Industrialization levels have increased exponentially across various regions over the years. The rising industrial prospects attached with the technological developments across manufacturing facilities will help create a positive growth trajectory for the smart factory market during the assessment period of 2021-2031. Modernization and adoption of the latest advancements will further help in propelling the growth prospects across the smart factory market.
The advent of Industry 4.0 and the use of smart mechanisms to complete repetitive and tedious processes will help in boosting the growth opportunities across the smart factory market. The COVID-19 pandemic has further influenced the growth of the smart factory market to a considerable extent.
The rapid transmission of the virus due to frequent human interaction is prompting many industrialists and manufacturers to adopt smart technologies for a variety of processes. These processes assure minimal human contact. Thus, all these factors bode well for the growth of the smart factory market.
The integration of technologies like the Internet-of-Things (IoT), Machine Learning (ML), Artificial Intelligence (AI), and others will help in increasing the growth rate of the smart factory market. In such developments, partnerships and research and development activities will further help in enhancing the growth of the smart factory market.
Key Drivers and Opportunities of Global Smart Factory Market
Increase in use of high-tech tools and high-tech machinery highlights a combination of manufacturing and technological developments. Furthermore, the industrial shift toward cyber world and each and every component of value chain is connected to ensure informed manufacturing with zero defects and no-time lags. The factors mentioned above are expected to propel the smart factory market during the forecast period.
Various companies are providing industrial automation solutions on different processes and discrete industries. Furthermore, intelligent platform of business division offers software and hardware technology platforms, by primarily focusing on selling through solution providers. These are boosting the smart factory market.
Smart factory helps boost efficient production, enhance production quality, is environment friendly and energy efficient. Thus, the associated benefits are expected to boost the companies adopting smart factory techniques during the forecast period.