The Future of Manufacturing: Embrace the Smart Factory Revolution
Smart Factory Industry Overview The global smart factory market size is expected to reach USD 271.91 billion by 2030, expanding at a CAGR of 9.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The market for smart factory has experienced remarkable growth in recent years, primarily attributed to several factors. These include the increasing adoption of Industry 4.0 concepts characterized by integrating digital technologies such as the Internet of Things (IoT), AI, Machine Learning (ML), and industrial automation. These technologies enhance operational efficiency and enable real-time data analysis, fostering agile and responsive manufacturing processes. Moreover, the need for cost optimization and resource efficiency has prompted businesses to invest in smart factory solutions, as they promise reduced downtime, minimized wastage, and improved resource allocation. Besides, the growing emphasis on sustainability and ...