The global manufacturing industry has undergone tremendous changes since the First Industrial Revolution. Technological advancements have significantly impacted the globalization of the manufacturing industry to allow businesses to operate internationally. Developments in transportation and telecommunications have also made globalization for manufacturers easier now more than ever.
As a result, an increasing number of organizations are extending their influence across international waters. According to the Smart Factory: Global Strategic Business Report, the global market for smart factories is expected to reach approximately $295 billion by 2030, growing at a CAGR of 8.6%.