Forecast CAGR (2021-2026): 20%
Since the past couple of years, the increased inclination towards the industrial automation and investment and development of industrial IoT has propelled the smart manufacturing platform market. In the coming years, automotive industry is likely to be a major implementer of smart factories to gain benefits, like improved efficiency, faster decisions and response times, new productivity gains, and more cost savings. In the next few years, around 44% of facilities in automotive industry are likely to get converted into smart factories. Also, the constant support from governments of several countries for industrial automation is likely to up thrust the smart manufacturing platform market during the forecast period.