Meticulous Research®, a leading global market research company, has published a report titled "Smart Factory Market by Component (Solutions, Services, Technologies), Sector (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, Pharmaceuticals), and Geography - Global Forecast to 2030."

According to the report, the smart factory market is projected to grow at a compound annual growth rate (CAGR) of 15.5%, reaching $245.2 billion by 2030. Key growth drivers include the benefits of cloud-based smart factory solutions and services, increasing investments in Industry 4.0 technologies, and the growing adoption of robots in manufacturing. However, high capital and operating expenses pose significant constraints.

The report identifies opportunities in developing countries and advancements in industrial sensors. Major challenges include privacy, data security, and confidentiality concerns. Prominent trends include the incorporation of the Industrial Internet of Things (IIoT), digital twins, robotic process automation, and the proliferation of smart technologies in pharmaceutical manufacturing.

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Market Segmentation
By Component:
• Solutions: Industrial sensors, industrial robots (articulated robots, SCARA, Cartesian robots, autonomous mobile robots, other industrial robots), machine vision systems (cameras, optics, LED lighting), industrial automation and control systems/plant-level controls (SCADA, distributed control systems, programmable logic controllers, other plant-level controls), enterprise-level controls (product lifecycle management, enterprise resource planning, manufacturing execution systems), industrial safety systems, asset performance management solutions, other smart factory solutions.
• Services: Professional services, managed services.
• Technologies: Artificial intelligence, cloud computing & storage, digital twin, industrial cybersecurity, blockchain, AR/VR.

By Sector:
• Automotive
• Heavy machinery & tools
• Electronics & semiconductors
• Aerospace & defense
• FMCG
• Medical devices
• Food & beverage
• Pharmaceuticals
• Paints & chemicals
• Oil & gas
• Metals & mining
• Energy & power
• Pulp & paper
• Other sectors

By Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Key Findings
• Component Segment: In 2023, the solutions segment is expected to dominate the market due to the increasing need for smart factory software, connected factory solutions, and productivity analysis. This segment is also projected to grow at the highest CAGR.
• Sector Segment: The automotive sector is expected to hold the largest market share in 2023, driven by the demand for next-generation automobile warehouses and integration of operational and information technologies. The pharmaceuticals sector is expected to register the highest CAGR.
• Geographical Segment: Asia-Pacific is expected to lead the market in 2023, with significant investments in smart manufacturing and IIoT solutions. This region is also projected to experience the highest growth rate.

Quick Buy – Smart Factory Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/10958346

Key Players
Leading companies in the smart factory market includes ABB Ltd (Switzerland), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Schneider Electric SE (France), Endress+Hauser Group Services AG (Switzerland), SAP SE (Germany), Oracle Corporation (U.S.), International Business Machines Corporation (U.S.), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S.), and Ubisense Ltd. (U.K.).

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