The global Smart Manufacturing Market is poised for significant expansion, with projections indicating a substantial increase in market value over the coming years. According to a new report by The Research Insights, the market size is anticipated to grow from USD 297.20 billion in 2023 to an impressive USD 787.54 billion by 2030. This represents a compound annual growth rate (CAGR) of 14.9% during this period.

Several key factors are driving this robust growth in the smart manufacturing sector. The increasing adoption of Industry 4.0 technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and robotics, plays a pivotal role. Furthermore, there is a rising demand for automated operations and enhanced operational efficiency across various industries. Government initiatives aimed at digital transformation and the critical need for real-time data-based decision-making are also significant contributors to this market expansion.

The comprehensive report from The Research Insights offers an in-depth analysis of prevailing market trends, identifies key players, and explores future opportunities within the smart manufacturing landscape. The projected 14.9% market growth comprises a vast array of segments, including Component, Technology, End-Use, and Geography, all of which are expected to demonstrate considerable strength in the upcoming years.