Many industry verticals such as automotive and transportation, electronics, and electrical industries are focused on adoption of smart factory solutions, in order to augment efficiency and increase production capabilities. Furthermore, a number of manufacturing verticals are adopting smart factory solutions, in order to reduce production of defective products, downtime, and wastage. At the same time, they are focused on improving productivity. Apart from automobile and electronics manufacturing, smart factory is being adopted in chemical, oil & gas, textile and food & beverage industries. Hence, these factors are expected to boost growth of the market during the forecast period.
Market Dynamics- Restraints
1. Low availability of skilled personnel is expected to hamper the global smart factory market growth during the forecast period
There is a severe shortage of skilled personnel and the skill gap of current workforce is creating challenges for the market. In emerging regions such as Africa and Latin America, this problem is severe. However, the situation is expected to change in the near future due to growing awareness regarding automation and smart factories in the region. Thus, these factors are expected to hamper the market growth in the near future.
2. Concerns regarding data theft information security are expected to restrain growth of the global smart factor market over the forecast period
Smart factories enable intensive digital communication between different machines, across divisions, companies, and industries. Critical information is shared across various channels through internet, which increases concerns related to information and data security. Moreover, this risk is even higher when information is shared across external networks. Hence, these factors are expected to restrain growth of the global smart factory market during the forecast period.