Manufacturers are committing significant investments towards smart factories. The smart factory market for technologies such as MES, ERP, PLM, and others is estimated to be worth approximately $154 billion in 2019, growing at a CAGR of close to 10% during 2019–2024.1 The market for smart manufacturing platforms alone stands at $4.4bn in 2019 and is expected to grow at a CAGR of 20% over the next five years.
This growth confirms a trajectory that we saw when we researched this subject back in 2017. That research showed that close to 45% of manufacturers had a smart factory initiative underway.
Today, we wanted to see how manufacturers are faring on the smart factory journey. We surveyed 1,000 manufacturers, focusing primarily on organizations that had a smart factory initiative underway. We also conducted nearly twenty in-depth discussions with executives overseeing a smart factory initiative or a smart factory. Our aim was to understand the progress of initiatives, the adoption of digital technologies, and the challenges faced by manufacturers in achieving scale. Overall, we found that while manufacturers are committing significant investments, many are struggling to realize the enormous potential offered by smart factories.
This report looks at the following areas:
- Organizations’appetiteforsmart factories and how their initiatives are progressing so far
- The size of the smart factory prize
- The challenges organizations face in scaling their initiatives
- The lessons to be learned from high-performing organizations that are far ahead in their smart factory transformation journey
- Recommendations to accelerate smart factory transformation.
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