Will Smart Manufacturing be the next big thing post-COVID-19?
What refers to a Smart Factory / Smart Manufacturing?
Smart in itself defines the addition of technology and digitization. Here Smart Factories refers to the Digitization of the Manufacturing Industry with rapidly changing strategies and usage of technology. Numerous small businesses and companies are facing disruption in its operations and growth due to COVID-19. It will be a challenge for manufacturing companies to cope with the upcoming trends in technology in the midst of a crisis such as this pandemic.
Smart Manufacturing offers a technology-driven environment and also employees who are skilled in the latest technology and are capable of working with robots and automation platforms. Whereas being well aware of AI, IoT, and ML should also fall under the same requirement as these applications are being vastly used across the globe. Nonetheless, undergoing digital transformation will be the new normal where adopting these technologies and investments are presented as the emerging assets in the market.
Take Away Points for Manufacturers
When an unforeseen health crisis shows up, it disrupts almost every sector, and the manufacturing sector on the other hand has gone through a similar phase. The manufacturing industry beheld quite a level of disruption, especially with its factories facing a huge manpower issue and with over-storage and under-storage of warehouses. In this crisis, what manufacturers now require is an artificial intelligence-based automation process, making the business operations a bit easy and effortless on the human side. Also, these technologies provide predictive analytics to help forecast upcoming trends and issues in the market.
The pandemic has caused rather a swift rate of technology adoption leading to the fourth industrial revolution (Industry 4.0) which consequently drives businesses and enterprises towards a sophisticated state of the internet of things (IoT) technology and workflow.
Also Read – Robotic Process Automation in Business and its Market Reach
As per some business strategy experts, Industry 4.0 is a collaboration of 4 aspects including the dark factories, smart factories, smart manufacturing, and industrial internet of things (IIoT). Coming up with such an outcome of a smart factory along with a great trend of automation will bring in the new normal and smarter way for manufacturing companies.
Post COVID-19, the focus of manufacturers should shift towards combining business-operations with technology and digital systems, likely for supply chain efficiencies and streamlining business operations to maintain the basic level of control and progress. However, due to COVID-19, the basic operation level is almost negligible. It is the need of the hour for manufacturing companies to practice artificial intelligence and IoT to help predict and mitigate future challenges such as this crisis that demands smart manufacturing with maximum digital adoption.
Smart Factory Market Size & Analysis
The smart factory is to rise rapidly post COVID-19 due to an increase in the demand for digital adoption. The market growth depends on the driving factors of the global smart factories including its demand, products, services, and solutions propelled by the pandemic. This leads to better management of the manufacturing industry along with its operations being maintained in the industry ecosystem. The market growth is driven by the growing role of robots and digital transformation in the healthcare and manufacturing sectors too.
Moreover, as per MarketsandMarkets, post-COVID-19, the global smart manufacturing market size is estimated to grow from USD 181.3 billion in 2020 and projected to reach USD 220.4 billion by 2025, at a CAGR of 4.0%,
As for the largest region accounted for its market growth is the APAC region and it is to witness the largest share in the growth of global smart manufacturing from 2020-2025.
As the COVID-19 crisis has turned the face of business operation upside down, increased technology adoption in industrial manufacturing along with rising demand for data analytics and insights is turning the manufacturing industry into a smarter one.
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