Smart Factory Market Analysis

Smart Factory Market Analysis

The software segment accounted for USD 30 billion revenue in 2022, attributed to the higher availability of advanced analytics and AI technologies, the surging deployment of digitalization and automation technologies along with the widespread popularity of cloud computing and IIoT. The ongoing evolution and enhancements in smart factories coupled with the rising need for customized and flexible manufacturing processes will further drive the market growth.
 

Smart factory market size from the automotive end-use segment will witness over 5% CAGR between 2023 and 2032. With the intensifying competition in the automotive industry, several manufacturers are constantly focusing on improving efficiency, reducing costs, and augmenting productivity. To that end, smart factory technologies are largely favoured as they help manufacturers in optimizing their production processes, limiting wastes, and minimizing the downtime. Furthermore, the increasing preference for automation technologies to meet the thriving demand for high-quality & reliable products will enhance the industry demand.
 

North America smart factory market share will exceed USD 80 billion by 2032. The thriving popularity of automated systems, mainly in Canada has propelled several automation providers to form strategic partnerships for the country. For instance, Navtech Radar, in March 2022, partnered with autonomous frontrunner, Apex Automation for targeting and supporting various autonomous markets in Canada. The partnership also helped the latter firm in developing autonomous solutions for mining, and ports & terminals.