Smart Factory Market by Hardware (Industrial Robots, Sensors, Machine Vision System), by Software (PLM, ERP,PLC, SCADA), by End-Use Industry (Automotive, Healthcare, Chemicals) by Region (Asia-Pacific, North America, Europe, Middle East & Africa) – Global Forecast From 2019 To 2024

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Smart Factory Market: Summary

The global smart factory market is estimated to reach USD 267.1 Billion in 2024 at a CAGR of 8.9%. Increasing adoption of wireless and sensor technologies, growing adoption of industrial robots, and increase complexity in supply chain management is expected to drive the smart factory market during the forecast period. However, high initial capital investment and risk associated with data loss and cyber security is expected to restrain the market during the forecast period. 3D printing technology is expected to become an opportunity for smart factory market.

The smart factory is a high digitized and connected production facility which depends on smart manufacturing. Moreover, it connects with plant to other entities in the digital supply network to enable effective supply chain management. In smart factory, machinery and equipment are able to improve processes through self-optimization and automation. Some key players in smart factory are Siemens AG, Fanuc Corporation, General Electric Company, Mitsubishi Electric Corporation, and Honeywell International Inc.Smart Factory Market

Smart Factory Market: Report Synopsis

This market research report offers a comprehensive analysis of key market trends in the global smart factory market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by factful feedbacks. On the basis of hardware, the market is segmented into industrial robots, sensors, machine vision systems, and others. By software, the smart factory market is segmented into product life cycle management (PLM), enterprise resource planning (ERP), machine execution systems (MES), programmable logic controller (PLC), supervisory control and data acquisition (SCADA), and Others. On the basis of wireless connectivity, the market is segmented into wireless fidelity (Wi-Fi), WirelessHART, Bluetooth, and Zigbee. By end use industry the market is segmented into oil and gas, chemicals, automotive, electronics and semiconductors, aerospace and defense, and healthcare.

Smart Factory Market: Report Scope

The report on the smart factory market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.

Report Features


Historical/Estimated/Forecasted Market Size Years


Base Year for Market Calculation


Forecasted Period

2019-2024 (2019 estimated year, forecasted up to 2024)

Measured Units

Value (USD Million)

Segments Included

Hardware, Software, Wireless Connectivity, End Use Industry

Regional Coverage

Asia-Pacific, North America, Europe, Middle East & Africa, South America

Companies Covered

  • Siemens AG (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
  • Honeywell International Inc.
  • Fanuc Corporation
  • Mitsubishi Electric Corporation
  • Yokogawa Electric Corporation
  • ABB Ltd
  • Emerson Electric Co.
  • General Electric Company
  • Texas Instruments
  • Dassault Systemes SE
  • Other Key Companies

Smart Factory Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Smart Factory Market by Hardware

  • Industrial robots
    • Collaborative Robots
    • Articulated Robots
    • Cartesian Robots
    • Selective Compliance Assembly Robot Arm (SCARA) Robots
    • Cylindrical Robots
    • Other Robots (Delta, Palletizing, Welding)
  • Sensors
  • Machine Vision System
  • Others (Control Systems)

Smart Factory Market, by Software

  • Product Life Cycle Management (PLM)
  • Enterprise Resource Planning (ERP)
  • Machine Execution Systems (MES)
  • Programmable Logic Controller (PLC)
  • Supervisory Control and Data Acquisition (SCADA)
  • Others (DCS, HMI, PAM)

Smart Factory Market, by Wireless Connectivity

  • Wireless Fidelity (Wi-Fi)
  • WirelessHART
  • Bluetooth
  • Zigbee

Smart Factory Market by, End-Use Industry

  • Oil and Gas
  • Chemicals
  • Automotive
  • Electronics and Semiconductors
  • Aerospace and Defense
  • Healthcare

Smart Factory Market by Region

  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Rest of Asia-Pacific
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • UK
    • Spain
    • The Netherlands
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

Key Questions answered by the report

  • What are the major developments impacting the smart factory market and its growth?
  • What will be the effects of the developments in the smart factory market on the industry and on the market players in the near and far future?
  • What are the evolving types of the smart factory market?
  • What are the evolving applications of smart factory market?
  • What are the major characteristics that will affect the smart factory market growth during the study period?
  • Who are the key players operating in the smart factory market?
  • How are the major players leveraging in the existing market conditions?

Report Audience

  • Smart factory Market Providers
  • Smart factory Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Smart Factory Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations
  • Investment Banks & Private Equity Firms



1.1       Research Objectives

1.2       Market Definition

1.3       Research Scope

1.4       Regional Coverage

1.5       Research Timeline

1.6       Assumptions

1.7       Limitations


2.1       Introduction

2.2       Primary Research

                                  2.2.1    Key Industry Expert Insight

2.3       Secondary Research

                                  2.3.1    Vital Data from Secondary Sources

2.4       Market Size Estimation

2.5       Data Validation & Triangulation



4.1       Introduction

4.2       Drivers

                                 4.2.1.    Increasing adoption of wireless technologies and sensor technologies

                                 4.2.2.    Growing adoption of industrial robots

                                 4.2.3.    Increasing complexity in supply chain management

4.3       Restraints

                                 4.3.1.    High Initial capital investment

                                 4.3.2.    Risk associated with data loss and cybersecurity

4.4       Opportunities

                                 4.4.1.    3D printing technology

4.5       Challenges

                                 4.5.1.    Less market knowledge in small and medium scale organizations


5.1       Introduction

                                 5.1.1.    Power of Buyers

                                 5.1.2.    Power of Suppliers

                                 5.1.3.    Intensity of Competition

                                 5.1.4.    Challenges of Substitutes

                                 5.1.5.    Challenges of New Entrants

5.2       Macro-Economic Indicators

5.3       Impact Analysis

                                  5.3.1    Industrial Internet of Things (IIoT)

                                  5.3.2    Artificial Intelligence (AI)

                                  5.3.3    5G

                                  5.3.4    Big Data

                                  5.3.5    Blockchain

6      GLOBAL SMART FACTORY MARKET BY HARDWARE, Market Size in USD Million (2017—2024)

6.1       Introduction

6.2       Industrial Robots

                                  6.2.1    Collaborative Robots

                                  6.2.2    Articulated Robots

                                  6.2.3    Cartesian Robots

                                  6.2.4    Selective Compliance Assembly Robot Arm (SCARA) Robots

                                  6.2.5    Cylindrical Robots

                                  6.2.6    Other Robots (Delta, Palletizing, Welding)

6.3       Sensors

6.4       Machine Vision Systems

6.5       Others (Control Systems)

7      GLOBAL SMART FACTORY MARKET BY SOFTWARE, Market Size in USD Million (2017—2024)

7.1       Introduction

7.2       Product Life Cycle Management (PLM)

7.3       Enterprise Resource Planning (ERP)

7.4       Machine Execution Systems (MES)

7.5       Programmable Logic Controller (PLC)

7.6       Supervisory Control and Data Acquisition (SCADA)

7.7       Others (DCS, HMI, PAM)


8.1       Introduction

8.2       Wireless Fidelity (Wi-Fi)

8.3       WirelessHART

8.4       Bluetooth

8.5       Zigbee

9      GLOBAL SMART FACTORY MARKET BY END-USE INDUSTRY, Market Size in USD Million (2017—2024)

9.1       Introduction

9.2       Oil and Gas

9.3       Chemicals

9.4       Automotive

9.5       Electronics and Semiconductors

9.6       Aerospace and Defense

9.7       Healthcare

10   GLOBAL SMART FACTORY MARKET BY REGION, Market Size in USD Million (2017—2024)

10.1     North America

                                10.1.1    US

                                10.1.2    Canada

                                10.1.3    Mexico

10.2     Europe

                                10.2.1    Germany

                                10.2.2    France

                                10.2.3    Italy

                                10.2.4    UK

                                10.2.5    Spain

                                10.2.6    The Netherlands

                                10.2.7    Rest of Europe

10.3     Asia-Pacific

                                10.3.1    China

                                10.3.2    Japan

                                10.3.3    India

                                10.3.4    South Korea

                                10.3.5    Taiwan

                                10.3.6    Rest of Asia-Pacific

10.4     Middle East

                                10.4.1    Saudi Arabia

                                10.4.2    UAE

                                10.4.3    Rest of Middle East

10.5     South America

                                10.5.1    Brazil

                                10.5.2    Argentina

                                10.5.3    Rest of South America


11.1     Introduction

11.2     Market Ranking/Share Analysis of Key Companies

11.3     Company Benchmarking


12.1     Siemens AG

                                12.1.1    Company Overview

                                12.1.2    Financial Overview

                                12.1.3    Products/Solutions/Services Offered

                                12.1.4    Key Developments

                                12.1.5    SWOT Analysis

12.2     Honeywell International Inc.

12.3     Fanuc Corporation

12.4     Mitsubishi Electric Corporation

12.5     Yokogawa Electric Corporation

12.6     ABB Ltd.

12.7     Emerson Electric Co.

12.8     General Electric Company

12.9     Texas Instruments

12.10  Dassault Systemes SE

12.11  Other Key Companies


13.1     Key Industry Expert Insights

13.2     Primary Discussion Guide

13.3     Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain



Research Design

Forencis Research follows robust and deep dive research methodologies to deliver accurate – current, estimated and forecasted market data. Our extensive primary and secondary research help in deriving reliable qualitative and quantitative data to provide verified market insights. Our research team tracks historic trends, existing and recent market dynamics, growth prospects, competitor landscape, and the entire value chain dynamics to attain reliable industry facts to reach accurate market estimates. Primary research is conducted through thorough interviews and detailed surveys with the Key Industry Experts and related participants across the value chain. Secondary research entails acquiring data through paid and reliable databases such as annual reports, SEC filings, research publications, association publications, investor presentations, white papers and other sources. All the above-obtained information is further processed and collated with our existing database prior to its presentation in our publications.

About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

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Key Questions Answered by the Report

  • Major factors impacting the market and its growth
  • Evolving Types of the various products in the Market
  • Evolving Application of the various products in the Market
  • Growing countries in the Global Market
  • Effects of the developments in the market on the industry and on the market players
  • Key market developments undertaken by the leading players

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