Start smart with Algo8 SPACE
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
Convert the factories into a data-driven and data-controlled organisation that keep the competition going
From being a highly organised and digitally connected aid for the manufacturing plants, it provides an ecosystem of machines and partners
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.