Authored By: Sarah
28 Nov 2023

Examine the obscure aspects of North America's expanding Smart Factory Market expanding at a cagr of  9.26% through 2023-2027

According to projections, North America will account for 41% of the worldwide market's growth throughout the projected timeframe between 2023 to 2027 for Smart Factory Market.

What precisely is driving North America to become the canned food market's fastest-growing topography?

Owing to the advent of the idea of Industry 4.0, the industrial sector's utilization of IoT, cloud computing, and automation is what is primarily driving the North American smart factory market. Because numerous new chemical and petrochemical projects are beginning to be initiated in North America, there will be a greater need for smart factory solutions from the oil and gas industry.

Speaking of the overall market, It is projected that the smart factory market will expand at a compound annual growth rate (CAGR) of 9.26% between 2022 and 2027, with a revenue rise of USD 73.68 billion.

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Snapshot of Smart Factory Market's fastest growing Topography

Leading Companies namely ABB Ltd., Azbil Corp.,  Cisco Systems Inc.,Dassault Systemes SE, Emerson Electric Co., FANUC Corp., FUJI Corp., General Electric Co., Honeywell International Inc., Johnson Controls International Plc, Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp., Robert Bosch GmbH, are also striving constantly for deeper market penetration and market development across North America, Europe, EMEA, APAC : US, Canada, China, Germany, UK.

The geographical patterns and factors that will shape the market throughout the projection period have been thoroughly discussed by Technavio's experts. Find out more about the market dynamics and the factors that our in-depth study forecasts will have the most influence on the market.

Smart Factory Market Highlights of the Report for 2023-2027

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive Smart Factory Market growth during the next five years
  • Precise estimation of the Smart Factory Market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart factory industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Smart Factory Market Players
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