Research Methodology

Smart Factory Market Overview

The Smart Factory Market is expected to grow from USD 70.2 billion in 2020 to USD 134.9 billion by 2026 at a CAGR of 11.0% from 2020 to 2026.

Smart Factory is a concept for exhibiting the ideal goal of manufacturing digitization. A Smart Factory is an extremely digitized shop floor which gathers and shares data in real-time through connected machines, gadgets and production systems. Then the data can be utilized by self-optimizing devices or throughout the company to manage issues proactively, optimize production processes and respond to new demands. Big Data Analytics, AI, Cloud Computing and Industrial IoT (Internet of Things) technologies have allowed smart manufacturing techniques to be completely integrated. Increase in usage of high-tech tools and hightech machinery highlights an integration of manufacturing and technological developments. Moreover, the industrial inclination towards cyber world and every element of value chain is linked to ensure informed manufacturing with no defects and time lags. The above mentioned factors are projected to drive the smart factory market during the forecast period. Increased demand for industrial robots is driving the market growth. On the other hand, a lack of standardization and accessibility, coupled with a shortage of skilled labor, is projected to hinder the smart factory market growth.

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