Technology

Smart Factory Market size is set to grow by USD 97.1 billion from 2024-2028, Increasing focus of vendors on setting up new smart factories to boost the market growth, Technavio

Published

2 years ago

July 4, 2024

NEW YORK, July 4, 2024 /PRNewswire/ — The global smart factory market size is estimated to grow by USD 97.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.87% during the forecast period. Increasing focus of vendors on setting up new smart factories is driving market growth, with a trend towards emergence of industrial internet of things (IIoT). However, data privacy and security concerns poses a challenge. Key market players include ABB Ltd., Azbil Corp., Cisco Systems Inc., Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., FUJI Corp., General Electric Co., Honeywell International Inc., Johnson Controls International Plc., Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Industrial sensors, Industrial robots, Industrial 3D printers, and Machine vision systems), Solution (SCADA, MES, DCM, PLC, and PLM), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

ABB Ltd., Azbil Corp., Cisco Systems Inc., Dassault Systemes SE, Emerson Electric Co., Endress Hauser Group Services AG, FANUC Corp., FUJI Corp., General Electric Co., Honeywell International Inc., Johnson Controls International Plc., Microsoft Corp., Mitsubishi Electric Corp., Oracle Corp., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.

Key Market Trends Fueling Growth

The Industrial Internet of Things (IIoT) and technological advancements are driving the adoption of smart machines in industries and services sectors. The increasing use of smart devices, wireless technology, and cloud services will expand the utility and flexibility of smart machines. Vendors offer remote services and control modules through Wi-Fi technology, enabling human operators to manage multiple machines at once. IIoT integrates various smart machines to help companies meet strategic goals and key performance indicators (KPIs). The forecast period will see an increase in IIoT adoption for creating connected and synchronized factories. To meet the evolving needs of smart factories, equipment must be adjustable, and robots must be highly flexible. Vendors are improving user interfaces to make smart machine operation accessible to non-technical staff. IIoT’s growth will benefit vendors in the smart machines market, with demand for expert systems, autonomous robots, and other smart machines. These factors are expected to fuel the growth of the smart machines market during the forecast period.

In today’s business world, Smart Factories are trending due to their ability to increase speed and quality in manufacturing processes. These factories prioritize workplace safety, optimize floor space utilization, and integrate navigation systems with mobile robots. The plastic and wood industries are embracing this technological trend, using real-time scenario data from compatible devices like smartphones and HMIs. Engineers utilize physics-based modeling for improved employee productivity, capturing data in real-time through sensors like level, temperature, flow, pressure, force, image, and gas sensors. Decision-making is enhanced through real-time analysis, while organizational design and distribution, strategic, and commercial activities are streamlined. Energy efficiency and product quality are key benefits, along with risk mitigation, cost savings, and asset utilization. The process industry segment, including oil & gas, is a significant adopter, focusing on energy efficiency and offshore regions. IoT devices play a crucial role in Smart Factory operations, enabling uninterrupted production and reducing unplanned downtime.

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Market Challenges

Smart factories are revolutionizing industrial processes with automation and data-driven decision making. However, the increasing use of connected devices and web-based communication in industrial settings also exposes these systems to cyberattacks. In the oil and gas industry, data breaches can disrupt operations and lead to financial or intellectual losses. In the power industry, the adoption of smart grids and SCADA systems increases vulnerability to cyberattacks, which can compromise sensitive data and disrupt network operations. Vendors offer anti-malware solutions, but hackers continue to find new ways to bypass security. A single compromised system in a network can bring down the entire system, posing significant risks to data centers and industrial networks. The evolving nature of cyberattacks poses a significant challenge to the growth of the smart factory market.In today’s business landscape, the Smart Factory Market is facing several challenges. The integration of smart field devices and industrial robots requires reliable communication technologies like 5G and IoT for seamless data exchange. Cyberattacks pose a significant threat to networked devices, including sensors in the Metal & Mining industry. Augmented and virtual reality, machine learning, and artificial intelligence are transforming manufacturing methods, but ensuring safety and quality control in real-time data is crucial. 5G technology and cellular connections offer reliable and robust wired connectivity for high-speed manufacturing, reducing downtime. Self-optimizing equipment and machine learning improve plant efficiency and consistency. However, organizations must address new requests for data insights and issue resolution, ensuring on-time delivery and product improvement. Covid-19 pandemic and lockdown orders have disrupted production activities, making it essential to adapt to Industry 4.0 and Smart Manufacturing Technology. Industrial robot usage in sectors like Aerospace & Defense and 3D printing segments is increasing, requiring consistent and efficient production systems. Ensuring data security and privacy is vital as more gadgets and production systems become interconnected.

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Segment Overview

This smart factory market report extensively covers market segmentation by

Component1.1 Industrial sensors1.2 Industrial robots1.3 Industrial 3D printers1.4 Machine vision systemsSolution2.1 SCADA2.2 MES2.3 DCM2.4 PLC2.5 PLMGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Industrial sensors- The Smart Factory market refers to the implementation of advanced technologies, such as automation, robotics, and IoT, in manufacturing processes. This results in increased efficiency, productivity, and quality. Companies invest in Smart Factories to reduce costs, improve competitiveness, and meet customer demands. The market is expected to grow significantly due to the ongoing digital transformation in industries. Smart Factories enable real-time monitoring and data analysis, leading to better decision-making and optimized operations.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

Smart factories are transforming traditional manufacturing processes by integrating advanced technologies such as deep learning, computer vision, context awareness, big data, SCADA systems, Industrial IoT (IIoT), and data analysis. These technologies enable real-time data collection and analysis, leading to improved efficiency, productivity, and quality. The cloud, capital investments in IT infrastructure, software, advanced machinery, industrial robots, communication technologies, and 5G technology are essential components of smart factories. Sensors, cyberattacks, and industrial sensors are critical concerns in this domain. The Metal & Mining industry and Information Technology industry are major adopters of smart factories, with applications ranging from predictive maintenance to augmented reality and virtual reality. The integration of these technologies requires careful planning and collaboration between IT and operational technology teams.

Market Research Overview

Smart factories are transforming traditional manufacturing processes by integrating advanced technologies such as Artificial Intelligence (AI), Deep Learning, Computer Vision, Context Awareness, Big Data, and SCADA systems. Industrial IoT (IIoT) and IT infrastructure play a crucial role in data collection and analysis. Real-time data enables self-optimizing equipment, improving plant efficiency, safety, and quality control. Smart field devices, industrial robots, communication technologies, and 5G technology are key components of smart factories. Sensors and cyberattacks are significant challenges that need to be addressed. Various industries, including Metal & Mining, Aerospace & Defense, Plastic, and Wood, are adopting smart manufacturing technology. Augmented Reality (AR) and Virtual Reality (VR) enhance manufacturing methods, providing new requests for data insights, issue resolution, and on-time delivery. Real-time data exchange and reliable connections are essential for high-speed manufacturing and reducing downtime. The technological trend towards Industry 4.0 and smart manufacturing technology is accelerating, with 5G networks and IoT playing a significant role. The Covid-19 pandemic and lockdown orders have increased the adoption of smart manufacturing technology to maintain production activities. Smart manufacturing technology offers numerous benefits, including consistency, speed, quality, workplace safety, floor space utilization, and navigation systems using mobile robots. Engineers use physics-based modeling and HMI to improve employee productivity and data capture, transmission, and real-time analysis. Compatible devices like smartphones and smart eyewear are also being used in smart factories.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentIndustrial SensorsIndustrial RobotsIndustrial 3D PrintersMachine Vision SystemsSolutionSCADAMESDCMPLCPLMGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Monnit Introduces NIST Detachable Leads to Streamline Compliance Monitoring

Published

32 minutes ago

June 18, 2026

New hot-swappable lead architecture reduces downtime, simplifies recertification, and helps organizations maintain continuous monitoring.

SALT LAKE CITY, June 18, 2026 /PRNewswire/ — Monnit announced new NIST Standard and Low Temperature and Humidity Detachable Leads for compatible ALTA® Sensor Bases designed to simplify sensor recertification, reduce downtime, and support continuous compliance monitoring.

“Organizations shouldn’t have to choose between maintaining compliance and operational continuity,” said Brad Walters, Founder and CEO of Monnit. “Our detachable lead architecture allows customers to hot-swap certified leads in minutes while preserving traceability and keeping trusted monitoring programs running.”

Each NIST Detachable Lead is uniquely calibrated and designed to support traceability requirements aligned with the National Institute of Standards and Technology (NIST) standards.

Rather than removing and shipping an entire sensor for recertification, customers can disconnect only the lead, connect a certified replacement, and send the original lead for recalibration. This approach is ideal for pharmaceuticals, healthcare facilities, laboratories, food storage operations, manufacturing environments, and other applications that require calibration records.

In addition to these hot-swappable, removable leads or cables with probes, we offer short Monnit Standard Temperature and Humidity Detachable Non-Leaded Probes that you can connect to compatible sensor bases.

Each NIST Detachable Lead or Probe connects to compatible ALTA Industrial and Enterprise Sensor Bases via sealed, keyed M8 6-pin connectors designed for field installation. Embedded memory within the lead stores unique lead and sensor identification, calibration data, certification information, and traceability records.

Key features and benefits include:

Hot-swappable lead replacement that minimizes downtime and monitoring interruptionsNIST-traceable calibration support and ISO 17025-accredited lab certificationSupport for FDA 21 CFR Part 11 workflows and audit programsAutomatic synchronization of calibration information with iMonnit® SoftwareLogging of lead connection and disconnection events in iMonnitHot-swapping capability while powered on or off for easier servicing

Monnit and its accredited lab partner, Sensor Calibrations, provide 25-month certificates for NIST Detachable Standard Temperature Leads and 13-month certificates for NIST Detachable Low Temperature and Humidity Leads.

Compatible ALTA Sensor Bases automatically recognize connected lead types and maintain digital maintenance records, helping organizations avoid monitoring gaps caused by traditional recertification.

About Monnit Corporation
The origin story of the Internet of Things (IoT) begins with Monnit. Before our inception in 2010, we were already at the forefront of embedding technology into machines and devices to enable them to talk and deliver valuable data to business leaders. Monnit Remote Monitoring Solutions for nearly any industry use case have delivered 72B+ data points in 130+ countries for 90K+ customers. Monnit’s 80+ long-range IoT sensors remotely monitor many conditions such as temperature, light, humidity, water, vibration, pressure, and more. You can analyze data using iMonnit cloud software and get alerts via email, text, push notification, or call when our sensors detect a change you should know.

Media Contact:
David Hill
Marketing Communications
801-505-8172
417089@email4pr.com

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SOURCE Monnit

Technology

Monnit Introduces NIST Detachable Leads to Streamline Compliance Monitoring

Published

32 minutes ago

June 18, 2026

New hot-swappable lead architecture reduces downtime, simplifies recertification, and helps organizations maintain continuous monitoring.

Each NIST Detachable Lead is uniquely calibrated and designed to support traceability requirements aligned with the National Institute of Standards and Technology (NIST) standards.

Key features and benefits include:

Compatible ALTA Sensor Bases automatically recognize connected lead types and maintain digital maintenance records, helping organizations avoid monitoring gaps caused by traditional recertification.

Media Contact:
David Hill
Marketing Communications
801-505-8172
417089@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/monnit-introduces-nist-detachable-leads-to-streamline-compliance-monitoring-302803906.html

SOURCE Monnit

Technology

deepset Joins HPE’s Unleash AI Program to Accelerate Sovereign Agentic AI

Published

32 minutes ago

June 18, 2026

SAN JOSE, Calif., June 18, 2026 /PRNewswire/ — deepset, the company behind Haystack, the production-ready open-source AI agent framework and platform, today announced it has joined the HPE Unleash AI partner program to help government, defense, and regulated enterprises deploy production-grade AI systems in sovereign, self-hosted, and air-gapped environments.

As part of the collaboration, deepset will leverage the Haystack Enterprise Platform, deepset’s platform for building, orchestrating, and governing AI agents and applications, and HPE’s AI ecosystem and infrastructure portfolio to help organizations rapidly identify and operationalize high-value AI use cases while reducing deployment complexity and risk. This enables customers to access AI-ready infrastructure, strategic guidance, and accelerated pilot execution to address their most challenging AI adoption and operationalization needs.

Together, the companies enable organizations to deploy AI agents, multi-agent systems, and Retrieval-Augmented Generation (RAG) applications on self-hosted, sovereign, and air-gapped infrastructure while maintaining full ownership over sensitive and classified data, models, and AI operations.

Customers can leverage the joint architecture to operationalize governed AI applications faster while maintaining the security, compliance, and deployment flexibility required for sovereign and mission-critical environments.

The HPE Unleash AI partner program is a curated ecosystem, combining ISV solutions that go through comprehensive validation testing with engineered HPE AI systems, including HPE Private Cloud AI and the broader HPE AI Factory with NVIDIA solutions, to deliver the performance, security, and scalability enterprises need for production AI. By joining the program, deepset expands access to governed AI platform capabilities designed for organizations operating in highly regulated environments, including public sector, defense, cybersecurity, and enterprise industries.

The Haystack Enterprise Platform enables organizations to:

Build and govern AI agents, multi-agent systems, and RAG applicationsDeploy AI on self-hosted, private cloud, and air-gapped infrastructureOrchestrate modular AI pipelines across models, databases, and enterprise systemsEnforce governance, auditability, and lifecycle management for production AISupport sovereign AI initiatives aligned with European and national security requirements

The collaboration builds on deepset’s experience supporting sovereign AI initiatives with organizations including the European Commission, the German Ministry of Research, Technology and Space (BMFTR), and other government, defense, and enterprise organizations deploying sovereign AI systems under strict governance and security requirements.

“With agentic AI moving into operational deployment, organizations need infrastructure and AI platforms they can control and trust,” said Milos Rusic, CEO and co-founder of deepset. “The challenge is getting agentic systems into production while maintaining control over infrastructure, governance, and sensitive data. Together with HPE, we’re helping customers deploy governed AI systems faster across highly regulated and mission-critical environments.”

Use cases supported through the joint architecture include:

Sovereign AI platform for public sector & regulated industry institutionsSovereign AI intelligence and decision-support systems for classified operationsCybersecurity investigation and threat analysisAI agents for technology, manufacturing, research, legal, and financial workflows

“The Unleash AI program is designed to help organizations deploy AI solutions faster and with greater operational confidence,” said Robin Braun, Vice President of AI Business Development, Hybrid Cloud, HPE. “Together, HPE and deepset are delivering secure, governed AI solutions that combine enterprise-grade infrastructure with flexible and governed AI agent capabilities to help customers operationalize AI across hybrid, sovereign, and classified environments.”

For more information, visit https://www.deepset.ai

About deepset

deepset is the company behind Haystack, the leading open-source framework and platform for building production-grade AI applications and agentic systems. deepset enables enterprises and public sector organizations to develop, deploy, and govern flexible AI applications powered by their choice of large language models, enterprise data, infrastructure, and governance policies across cloud, hybrid, and sovereign environments.

Media Contact
Steph McGuirk
417109@email4pr.com
845.269.8868

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SOURCE deepset