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The global smart factory market is expected to grow significantly in the coming years due to the increasing focus on setting up new smart factories and the emergence of the industrial internet of things (IIoT). However, data privacy and security concerns remain a challenge for market growth. Key players in the market include ABB Ltd., Cisco Systems Inc., Microsoft Corp., and Siemens AG. The adoption of IIoT and technological advancements are driving the use of smart machines in industries and services sectors, with a trend towards creating connected and synchronized factories.