Unlocking the Future of Smart Manufacturing: Regional Insights for Asia Pacific and Latin America
The global smart manufacturing market was valued at USD 254.24 billion in 2022 and is projected to grow significantly, at a compound annual growth rate (CAGR) of 14.9%, from 2023 to 2030. This growth trajectory is driven by a range of factors that are reshaping the manufacturing landscape. Key drivers of this market expansion include the increasing adoption of Industry 4.0 technologies, enhanced government support for industrial automation, the growing need for software systems that optimize time and costs, and a heightened focus on meeting regulatory compliance standards. Additionally, the COVID-19 pandemic had a profound impact on global manufacturing operations, highlighting vulnerabilities in industrial automation systems and supply chains. During the initial lockdowns, industries around the world experienced disruptions, including shutdowns and bottlenecks in the supply chain. As a result, manufacturers were forced to rethink their strategies and accelerate the adoption of smart m...