected to account for the largest share
of the smart factory market.
Smart factories enable connectivity across manufacturing operations by deploying sensors
.
This factor helps to establish a better flow of communication and information throughout the manufacturing facility
.

In 2021, mining and metals accounted for the largest market share
in the process industry sector.
The mining and metals industry must ensure supply cost control, supply chain visibility and risk management, taking into account increasing customer demand and globalization
.
To stay competitive, many companies are adopting automation solutions to increase productivity and reduce operating costs while improving safety
.
Every metal manufacturer and mining company is committed to reducing scrap and downtime while increasing production
.
Implementing smart manufacturing solutions in the mining industry will help the industry better manage processes and increase productivity

Advances in automotive manufacturing and fierce competition in the global marketplace have forced automakers to strategically invest in their manufacturing infrastructure to achieve the highest production output
with minimal waste.
As a result, automakers are investing heavily in implementing smart factory solutions
in their factories.
Many automotive giants are investing heavily to transform their manufacturing facilities into smart factories to optimize production
.

Asia Pacific is expected to grow
at the highest growth rate during the forecast period.
The increasing number of automation activities in process and discrete industries is one of
the major factors driving the growth of the smart factory market in Asia Pacific.
In addition, countries such as China, Japan, South Korea, and India are also contributing
to the growth of the smart factory market in the region.
The market size of these countries is considerable and has great potential
for the development of the smart factory market in the Asia-Pacific region.