Smart Factory Market is predicted to reach USD 510017.9 Million at a CAGR of 15.47% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Smart Factory Market”.

MRFR recognizes the following companies as the key players in the global Smart Factory Market — ABB (ASEA BROWN BOVERI) Group, Cisco Systems, Inc., Emerson Electric Company, Fanuc, General Electric Company, Honda, Honeywell International, Inc., IBM Corporation, Johnson Controls International PLC, Mitsubishi Electric, Omron, Oracle Corporation, Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, Suzuki, Toyota, Wipro Limited, and Yokogawa Electric Corporation

Smart Factory Market Highlights

The global Smart Factory Market is accounted to register a CAGR of 15.47% during the forecast period and is estimated to reach USD 510017.9 Million by 2032.

the smart factory market refers to the adoption and implementation of advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), robotics, automation, data analytics, and cloud computing, in manufacturing processes to create more efficient, flexible, and connected production environments. Smart factories aim to improve productivity, quality, and sustainability while reducing operational costs and response times.

Segment Analysis

The global Smart Factory Market has been segmented based on Connectivity, Component, and Industry Verticals

The Smart Factory Market segmentation, based on connectivity, includes wired connectivity and wireless connectivity. In 2022, wireless connectivity dominated the market with respect to the Smart Factory Market revenue. This trend will likely continue as the shift to virtual work highlights the need for dependable, secure, scalable, and flexible off-premises technology services. Additionally, wired connectivity experienced significant market growth due to the important benefits of automated manufacturing processes, such as effortless monitoring, waste minimization, and output speed.

The Smart Factory Market data has been bifurcated by components into software, hardware, and service. Software is expected to rule the market throughout the forecast period. Robots, drones, and other machinery will be operated by cutting-edge software, decreasing the possibility of any errors.

Based on industry vertical, the global smart factory industry has been segmented into electronics and semiconductors, aerospace & defense, automotive, oil & gas, chemicals, healthcare & pharmaceuticals and others. In 2022, the automotive sector dominated the market. Many automakers are making pitiful profits, so they are turning to smart manufacturing to cut waste, save costs, and boost margins. The market also assists automakers in keeping a high level of product homogeneity.

Regional Analysis

The global Smart Factory Market, based on region, has been divided into North America, Europe, Asia-Pacific and Rest of the World. The North American smart factory market accounted for USD 43.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The aerospace and defense, manufacturing, automotive, and North American health sectors are undergoing several regional investment programs that are expected to lead to significant future growth. Around 13,000 Community Health Workers will receive training thanks to $225 million in American Rescue Plan funding from the Biden-Harris administration (CHWs). American Rescue Plan made historic investments in response to the urgent need to increase the healthcare workforce and combat pandemic-related burnout.

Europe's smart factory market accounts for the second-largest market share. The creation of smart technologies and solutions that allow the European manufacturing sector to capitalize on digital potential fully has received strong support from the research and innovation (R&I) initiatives of the European Union. The "Factories of the Future Public-Private Partnership," which intends to assist EU manufacturing enterprises and SMEs in meeting global competitiveness by creating the necessary core enabling technologies across various end-user industries, provides funding for several projects. Further, the German smart factory market held the largest market share, and the UK smart factory market was the fastest-growing market in the European region.

The Asia-Pacific Smart Factory Market is expected to grow at the fastest CAGR from 2022 to 2030 due to the vibrant ecosystem in nations like Japan, India, and Australia. SMEs are anticipated to lead the adoption of smart manufacturing solutions. The push for cloud adoption across the region is driven by the growing acceptance of disruptive technologies like Industrial 4.0, AI, AR, IoT, and others. In China, 8.8 billion linked devices are anticipated to exist by 2021. Moreover, China's smart factory market held the largest market share, and the Indian smart factory market was the fastest-growing market in the Asia-Pacific region.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Smart Factory Market Research Report

Key Findings of the Study

• The global Smart Factory Market is expected to reach USD 510017.9 billion by 2032, at a CAGR of 15.47% during the forecast period.


• The Asia-Pacific Smart Factory Market is expected to grow at the fastest CAGR from 2022 to 2030 due to the vibrant ecosystem in nations like Japan, India, and Australia. SMEs are anticipated to lead the adoption of smart manufacturing solutions.


• The Smart Factory Market segmentation, based on connectivity, includes wired connectivity and wireless connectivity. In 2022, wireless connectivity dominated the market with respect to the Smart Factory Market revenue.


• ABB (ASEA BROWN BOVERI) Group, Cisco Systems, Inc., Emerson Electric Company, Fanuc, General Electric Company, Honda, Honeywell International, Inc., IBM Corporation, Johnson Controls International PLC, Mitsubishi Electric, Omron, Oracle Corporation, Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, Suzuki, Toyota, Wipro Limited, and Yokogawa Electric Corporation