Smart Factory Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis

The smart factory market was estimated at USD 101.1 billion in 2023 and is likely to grow at a CAGR of 10.2% during 2024-2029 to reach USD 181.55 billion in 2029.

Market Drivers:
The smart factory market is driven by a host of factors, some of which are noted below:
Growing practice for a modern base for manufacturing, better efficiency of manufacturing, and a strong high focus on energy consumption.
The growing industry of refurbished robots and less tapped fields such as RFID and industrial robots.
lack of standardization & interoperability as well as the shortage of trained workers are expected to hamper the market growth.