Growing concerns with respect to increasing demand, zero defect and on-time production has resulted in emergence of smart production technology. Advancement in technologies are bringing together industrial value chain functions, such as product design, production planning, production execution, and services. On the other hand, technological advancements have resulted in making production facilities smarter in terms of efficiency, while minimizing defects, waste, and downtime. These types of facilities, classified as smart factories, help gain competitive advantage by making business process more dynamic. Across the supply chain, smart factory includes dynamic systems, intelligent analytics, smart machines, savvy workers, customers, and clients. Similarly, advances in production technologies ensures factories are safer, smarter, and environmentally sustainable.
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Smart Factory Market: Drivers & Restraints
Demand for customer specific solutions and zero tolerance towards quality issues has prompted manufacturers to develop processes that not only deliver consistency in quality of output but also provide efficient production. Developments in information and communications technology (ICT), increased focus on energy consumption, rising prices and tightening environmental regulationsare the key drivers for the smart factory market. However, restricted access to finance,limited availability ofskilled workers, andlack of standardization are the major challenges of the smart factory market.
Smart Factory Market: Segmentation
On the basis of technology, the global smart factory market is segmented into information technology system, enterprise resource planning, industrial control system and manufacturing execution system. Enterprises resources planning dominates the global smart factory market in terms of revenue due to increase usage of software systems. The information...