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Smart Factory Market Report Scope & Overview:

The Smart Factory Market size was valued at USD 98.15 Billion in 2023. It is expected to grow to USD 254.9 Billion by 2031 and grow at a CAGR of 12.67% over the forecast period of 2024-2031

The widespread adoption of intelligence technologies in various industries has spurred the emergence of smart factories in recent years. This development aligns with a substantial increase in industrialization levels across diverse locations. The smart factory market is poised for notable growth, driven by enhanced industrial prospects and ongoing technical advancements in manufacturing facilities.

Smart Factory Market Revenue Analysis

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The Smart Factory is a concept that represents manufacturing digitization's ultimate objective. A Smart Factory is a fully digital manufacturing floor that collects and exchanges data in real-time through linked equipment, devices, and production systems. The data may subsequently be utilized by self-optimizing equipment or throughout the firm to deal with problems ahead of time, improve manufacturing processes, and adapt to new requests. AI, Big Data Analytics, Cloud Computing, and Industrial IoT (Internet of Things) technologies have made it possible to fully incorporate smart manufacturing practices. The smart factory does not include deploying a single piece of software over the whole factory floor and expecting immediate benefits in the manufacturing process.

The swift transmission of viruses through frequent human interaction has prompted many industrialists and manufacturers to adopt smart technology for various operations, ensuring minimal to no human contact. Collectively, these factors strongly suggest a sustained growth trajectory for the smart factory market.

Smart production optimization is made possible by combining different Industry 4.0 technologies. By increasing the capabilities of both industrial machines and personnel, smart factories boost efficiency and productivity. By concentrating on establishing an agile, iterative manufacturing process through data collecting, smart factories may aid decision-making processes. By continually improving the productivity of industrial activities, smart factories may reduce expenses, downtime, and waste. Identifying and removing misplaced or inefficient production capabilities allows for expansion without requiring the use of effective and/or physical resources.

Deepak Fertilizers and Petrochemicals Corporation Limited (DFPCL) has chosen Honeywell technology to transform its huge complex in Taloja, Maharashtra, into a Smart Factory, according to Honeywell Automation India Limited. DFPCL is a significant manufacturer of industrial chemicals and fertilizers in India.

MARKET DYNAMICS:

Drivers

  • Increasing  the growth of the industrial robot

The upward trend in the adoption of industrial robots is fueled by several key factors. The increasing miniaturization of sensors, augmented investments in automation, particularly in the automotive, electrical & electronics, and metals & machinery industries, along with a surging demand for industrial robotics systems in developing countries, collectively contribute to the growth of the industrial robot market. The rising need for automation across various industries has consequently led to a widespread uptake of industrial robots.  

  • Transformative Strategies on enhancing Energy Efficiency, Optimizing Resources, and Cutting Costs in Production Operations

In response to the imperative for energy efficiency, resource optimization, and cost reduction in production operations, smart factories have undergone rapid evolution. This evolution is driven by a strategic focus on leveraging technological innovation to facilitate high production volumes. Smart factories strategically integrate digitization, automated processes, and internal data tracking to enhance productivity, efficiency, and sustainability. The intensifying global competition and increasing demand for products incentivize manufacturers to ramp up production rates, inevitably leading to heightened resource consumption and production costs at manufacturing sites.

Restraint

  • Security Concerns in Cyber-Physical Systems a Focus on Manufacturing

The manufacturing sector stands as the primary target for cyberattacks, with approximately 47% of these incidents directed towards gaining a competitive edge and accessing trade secrets. At the forefront of technological innovation, cyber-physical systems (CPS) represent a sophisticated fusion of virtual and physical realms, creating intelligent factories equipped with advanced technology. The integration of CPS technology has revolutionized manufacturing processes, incorporating cutting-edge elements like robotics, big data automation, artificial intelligence, virtual and augmented reality, sensors, and additive manufacturing. This technological integration provides manufacturing facilities with unparalleled flexibility, precision, and efficiency.

Opportunities

  • Integration of 5G Technology in the Smart Factory Landscape

The advent of 5G technology heralds a new era for smart factories, offering owners enhanced security and the ability to tailor cellular technologies to specific use cases. Leveraging 5G connectivity, smart factory operators can strategically place sensors on equipment connected to the network, allowing seamless real-time data extraction from manufacturing processes without direct machine connections. This facilitates optimization in real-time, a critical capability for modern manufacturing.

The adoption of 5G networks by many manufacturers underscores the quest for uninterrupted and robust connections. The deployment of 5G in factory settings eliminates the need for wired connectivity, paving the way for a high-speed manufacturing environment characterized by heightened flexibility and minimal downtime.  

  • Surge in Advancements in Wireless Sensor Networks and Their Integration into Smart Factories

The escalating trend of deploying wireless sensor networks (WSNs) in smart factories is revolutionizing the landscape by enabling remote monitoring of factory machines. This innovation empowers manufacturers to make informed, data-driven decisions for continuous process improvement. A wireless sensor network comprises distributed autonomous devices equipped with sensors, facilitating the monitoring of physical or environmental conditions.

These WSNs find widespread application across diverse industries, including oil and gas, pharmaceuticals, and water & wastewater treatment.

Challenges

  • Addressing Interoperability Challenges between Information Technology and Operational Technology.

One of the primary hurdles in implementing a smart factory lies in the limited interoperability between information technology (IT) and operational technology (OT). The divergence in protocols and architecture between IT and OT significantly amplifies the complexity and costs associated with the adoption of smart manufacturing processes. Currently, most OT systems operate in isolated silos, hindering the seamless exchange of data crucial for a fully functional digital ecosystem within smart factories. Overcoming this challenge is imperative, as a smart factory necessitates efficient data sharing among machines and diverse physical systems from different manufacturers.

Impact of Russia-Ukraine War:

A conflict in the region may lead to disruptions in the supply chain, affecting the availability of critical components for smart factory technologies. Many smart factory components, including sensors, chips, and other advanced technologies, may be sourced from or pass through the affected regions. If the conflict affects research and development capabilities in the region, it could slow down innovations and advancements in smart factory technologies. This could have long-term consequences for the growth of the smart factory market.

Geopolitical events can influence global energy prices and the availability of critical resources. Fluctuations in energy prices can impact operational costs for smart factories, especially those reliant on energy-intensive processes. Geopolitical stability or instability in the affected regions can influence the expansion plans of smart factory-related businesses. Companies may reassess their market strategies and partnerships based on the geopolitical situation.

Impact of Economic Downturn:

During economic downturns, businesses may face financial constraints and become cautious about investments. This can lead to a reduction in capital expenditures, including investments in smart factory technologies. Companies may delay or scale back their plans to implement or upgrade smart manufacturing systems.

The economic uncertainties associated with a downturn can lead to a slower adoption rate of smart factory technologies. Companies may prioritize short-term cost-cutting measures over long-term investments in digital transformation, affecting the pace at which smart factories are integrated into existing manufacturing processes. Economic downturns can disrupt global supply chains, impacting the availability and pricing of components essential for smart factory technologies. Supply chain disruptions may lead to delays in manufacturing, affecting the deployment of smart factory solutions.

KEY MARKET SEGMENTATION

On The Basis of Component

Industrial Sensors

Smart factories leverage sensor deployment to facilitate seamless connectivity across manufacturing operations, fostering enhanced communication and information flow within the manufacturing facility. In contemporary manufacturing settings, a sophisticated network interconnects various machines, each equipped with a diverse range of sensor technologies. Consequently, industrial sensors dominate the market, holding the largest share as of the year 2021.

On The Basis of Solution

  • SCADA (Supervisory Control and Data Acquisition)

  • PLC (Programmable Logic Controller)

  • DCS (Distributed Control System)

  • MES (Manufacturing Execution System)

  • PLM (Product Life Cycle Management)

  • ERP (Enterprise Resource Planning)

  • HMI (Human–Machine Interface)

  • PAM (Plant Asset Management)

On The Basis of Industry

  • Process Industries

    • Oil & Gas

    • Chemicals

    • Pharmaceuticals

    • Energy & Power

    • Metals & Mining

    • Pulp & Paper

    • Food & Beverages

    • Others 

  • Discrete Industries

    • Automotive

    • The automotive sector is poised to dominate the smart factory market within the discrete industry category throughout the projected period. Smart manufacturing assumes a pivotal role in advancing the development and production of top-tier automobiles. Continuous innovations in assembly line methodologies empower vehicle manufacturers to elevate both quality standards and overall productivity. State-of-the-art smart assembly solutions further augment the capabilities of vehicle manufacturers by autonomously identifying products within the assembly process and subsequently assigning requisite programs for the tools utilized at various stages of the assembly process.

    • Aerospace & Defense

    • Semiconductor & Electronics

    • Machine Manufacturing

    • Medical Devices

    • Others

REGIONAL ANALYSIS:

North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are the four areas that make up the market. North America is fast establishing itself as an industrial powerhouse. As a result, there is a great deal of demand for modernizing old infrastructure. Manufacturers may find the answer to efficiency in the fourth industrial revolution's smart factors. And every firm, from those who are currently "running smart" to those who have not yet adopted smart industrial technologies, can embrace cutting-edge ideas that will add economic value.

The European smart factory market holds the second-largest market share, underscored by the development of cutting-edge technologies and solutions that enable the manufacturing sector to fully leverage its digital potential. This progress has received robust support from the European Union's Research and Innovation (R&I) initiatives. Notably, the "Factories of the Future Public-Private Partnership" plays a pivotal role in assisting European manufacturing enterprises and SMEs in achieving global competitiveness. This initiative focuses on creating core enabling technologies across various end-user industries and allocates funding for numerous projects aimed at advancing smart manufacturing. The Asia Pacific smart factory is projected to grow at the highest CAGR. The adoption of smart factory solutions in Asia Pacific is high due to the growing manufacturing sector in the region. The lloT market in Asia Pacific is expected to exhibit tremendous growth potential in the coming years. Dense population and the growth in per capita income in the region, along with large-scale industrialization and urbanization, are the factors driving the growth of the smart factory market.

Smart-Factory-Market-By-Region

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REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

KEY PLAYERS:

The Major key players are ABB Limited, Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell International, Johnson Control International Plc, Mitsubishi Electric Corporation, Rockwell Automation, Schneider Electric, Yokogawa Electric and Other Players

Emerson Electric Co-Company Financial Analysis

Company Landscape Analysis

 

Recent Development:

 July 2023: First Mode is building a smart manufacturing facility in Seattle, US, to produce zero-emission powerplants and associated ground infrastructure for its nuGen haulage solutions. The facility will enable concurrent development and production of multiple nuGen engine configurations and will digitalize and automate workflows for a smarter, safer, and more efficient factory.

June 2023: Palantir and Panasonic Energy have partnered to deliver a smart factory solution that integrates edge sensors, introduces automated efficiencies, and enables operational users to leverage connected operations. The system will be used across PENA's facilities in Nevada and Kansas to guide operational decision-making and improve the quality and volume of production outputs

Nov 2023: Siemens is building a new $150 million smart factory in Dallas-Fort Worth, US, to produce electrical equipment for data centers and critical infrastructure. The factory will use Siemens’ Xcelerator portfolio of Industry 4.0 solutions, including loT, Al, and digital twin technology, to improve efficiency and sustainability. The factory is expected to create 700 new jobs and start production in 2025.

Oct 2023: Beverston Engineering invested £173,000 in sensor technology and software to connect its 20 machines and create a smart factory. This has resulted in 20% increased productivity, increased profitability, new business wins, and a 10% reduction in carbon emissions. Made Smarter also supported Beverston Engineering in developing new talent, such as Oliver Miller, an Industry 4.0 Project Manager.

Smart Factory Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 98.15 Billion
Market Size by 2031 US$ 254.9 Billion
CAGR CAGR 12.67% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Component (Industrial Robots, Machine Vision, Sensors, Industrial 3D Printing)
• By Solution (SCADA, PLC, DCS, MES, PLM, ERP, HMI, PAM)
• By Industry (Process Industries and Discrete Industries) 
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles ABB Limited, Emerson Electric Co., Fanuc Corporation, General Electric Company, Honeywell International, Johnson Control International Plc, Mitsubishi Electric Corporation, Rockwell Automation, Schneider Electric, Yokogawa Electric.
Key Drivers •Increasing the growth of the industrial robot.
•Transformative Strategies on enhancing Energy Efficiency, Optimizing Resources, and cutting costs in production operations.
Restraints •Security concerns in cyber-physical systems a focus manufacturing.

Frequently Asked Questions

Ans:- The Smart Factory Market size was valued at USD 98.15 Bn in 2023.

Ans:- A scarcity of qualified employees and Concerns about data theft and data security are  most important restraining factor to the worldwide Smart Factory market.

Ans:- The Smart Factory Market is to grow at a CAGR of 12.67% From 2024 to 2031.

Ans:-  The primary growth tactics of Artificial Intelligence in Accounting market participants include merger and acquisition, business expansion, and product launch.

Ans:- Key Stakeholders Considered in the study Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters etc

TABLE OF CONTENT

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Covid-19 Impact Analysis
4.2 Impact Of Russia Ukraine Crisis
4.3 Impact of Economic Slowdown on Major Countries
4.3.1 Introduction
4.3.2 United States
4.3.3 Canada
4.3.4 Germany
4.3.5 France
4.3.6 UK
4.3.7 China
4.3.8 Japan
4.3.9 South Korea
4.3.10 India

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7.  Pest Analysis

8.Smart Factory Market , By Industry
8.1 Industrial Robots
8.2 Machine Vision
8.3 Industrial Sensors
8.4 Industrial 3D Printing

9. Smart Factory Market , By Solution
9.1 SCADA (Supervisory Control and Data Acquisition)
9.2 PLC (Programmable Logic Controller)
9.3 DCS (Distributed Control System)
9.4 MES (Manufacturing Execution System)
9.5 PLM (Product Life Cycle Management)
9.6 ERP (Enterprise Resource Planning)
9.7 HMI (Human–Machine Interface)
9.8 PAM (Plant Asset Management)

10. Smart Factory Market , By Industry
10.1 Process Industries
10.1.1 Oil & Gas
10.1.2 Chemicals
10.1.3 Pharmaceuticals
10.1.4 Energy & Power
10.1.5 Metals & Mining
10.1.6 Pulp & Paper
10.1.7 Food & Beverages
10.1.8 Others
10.2 Discrete Industries
10.2.1 Automotive
10.2.2 Aerospace & Defense
10.2.3 Semiconductor & Electronics
10.2.4 Machine Manufacturing
10.2.5 Medical Devices
10.2.6 Others

11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Smart Factory Market  by Country
11.2.3 North America Smart Factory Market By Industry
11.2.4 North America Smart Factory Market  By Product
11.2.5 North America Smart Factory Market  By Solution
11.2.6 USA
11.2.6.1 USA Smart Factory Market By Industry
11.2.6.2 USA Smart Factory Market  By Product
11.2.6.3 USA Smart Factory Market  By Solution
11.2.7 Canada
11.2.7.1 Canada Smart Factory Market By Industry
11.2.7.2 Canada Smart Factory Market  By Product
11.2.7.3 Canada Smart Factory Market  By Solution
11.2.8 Mexico
11.2.8.1 Mexico Smart Factory Market By Industry
11.2.8.2 Mexico Smart Factory Market  By Product
11.2.8.3 Mexico Smart Factory Market  By Solution
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.3.1 Eastern Europe Smart Factory Market  by Country
11.3.3.2 Eastern Europe Smart Factory Market By Industry
11.3.3.3 Eastern Europe Smart Factory Market  By Product
11.3.3.4 Eastern Europe Smart Factory Market  By Solution
11.3.3.5 Poland
11.3.3.5.1 Poland Smart Factory Market By Industry
11.3.3.5.2 Poland Smart Factory Market  By Product
11.3.3.5.3 Poland Smart Factory Market  By Solution
11.3.3.6 Romania
11.3.3.6.1 Romania Smart Factory Market By Industry
11.3.3.6.2 Romania Smart Factory Market  By Product
11.3.3.6.4 Romania Smart Factory Market  By Solution
11.3.3.7 Turkey
11.3.3.7.1 Turkey Smart Factory Market By Industry
11.3.3.7.2 Turkey Smart Factory Market  By Product
11.3.3.7.3 Turkey Smart Factory Market  By Solution
11.3.3.8 Rest of Eastern Europe
11.3.3.8.1 Rest of Eastern Europe Smart Factory Market By Industry
11.3.3.8.2 Rest of Eastern Europe Smart Factory Market  By Product
11.3.3.8.3 Rest of Eastern Europe Smart Factory Market  By Solution
11.3.3 Western Europe
11.3.3.1 Western Europe Smart Factory Market  by Country
11.3.3.2 Western Europe Smart Factory Market By Industry
11.3.3.3 Western Europe Smart Factory Market  By Product
11.3.3.4 Western Europe Smart Factory Market  By Solution
11.3.3.5 Germany
11.3.3.5.1 Germany Smart Factory Market By Industry
11.3.3.5.2 Germany Smart Factory Market  By Product
11.3.3.5.3 Germany Smart Factory Market  By Solution
11.3.3.6 France
11.3.3.6.1 France Smart Factory Market By Industry
11.3.3.6.2 France Smart Factory Market  By Product
11.3.3.6.3 France Smart Factory Market  By Solution
11.3.3.7 UK
11.3.3.7.1 UK Smart Factory Market By Industry
11.3.3.7.2 UK Smart Factory Market  By Product
11.3.3.7.3 UK Smart Factory Market  By Solution
11.3.3.8 Italy
11.3.3.8.1 Italy Smart Factory Market By Industry
11.3.3.8.2 Italy Smart Factory Market  By Product
11.3.3.8.3 Italy Smart Factory Market  By Solution
11.3.3.9 Spain
11.3.3.9.1 Spain Smart Factory Market By Industry
11.3.3.9.2 Spain Smart Factory Market  By Product
11.3.3.9.3 Spain Smart Factory Market  By Solution
11.3.3.10 Netherlands
11.3.3.10.1 Netherlands Smart Factory Market By Industry
11.3.3.10.2 Netherlands Smart Factory Market  By Product
11.3.3.10.3 Netherlands Smart Factory Market  By Solution
11.3.3.11 Switzerland
11.3.3.11.1 Switzerland Smart Factory Market By Industry
11.3.3.11.2 Switzerland Smart Factory Market  By Product
11.3.3.11.3 Switzerland Smart Factory Market  By Solution
11.3.3.1.12 Austria
11.3.3.12.1 Austria Smart Factory Market By Industry
11.3.3.12.2 Austria Smart Factory Market  By Product
11.3.3.12.3 Austria Smart Factory Market  By Solution
11.3.3.13 Rest of Western Europe
11.3.3.13.1 Rest of Western Europe Smart Factory Market By Industry
11.3.3.13.2 Rest of Western Europe Smart Factory Market  By Product
11.3.3.13.3 Rest of Western Europe Smart Factory Market  By Solution
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia-Pacific Smart Factory Market  by country
11.4.3 Asia-Pacific Smart Factory Market By Industry
11.4.4 Asia-Pacific Smart Factory Market  By Product
11.4.5 Asia-Pacific Smart Factory Market  By Solution
11.4.6 China
11.4.6.1 China Smart Factory Market By Industry
11.4.6.2 China Smart Factory Market  By Product
11.4.6.3 China Smart Factory Market  By Solution
11.4.7 India
11.4.7.1 India Smart Factory Market By Industry
11.4.7.2 India Smart Factory Market  By Product
11.4.7.3 India Smart Factory Market  By Solution
11.4.8 Japan
11.4.8.1 Japan Smart Factory Market By Industry
11.4.8.2 Japan Smart Factory Market  By Product
11.4.8.3 Japan Smart Factory Market  By Solution
11.4.9 South Korea
11.4.9.1 South Korea Smart Factory Market By Industry
11.4.9.2 South Korea Smart Factory Market  By Product
11.4.9.3 South Korea Smart Factory Market  By Solution
11.4.10 Vietnam
11.4.10.1 Vietnam Smart Factory Market By Industry
11.4.10.2 Vietnam Smart Factory Market  By Product
11.4.10.3 Vietnam Smart Factory Market  By Solution
11.4.11 Singapore
11.4.11.1 Singapore Smart Factory Market By Industry
11.4.11.2 Singapore Smart Factory Market  By Product
11.4.11.3 Singapore Smart Factory Market  By Solution
11.4.12 Australia
11.4.12.1 Australia Smart Factory Market By Industry
11.4.12.2 Australia Smart Factory Market  By Product
11.4.12.3 Australia Smart Factory Market  By Solution
11.4.13 Rest of Asia-Pacific
11.4.13.1 Rest of Asia-Pacific Smart Factory Market By Industry
11.4.13.2 Rest of Asia-Pacific Smart Factory Market  By Product
11.4.13.3 Rest of Asia-Pacific Smart Factory Market  By Solution
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Smart Factory Market  by Country
11.5.2.2 Middle East Smart Factory Market By Industry
11.5.2.3 Middle East Smart Factory Market  By Product
11.5.2.4 Middle East Smart Factory Market  By Solution
11.5.2.5 UAE
11.5.2.5.1 UAE Smart Factory Market By Industry
11.5.2.5.2 UAE Smart Factory Market  By Product
11.5.2.5.3 UAE Smart Factory Market  By Solution
11.5.2.6 Egypt
11.5.2.6.1 Egypt Smart Factory Market By Industry
11.5.2.6.2 Egypt Smart Factory Market  By Product
11.5.2.6.3 Egypt Smart Factory Market  By Solution
11.5.2.7 Saudi Arabia
11.5.2.7.1 Saudi Arabia Smart Factory Market By Industry
11.5.2.7.2 Saudi Arabia Smart Factory Market  By Product
11.5.2.7.3 Saudi Arabia Smart Factory Market  By Solution
11.5.2.8 Qatar
11.5.2.8.1 Qatar Smart Factory Market By Industry
11.5.2.8.2 Qatar Smart Factory Market  By Product
11.5.2.8.3 Qatar Smart Factory Market  By Solution
11.5.2.9 Rest of Middle East
11.5.2.9.1 Rest of Middle East Smart Factory Market By Industry
11.5.2.9.2 Rest of Middle East Smart Factory Market  By Product
11.5.2.9.3 Rest of Middle East Smart Factory Market  By Solution
11.5.3 Africa
11.5.3.1 Africa Smart Factory Market  by Country
11.5.3.2 Africa Smart Factory Market By Industry
11.5.3.3 Africa Smart Factory Market  By Product
11.5.3.4 Africa Smart Factory Market  By Solution
11.5.3.5 Nigeria
11.5.3.5.1 Nigeria Smart Factory Market By Industry
11.5.3.5.2 Nigeria Smart Factory Market  By Product
11.5.3.5.3 Nigeria Smart Factory Market  By Solution
11.5.3.6 South Africa
11.5.3.6.1 South Africa Smart Factory Market By Industry
11.5.3.6.2 South Africa Smart Factory Market  By Product
11.5.3.6.3 South Africa Smart Factory Market  By Solution
11.5.3.7 Rest of Africa
11.5.3.7.1 Rest of Africa Smart Factory Market By Industry
11.5.3.7.2 Rest of Africa Smart Factory Market  By Product
11.5.3.7.3 Rest of Africa Smart Factory Market  By Solution
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Smart Factory Market  by country
11.6.3 Latin America Smart Factory Market By Industry
11.6.4 Latin America Smart Factory Market  By Product
11.6.5 Latin America Smart Factory Market  By Solution
11.6.6 Brazil
11.6.6.1 Brazil Smart Factory Market By Industry
11.6.6.2 Brazil Smart Factory Market  By Product
11.6.6.3 Brazil Smart Factory Market  By Solution
11.6.7 Argentina
11.6.7.1 Argentina Smart Factory Market By Industry
11.6.7.2 Argentina Smart Factory Market  By Product
11.6.7.3 Argentina Smart Factory Market  By Solution
11.6.8 Colombia
11.6.8.1 Colombia Smart Factory Market By Industry
11.6.8.2 Colombia Smart Factory Market  By Product
11.6.8.3 Colombia Smart Factory Market  By Solution
11.6.9 Rest of Latin America
11.6.9.1 Rest of Latin America Smart Factory Market By Industry
11.6.9.2 Rest of Latin America Smart Factory Market  By Product
11.6.9.3 Rest of Latin America Smart Factory Market  By Solution

12. Company Profiles
12.1 ABB Limited

12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Emerson Electric Co.
12.2.1Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Fanuc Corporation
12.3.1Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 General Electric Company
12.4.1Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Honeywell International
12.5.1Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Johnson Control International Plc
12.6.1Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7Mitsubishi Electric Corporation
12.7.1Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8  Rockwell Automation
12.8.1Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Schneider Electric
12.9.1Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Yokogawa Electric
12.10.1Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View

13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Aquistions

14. Use Case and Best Practices

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

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