The industrial environment is undergoing a significant transition in a time of fast technological advancement, and Industry 4.0, or smart manufacturing, is at the vanguard of this transition.
According to the 2023 Global Smart Manufacturing Market Report, the smart manufacturing market is expected to grow at a CAGR of 13.1% over the next 7 years, totaling $658.41 billion by 2030. Many manufacturing business leaders recognize the benefits of Industry 4.0 but are hesitant to implement it because of the perceived barriers to adoption.
According to a 2022 survey by SME and CESMII, 77% of respondents believe smart technology will increase competitiveness for their organizations, but only half are willing to invest in these initiatives. Many believe only large enterprises can access or benefit from this technology, butsmart manufacturing has become more accessible for small and medium-sized businesses (SMEs) in recent years.