Smart Factory Market Report: by Component , by Connectivity, by Industry Vertical, Region - Forecast to 2027

The Smart Factory Market is expected to develop at a CAGR of 11.7 percent over the next five years. During the projection period of 2018-2023, the market is expected to reach USD 257,485 million. A smart factory is a digital platform that sends data in real time to linked machines, devices, and other systems. The data is sent via Smart Factory Market by Technology, which allows equipment to be optimised and problems to be resolved quickly.

Vendors in smart factories are continually attempting to come up with new ways to improve the number and quality of their products. Automation approaches aid in the improvement of design flexibility and safety solutions. As a result, many businesses are investing in Smart Factory solutions. Increasing technological advancements, particularly in the area of equipment that reduce time consumption, will provide new opportunities for the Smart Factory Market.

The shortage of skilled personnel, on the other hand, could be a big impediment to the smart factory market. In addition, the introduction of COVID-19 had a significant impact on the market. Despite various constraints, the market will recover its growth in the future years. The smart factory market will prosper due to positive reasons such as rising utilisation in the automotive industry for packaging, transportation, pharmaceuticals, and so on.

COVID-19 has a significant impact on the Smart Factory Market's growth. To prevent the spread of the deadly virus, governments around the world have implemented social restrictions and lockdowns. To improve the situation, more attention was placed on the healthcare sector. Due to a lack of funding, a labour scarcity, and mobility limitations, several industries, including the Smart Factory Market, suffered significant losses.