• Aishwarya Jankar

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After automating the manufacturing processes, the introduction of the smart factory is the new edge in the industrial revolution. Colloquially known as the smart factory, the shift from a linear system to an integrated one has enabled high-level connectivity for the companies.

76% of manufacturers are either planning or pursuing a smart factory initiative, and smart factories could add more than $1 trillion in value to the global economy in five years - A recent report by Capgemini's Digital Transformation Institute.

Along with bringing a spike in the monetary value in the economy, the smart factories

  1. Convert the factories into a data-driven and data-controlled organisation that keep the competition going

  2. From being a highly organised and digitally connected aid for the manufacturing plants, it provides an ecosystem of machines and partners

  3. Stand strong as a fully connected and an adaptable tool that brings streamlining of activities and remote monitoring of operations which result in agile and competitive results

Additional features of smart factory involve real-time forecasts, prediction of anomalies, root-cause analysis and resolution, customized layouts with sensor integration. Quality and traceability tools, automated scheduling, electronically linked sales services form a smart factory. These attributes do not just make a system agile but also transform it into a more proactive and visible unit that has enhanced the potential for growth.

According to BlueWeave Consulting, The Global Smart Factory market is anticipated to grow at a significant rate during the forecast period.

The Smart Factory Market has reached USD 152.4 Billion in 2019 and expected to reach a valuation of USD 291.4 billion by the year 2026 by growing at a CAGR of above 9.90 % during the forecast period 2016-2026

The promising market has more to offer than mere process optimization and value benefits. We are looking at an industry with heavy adoption of cybersecurity and a disruption innovation in enterprise resource planning alongside passing on the baton to the AI solutions for strategic functions like decision making as well.