SMART FACTORY MARKET ANALYSIS

Smart Factory MarketSize and Trends

Global Smart Factory Market size was valued at US$ 95.42 Bn in 2023, and is expected to exhibit a compound annual growth rate (CAGR) of 10.7% from 2023 to 2030.  

Figure 1: Global Smart Factory Market Share (%), By Region, 2022

Figure 2: Global Smart Factory Market Share (%) By Technology, 2022

Global Smart Factory Market Trends

Connectivity and 5G Integration:

The rise of 5G technology and its integration into industrial applications has been a major trend. The implementation of 5G connectivity enables real-time data exchange, low-latency communication, and seamless integration of IoT devices, supporting the development of more connected and intelligent smart factories. An example of 5G technology integration into industrial applications is the partnership between Ericsson and ABB. Ericsson, a leading telecommunications and networking company, collaborated with ABB, a multinational corporation specializing in industrial automation and robotics, to develop a smart factory solution that leverages 5G connectivity.

Edge Computing for Real-Time Processing:

Edge computing is gaining popularity in smart factories as it enables data processing and analysis closer to the data source, reducing latency and bandwidth requirements. By processing data at the edge of the network, smart factories can achieve faster decision-making, critical for real-time optimization and control of manufacturing processes. ABB Group is a global leader in industrial automation, robotics, and smart factory solutions. ABB's Ability Edge software suite is an example of how edge computing is used in smart factories. The Ability Edge suite is designed to process data at the edge of the network, closer to the data source, instead of sending all the data to a centralized cloud server for processing. This approach reduces latency and enables faster decision-making for real-time optimization and control of manufacturing processes.