Smart Manufacturing Market Value-Volume Analysis [+USD 534.2 Mn by 2029] | Resea...
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Market Size & Growth
The smart manufacturing market is expected to be a highly lucrative industry over the next decade. This market size and growth are attributed to the increasing demand for automated production processes, along with the growing need for integrating technology into manufacturing operations. According to a recent report, The Global Smart Manufacturing Market is projected to be USD 177.5 Mn in 2019 to reach USD 534.2 Mn by 2029 at a CAGR of 11.8%.
The increasing adoption of Industry 4.0 technologies such as machine learning (ML), artificial intelligence (AI), robotics process automation (RPA), industrial internet of things (IIoT) and cloud computing has increased the demand for smart manufacturing solutions. Smart factory solutions enable manufacturers to increase their efficiency and reduce costs by automating production processes, streamlining supply chain operations, and improving asset utilization.
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