Pivotal Role of Smart Factory Solutions in the Evolution of the Digitized Intelligent Factory of the Future Drives Strong Market Growth
Robust demand from the developing countries to modernize processes, improve productivity, and achieve operational excellence, and the urgent need to curtail de-industrialization in developed countries characterized by aging workforce & shortage of skilled labor are poised to drive the global market for Smart Factory to exceed US$210 billion by 2024 . Smart factories are set to transform the manufacturing arena and improve efficiency and productivity. The transformation in manufacturing is driven by decline in sensor technology prices, the omnipresent Internet signals and capability to mine earlier hidden data. The advanced and automated manufacturing facility or smart factory offers sophisticated, efficient and safe method for manufacturing goods. Industrial robots, IoT, growing adoption of smart automation systems, and greater importance for regulatory compliances are set to lead smart factory market growth. Myriad benefits of smart factory that are driving its widespread po...