Smart Manufacturing Market Dynamic Business Environment During  Forecast 2018 – 2028
                     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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manufacturing-market 
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