Smart Factory is an industrial production system which utilizes digital technologies, such as robotics, artificial intelligence (AI), and the Internet of Things (IoT), to optimize the efficiency of production processes. It automates production processes, minimizes human intervention and reduces costs while increasing production speed and quality.
Smart Factory’s usage is to automate production processes to reduce costs and increase production speed and quality. It also allows manufacturers to get real-time data on production processes and make the necessary adjustments for increased efficiency.
The global overview of Smart Factory is that it is gaining traction in a wide range of industries, from automotive and pharmaceuticals to food and beverage. Smart Factory is also expected to have a positive impact on industrial productivity, with estimates that it could reduce production time by up to 60%.
The global Smart Factory market was valued at US$ 63730 million in 2022 and is anticipated to reach US$ 131740 million by 2029, witnessing a CAGR of 10.8% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Smart Factory Market available at: https://www.themarketreports.com/report/global-smart-factory-market-research-report
This report aims to provide a comprehensive presentation of the global market for Smart Factory, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Smart Factory.
Global Smart Factory key players include Siemens AG, ABB Ltd., Yokogawa Electric Corp., General Electric Company, Honeywell International, Inc., etc. Global top five manufacturers hold a share nearly 25%.
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