The global smart manufacturing market size was valued at USD 86.2 billion in 2021. The market is projected to grow from USD 86.2 billion in 2021 to USD 235.1 billion by 2028, exhibiting a CAGR of 18.20% during the forecast period.
 
Increased acceptance of IoT and cloud platforms, greater integration of multiple technologies to improve performance, and strong industrial growth in emerging nations will all create new opportunities for the smart manufacturing market throughout the projection period. However, increased investments and costs associated with implementing smart manufacturing solutions, rising lack of standardization among equipment manufacturers and in connectivity protocols, rising continuous need for software upgrades, and rising low adoption of technologies due to technical issues are among the major factors that will limit market growth, while rising cybersecurity threats, rising complexity in smart manufacturing implementation

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COVID-19 IMPACT

The new coronavirus pandemic is affecting every sector of the global economy. Between manufacturing and supply chain divisions, the virus has created significant gaps. Organizations are redesigning their business continuity plans, investing in modern manufacturing and supply chain models, and looking for automation options to lessen the impact of COVID-19 on production lines in the next years as a way to combat the pandemic. Additionally, to address these issues, the governments of some nations, like Germany, the UK, India, and others, are concentrating on rebuilding their GDP by funding several manufacturing projects to boost market cash flow and address financial issues.
 
DRIVING FACTORS

Increasing the Big Data, Internet of Things, and 5G Network Perimeter to Promote Market Development

One of their main uses, big data, is regarded as one of the newest market growth trends. Big data applications are in high demand due to the substantial, continuously growing volume of organized and unstructured data and information. Similarly, the Internet of Things is the most important market trend (IoT) trend. Smart cars, sensors, smart devices, and other connected components are part of the Internet of Things (IoT), a platform supported by A.I. These gadgets produce enormous amounts of data, which are then processed by artificial intelligence programs. Self-driving/autonomous automobiles, smart houses, intelligent thermostats, pacemakers, smart city solutions, etc., are a few examples of the applications.
 
RESTRAINING FACTORS

Cybersecurity Threats May Impede Market Expansion

The growth in cybersecurity worries, which are brought on by a surge in viruses and hackers, is a key issue for the market for smart manufacturing. Malicious computer viruses can change important data, which might lead to a substantial loss. The entire information flow might be hampered by communication software systems that don't take proper security measures. Using pre-made I.T. solutions are widely used in enterprises, and online communication is becoming more crucial. Therefore, malware that targets industrial systems is more likely to harm these companies.

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