Connect with us

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

on

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..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

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.

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

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.

For more insights on driver and challenges – Download a Sample Report

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/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-302188941.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

LiftLab Launches PlatformSense: Delivers Real-Time Intelligence That Makes MMMs React Today, Not Next Quarter

Published

on

By

Marketing mix models now respond to what’s happening today, not three months ago.

OAKLAND, Calif., June 18, 2026 /PRNewswire/ — LiftLab, the Full-Funnel MMM and Incrementality Testing platform, announced PlatformSense: a real-time intelligence layer connecting LiftLab’s Agile MMM to live ad platform data for daily updates to channel effectiveness.

With LiftLab’s PlatformSense, Marketing Mix Models now respond to what’s happening today, not three months ago.

Most MMMs rely on historical data to identify effective channels and investment levels. While this is grounded in statistical rigor, it cannot capture real-time changes: a creative losing effectiveness mid-campaign, a competitor eroding auction position, or a seasonal demand shift moving faster than expected.

Marketing teams rely on two separate sources: platform dashboards, which provide speed but lack verifiability, and MMMs, which are credible but slow. As a result, decisions are often instinct-driven. This gap can lead to significant financial loss. Effective spend scales slowly, while inefficient spend persists. According to industry research, 60% of marketing budgets are lost to planning and execution inefficiencies, making every misallocated dollar more consequential.

“MMMs implicitly assume that all impressions are created equal. Most marketers instinctively know this is wrong, so they often override MMM recommendations. PlatformSense changes this by incorporating real-time signals allowing marketers to discern impression quality as it actually varies. This is not just an improvement — it solves a fundamental problem plaguing econometric measurement for decades,” said John Wallace, CEO, LiftLab.

PlatformSense addresses this gap by connecting LiftLab’s MMM to live platform data — click-through rates, conversion rates, and verified spend signals — delivering daily channel effectiveness updates. The long-term model remains grounded in historical data for reliability, and the daily intelligence layer surfaces current insights. The two work together: stable response curves and live performance signals.

The result is sharper, faster decision-making. When a new creative outperforms, PlatformSense detects it within 24 hours, not after the next quarter model refresh. If a channel becomes inefficient, budget recommendations adjust before overspend accumulates. During seasonal peaks and campaign optimization windows, the model reflects current performance, not historical averages. 

PlatformSense is out of beta and available to enterprise omnichannel brands, D2C/eCommerce brands, and next-generation CPGs. To learn more or schedule a demo, visit https://liftlab.com.

About LiftLab

LiftLab is the Full-Funnel MMM and Incrementality Testing platform trusted by category leaders like SKIMS, Pandora, Birkenstock, and Cinemark. LiftLab enables brands to maximize the value of every media dollar by lowering CAC, improving ROAS, and building long-term brand equity on the P&L.

View original content:https://www.prnewswire.com/news-releases/liftlab-launches-platformsense-delivers-real-time-intelligence-that-makes-mmms-react-today-not-next-quarter-302804548.html

SOURCE LiftLab

Continue Reading

Technology

S3 Recycling Solutions expands to 34,000-square-foot facility

Published

on

By

The new California space triples the size of existing location.

FULLERTON, Calif., Jun 18, 2026 /PRNewswire/ — S3 Recycling Solutions, a nationally recognized IT asset disposition (ITAD) company serving clients across North America, announced the expansion of its California operations with the relocation to a new 34,000-square-foot facility at 2350 Artesia Ave in Fullerton. The move triples the company’s existing California footprint and supports increasing demand across the Western United States.

The company expects to complete the transition to the new facility within 60 days.

“This expansion represents a strategic investment in infrastructure, people, and systems to support long-term growth and increasing client demand across the West Coast,” said Rod McDaniel, CEO of S3 Recycling Solutions.

S3 encourages organizations looking for a secure, transparent, and scalable ITAD partner to schedule a pickup today.

The California expansion coincides with several major milestones for S3, including:

the 10-year anniversary of Rod McDaniel’s leadership.the two-year anniversary of S3’s acquisition of iGlobal Asset Management.the 2025 acquisition of assets of ERS in Gallatin, Tenn.S3’s implementation of an enterprise resource planning platform, Makor ERP 2.0. The system unifies operations into a single platform, enabling real-time visibility, improved processing speed, serialized chain-of-custody tracking, and enhanced reporting capabilities for clients while increasing operational efficiency.

The new Fullerton facility will operate as a full-service processing location aligned with S3’s Tennessee operations and is expected to significantly increase processing capacity, improve turnaround times, and support continued client growth throughout healthcare, enterprise, and technology sectors.

S3 plans to pursue R2v3 certification at the new Fullerton facility, with a target completion date in Q2 2027. S3’s Tennessee facility currently maintains R2v3 certification, as well as ISO 9001, ISO 14001, and ISO 45001 certifications, which support quality management systems, environmental responsibility, and employee health and safety standards across the organization.

In 2025, S3 processed more than 500,000 devices across its operations in Tennessee and California. In 2026, S3 is projected to achieve more than 3,000 percent revenue growth since 2016, a benchmark that has been accomplished through acquisitions, operational standardization, technology investments, and enterprise client expansion across North America.

About S3 – S3 is a full-service ITAD firm that helps businesses responsibly and securely manage their electronic and biomed assets. S3 customers reduce the cost of ownership of their assets while receiving the industry’s highest safety and security standards. For more information, visit www.s3rs.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/s3-recycling-solutions-expands-to-34-000-square-foot-facility-302804549.html

SOURCE S3 Recycling Solutions

Continue Reading

Technology

Capital, Policy, Corporates, Connectivity: New Guide Maps the Four Strengths Powering Singapore’s Climate-Tech Ecosystem

Published

on

By

New Venture Climate Alliance guide details how Singapore anchors climate technology commercialization across Southeast Asia — a practical resource for companies, investors, and ecosystem stakeholders, produced through the philanthropic HSBC-supported Innovation Scaling Initiative

SAN FRANCISCO, June 18, 2026 /PRNewswire/ — Today the Venture Climate Alliance (VCA) has launched the Singapore Climate Technology Ecosystem Guide, a practical resource designed to help climate technology companies, investors, and ecosystem stakeholders navigate one of the world’s most important growth markets for climate innovation and regional expansion.

Developed through VCA’s Innovation Scaling Initiative and supported by HSBC, the guide provides insights into Singapore’s climate technology ecosystem, including the capital stack, policy and regulatory frameworks, corporate landscape, and pathways for expansion across Southeast Asia.

As climate technologies move beyond innovation toward commercial deployment, founders and investors increasingly face questions about where to establish regional operations, access customers, attract capital, and scale solutions. The guide aims to address these questions by providing practical intelligence on Singapore’s role as a platform for climate technology commercialization and regional growth.

The research draws on more than 200 publicly available sources, interviews, and insights from ecosystem leaders across government, investment, corporate, and startup communities.

“HSBC is proud to support the Venture Climate Alliance’s practical guide for climate tech start-ups and investors entering the Singapore market and beyond. Too often progress is slowed by market complexity—policy nuance, fragmented demand, partnership dependencies, access to capital and perceived and actual risk —rather than technology. This report turns ecosystem insight into actionable guidance to reduce friction and help innovators scale from pilots to deployment.”

Kiran Sura, Global Head of Sustainability Partnerships, HSBC

“Climate technology is at an inflection point; the solutions exist but scaling them into new markets remains one of the sector’s greatest challenges. Southeast Asia is a standout global growth opportunity combining urgent need, rising demand, and an increasingly sophisticated capital ecosystem. Singapore sits at the heart of this, offering the stability, connectivity, and financial infrastructure innovators need to move from validation to large-scale deployment. Guides like this help turn ecosystem complexity into actionable insight, helping founders and investors to make faster, better-informed decisions about where and how to grow.”

Thomas Miles, Senior Manager, Sustainable Finance & Transition, Climate Tech, HSBC

“Across the ecosystem, we heard a common challenge: companies don’t just need capital. They need the partners, policy support, corporate demand, and regional connections that must come together for a solution to scale. Singapore’s strength lies in how it brings these elements together within a highly connected ecosystem. This guide was developed to help founders, investors, and ecosystem stakeholders better understand that landscape and identify practical pathways for commercialization and regional expansion across Southeast Asia.”

Kate Costaris, Venture Climate Alliance

The guide identifies four key strengths that position Singapore at the center of climate technology commercialization across Southeast Asia:

Access to capital through a deep ecosystem of venture capital, growth investors, institutional capital, blended finance vehicles, and government-supported funding programs. Singapore accounts for over half of ASEAN’s green, social, sustainability, and sustainability-linked bond and loan issuance.A coordinated policy environment that provides regulatory clarity and long-term support for climate innovation and deploymentDense corporate networks that create opportunities for pilot projects, commercial partnerships, and customer acquisitionStrategic regional connectivity that enables companies to coordinate growth and deployment across Southeast Asia

The release marks the first in a planned series of Innovation Scaling Initiative market guides exploring key growth climate technology markets globally.

The full guide is available here: https://ventureclimatealliance.org/resources/singapore-guide

About Venture Climate Alliance

The Venture Climate Alliance (VCA) is a global non-profit network of leading venture capital firms that provides general partners and portfolio companies with practical tools, market intelligence, support, and connections to help identify opportunities arising from the transition to a low-carbon economy and navigate climate-related risks. Founded by VCs for VCs, the VCA membership represents more than US$60 billion in assets under management. The VCA helps its members shape best practices, address ecosystem-wide challenges, and embed commercially relevant, climate-aligned strategies within portfolios from day one.

About the Innovation Scaling Initiative

The Innovation Scaling Initiative (ISI) is a two-year program designed to accelerate the commercialization and deployment of climate technologies. Philanthropically sponsored by HSBC and delivered by Venture Climate Alliance in close collaboration with its members, ecosystem partners, and Node, the initiative works to address critical scaling barriers facing climate technology companies through research, ecosystem engagement, market intelligence, and strategic convening.

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,306bn at 31 March 2026, HSBC is one of the world’s largest banking and financial services organisations.

View original content to download multimedia:https://www.prnewswire.com/news-releases/capital-policy-corporates-connectivity-new-guide-maps-the-four-strengths-powering-singapores-climate-tech-ecosystem-302804550.html

SOURCE Venture Climate Alliance (VCA)

Continue Reading

Trending