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Growing Data Demand to Drive Digital Factory Market to $111 Billion in 2026
August 20, 2018 | PRNewswireEstimated reading time: 2 minutes
The digital factory market will grow at a compound annual growth rate of 35% to reach $111 billion in 2026. According to a new report published by ABI Research, a market-foresight advisory firm providing strategic guidance on the most compelling transformative technologies, these sales include hardware revenues for intelligent industrial battery management systems, electric motors, pumps, tank management systems and smart glasses as well as data and analytics service revenues, device and app platform revenues, connection revenues, network service revenues, professional service revenues and security service revenues for all the above applications plus robotics and PLCs and other equipment monitoring.
"Today, the global manufacturing sector has only started to adopt digital factory technologies, which will expand and change as factories get more connected, networked and flexible," said Pierce Owen, principal analyst at ABI Research. "Vendors such as PTC, ABB, GE, Siemens, SAP, and Telit and systems integrators such as Accenture, Wipro, and Atos help factories connect and network their equipment and monetize the data generated on the factory floor. These vendors have set themselves up to adapt and transform with new technologies as they start to implement what they have now."
The food, beverage & tobacco product industry represents the largest opportunity globally with $19 billion in digital factory revenues forecasted for 2026, but the largest industry differs from country to country. In the United States, the largest digital factory market, the chemical products industry represents the biggest opportunity, generating $7 billion in digital factory revenues in 2026. In Germany and Japan, automotive leads the way, but in China, the second largest market, other durable goods, make up the biggest opportunities.
"Digital factory technologies will see adoption in every major industry in most of the leading manufacturing countries around the globe, but only the vendors that chase innovation and continuously adapt to the needs of new customers will take full advantage. Right now, this includes the leading platform providers and systems integrators as well as some start-ups such as FogHorn Systems and Fictiv," concludes Owen.
About ABI Research
ABI Research provides strategic guidance for visionaries needing market foresight on the most compelling transformative technologies, which reshape workforces, identify holes in a market, create new business models and drive new revenue streams. ABI's own research visionaries take stances early on those technologies, publishing groundbreaking studies often years ahead of other technology advisory firms. ABI analysts deliver their conclusions and recommendations in easily and quickly absorbed formats to ensure proper context. Our analysts strategically guide visionaries to take action now and inspire their business to realize a bigger picture.
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