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..

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

Technology

SMASHIFY LAUNCHES BETA PLATFORM TO REWRITE THE STREAMING EXPERIENCE FOR ARTIST AND FANS

Published

18 minutes ago

April 21, 2026

The Way the World Streams Music Is About to Change

LOS ANGELES, April 21, 2026 /PRNewswire/ — Smashify announced today the launch of its beta music platform, introducing a new approach to streaming designed to create stronger alignment between artists, fans, and platform activity.

Built as a music technology platform, Smashify is focused on developing a more transparent and participatory streaming ecosystem. At the center of the platform is a model designed to better support artists while also recognizing the importance of listeners and fans in driving discovery, engagement, and long-term music value.

According to the company’s model, artists on Smashify are positioned to earn on average up to ten times more than they typically would through conventional streaming platforms. Smashify says this reflects its broader effort to create a more favorable economic structure for music creators in an industry where many artists have long expressed concern over limited payout models.

Smashify also places special emphasis on fans and listeners, which the company considers the most important part of its platform ecosystem. Through its participation model, Smashify is building a system intended to share a portion of company-generated revenue with listeners, recognizing the role fans play in supporting music discovery, engagement, and platform growth.

Rather than limiting value creation to the platform level alone, Smashify is building an ecosystem intended to broaden participation across artists, fans, and digital communities. The company says its beta launch marks the next step in rethinking how music is experienced, supported, and monetized in the digital era.

The platform incorporates blockchain infrastructure as part of its long-term technology framework, with an emphasis on transparency, accountability, and future utility across the Smashify ecosystem. As the company expands, Smashify plans to introduce additional features designed to support platform activity, artist promotion, fan engagement, marketplace functionality, and advertiser participation.

“The next wave of innovation in music will come not only from discovery, but from building stronger economic alignment across the ecosystem,” said 7 Ghosts, the team behind Smashify. “We believe artists deserve better economics, and we also believe fans deserve to be recognized as an essential part of the value chain. Smashify is being built to support both.”

Currently in beta, Smashify is focused on platform rollout, user growth, product development, and strategic expansion. The company says its mission is to build a next-generation music platform that reflects the changing expectations of both artists and audiences in a digitally native economy.

ABOUT SMASHIFY
Smashify is a music technology company developing a streaming ecosystem designed to deepen participation between artists, fans, and digital communities. With a focus on transparency, engagement, and long-term platform innovation, Smashify is building tools and infrastructure intended to support music discovery, artist visibility, user participation, and new forms of value creation within the streaming experience. Headquartered in Panama City, Panama, Smashify is focused on global platform growth and continued product development.

KEEP UP WITH SMASHIFY
APP WEBSITE
WEBSITE
INSTAGRAM
FACEBOOK
TELEGRAM
X

For All Press & Media Inquiries Contact:
The Formula
info@theformulaent.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/smashify-launches-beta-platform-to-rewrite-the-streaming-experience-for-artist-and-fans-302749421.html

SOURCE Smashify

Technology

TCL Launches its First UltraThin Designer Series Soundbar

Published

18 minutes ago

April 21, 2026

Big Cinematic Sound in a Small Elegant Form

IRVINE, Calif., April 21, 2026 /PRNewswire/ — TCL®, one of the world’s best‑selling consumer electronics brands, is redefining how great sound looks at home with the launch of its first UltraThin Designer Series Soundbar, the TCL A65K. A perfect match for TCL slimmest TVs, the A65K delivers room‑filling 3.1.2 Dolby Atmos® sound in a low-profile design that blends seamlessly into any space.

At just 50mm (less than 2-inches) thin, the TCL A65K was designed alongside TCL UltraThin TVs, to deliver a punch from a sleek, minimalist aesthetic. It sits flush beneath the screen, creating a clean, modern look that enhances your décor instead of competing with it. No visual clutter, just a perfectly matched pairing of picture and sound.

“To address the growing demand for sound systems that combine harmonized aesthetics with immersive sound, TCL created the new Designer Series A65K Soundbar,” said Scott Ramirez, Vice President of Product Marketing and Development, TCL North America. “TVs are meant to be seen, while soundbars are meant to be heard. So, the A65K is designed to put you in the movie with room-filling sound, yet you’ll forget it’s even there.”

Don’t let the UltraThin design fool you. Inside the A65K is a powerful 3.1.2‑channel Dolby Atmos system with nine speakers, including up‑firing drivers that push sound above and around you for a truly immersive experience. From explosive action scenes to quiet dialogue, the A65K fills the room with rich, detailed audio while keeping your living space open and stylish. Acoustically tuned with Audio by Bang & Olufsen, the A65K delivers premium sound quality, clarity, and balance typically found in much larger systems. With its wireless subwoofer and auto room calibration, you get cinematic sound without sacrificing simplicity.

With the A65K, TCL brings together bold audio performance and minimized décor-oriented design – creating a soundbar that looks as good as it sounds.

TCL A65K Designer Series Dolby Atmos Soundbar – “The Art of Sound”

NEW 3.1.2 Channel System with 9 speakers and 240W peak powerNEW UltraThin Depth DesignBuilt-in Center Channel SpeakerUp-Firing Atmos DriversWireless SubwooferChorusSoundDolby Atmos & DTS:XAi Sonic Auto Room CalibrationDialog EnhancerHDMI 2.0TCL TV ReadyCustom three-way acoustic architecture with racetrack drivers and honeycomb diaphragm technologyAudio by Bang & Olufsen

The TCL A65K Designer Series Soundbar is available now for $699.99 MSRP on Amazon and at Best Buy.

About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all.

For additional product information, please visit www.tcl.com for the full portfolio.

TCL is a registered trademark of TCL Corporation. All other trademarks used herein are the property of their respective owners.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tcl-launches-its-first-ultrathin-designer-series-soundbar-302749426.html

SOURCE TCL North America

Technology

Johnny Lieberman of Harbor IT named Entrepreneur Of The Year® 2026 New York finalist by EY US

Published

18 minutes ago

April 21, 2026

NEW YORK, April 21, 2026 /PRNewswire/ — Johnny Lieberman, founder and CEO of Harbor IT, has been named a finalist for the Entrepreneur Of The Year 2026 New York Award by Ernst & Young LLP (EY US). Now in its 41st year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world’s most ground-breaking companies, revolutionizing industries and uplifting communities. The program honors entrepreneurs whose innovations drive economic growth and help shape the future of business.

An independent panel of judges selected Johnny among 33 finalists based on their entrepreneurial spirit, purpose, company growth and lasting impact in building long-term value.

“We set out to build Harbor differently than everyone else building at our scale – one fully integrated company, with real specialization and technical depth that most MSPs weren’t willing to build. Cyber-first, focused on the customers that are hardest to serve: multi-site healthcare providers who can’t afford a clinical system going down; manufacturers dealing with OT and CMMC; PE-backed companies going through rapid change. These customers need specialists who’ve actually done the hard work and understand these complex environments. Most MSPs have shied away. We’ve leaned in. And none of it is possible without the almost 400 people who show up every day – the engineers, the founders who joined us and never left, and every person who chose Harbor and helped us build something none of us could have built alone. Our mission hasn’t changed: go where it’s hardest. If we can solve those problems, we can solve anything,” said Johnny Lieberman, founder and CEO of Harbor IT.

Harbor IT is a cyber-first managed services provider delivering integrated IT, cybersecurity, AI, and cloud solutions for organizations with complex, critical, and compliance-driven technology environments. Founded and led by CEO Johnny Lieberman, Harbor was built through a differentiated approach: raising $50 million from a curated network of entrepreneurs and business owners to create an operator-led alternative to traditional private equity rollups. Through nine strategic acquisitions, Harbor has been fully integrated into a single operating platform with a unified product line, including its own US-based SOC and proprietary MXDR platform. Harbor serves midmarket customers predominantly through three specialized vertical practices: private equity portfolio companies, critical infrastructure, and healthcare, each defined by complex operational, regulatory, or security requirements. With nearly 400 employees across 40 states, Harbor supports customers nationwide as their trusted technology partner.

For more information about Harbor IT, visit harborit.com.

Entrepreneur Of The Year honors business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company, transformational CEOs who infused innovation into an existing organization to catapult its trajectory, and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future.

This year’s New York finalists represent New York and Connecticut across all industries, including technology, consumer products, manufacturing, finance life, sciences and more.

Regional award winners will be announced on June 16 during a special celebration in Manhattan and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the national judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, where high-growth CEOs, Fortune 1000 executives and investors converge to shape the future of business.

Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA, SAP, and the Ewing Marion Kauffman Foundation. In New York, sponsors also include regional Platinum sponsor Donnelley Financial Solutions (DFIN), regional Gold sponsors ADP and DLA Piper, and regional Silver sponsor Stagedge.

About Entrepreneur Of The Year®
Founded in 1986, Entrepreneur Of The Year® has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 80 countries and territories globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November where national finalists and award winners are announced. The national overall winner represents the US at the World Entrepreneur Of The Year® competition. Visit ey.com/us/eoy.

About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

About Harbor IT
Harbor IT is a cyber-first managed service provider delivering integrated IT, cybersecurity, AI and cloud solutions for complex, critical, and compliance-driven organizations nationwide.

Media Contact
Maya Adelstein
Maya.Adelstein@HarborIT.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/johnny-lieberman-of-harbor-it-named-entrepreneur-of-the-year-2026-new-york-finalist-by-ey-us-302749433.html

SOURCE Harbor IT