The digital transformation in manufacturing market was valued at USD 263.93 billion and is expected to reach USD 767.82 billion, at a CAGR of 19.48% over the forecast period. With the advent of Industry 4.0 in the manufacturing industry, various plants are fostering digital technologies to enhance, automate, and modernize the whole process.
– Digital transformation and automation reduce processing costs and enhance cost efficiency in the manufacturing industry. Earlier, manufacturing companies used to focus less on the production cost of a product, which led to high-end product costs. However, the rising integration of digital transformation, leading to automation, has helped in reducing unnecessary costs. For instance, digital manufacturing can reduce development cycles and ascend the rate of product innovation; thus, mitigating the manufacturing cost.
– Furthermore, the enhancement of a product through low-cost manufacturing also helps in the quicker launch of the product and high revenue generation. The implementation of IoT in the manufacturing industry helps in detecting any error at an early stage, which further lessens errors and mistakes, which, in turn, mitigates the number of products returned to the company.
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– One of the major benefits of integrating digital transformation, such as robotics and IoT, is that the robots can work 24×7, without causing any glitch or error. As a result, it is likely to have a positive impact on market growth over the forecast period. In addition, the on-demand manufacturing trend is expected to rise, and Industry 4.0 is expected to help in making efficient decisions and enhancing supply chain operations.
– The fourth industrial revolution encompasses a wide array of technologies across the value chain and is considered as the information and automation hub. However, the rapid adoption of automation and digital transformation in the manufacturing industry demands high-skilled labors to handle Big Data and operate the required machinery.
Scope of the Report
Digital transformation in the manufacturing industry addresses various global issues within the industry, including the manufacturing companies modernizing their supply chains through Big Data and GPS tracking, which not only helps in data-driven planning but also provide a competitive advantage over counterparts and helps the companies stay ahead in the market.
Key Market Trends
Robotics is Expected to Register a Significant Growth
– Improved efficiency and a reduction in production costs, when compared to conventional manufacturing processes, are boosting the adoption of automation technology, which is driving the digital transformation across the manufacturing segment. The application of robots in manufacturing helps in increasing efficiency, from raw material handling to finished product packing. These robots are programmed to operate 24×7 and also can be customized to perform complex functions.
– Highly trainable and collaborative robots, across the manufacturing sector, are being deployed in unsafe working environments. For instance, autonomous dump trucks used at mining sites can be remotely controlled by operators, eliminating the need for human drivers.
– According to Adobe’s 2018 Digital Intelligence briefing, about 15% of businesses use AI today, and 31% plan to add support for it, over the forecast period. Therefore, the increasing adoption of AI is also aiding the adoption of modern robotics, through cobots. Cobots can help eliminate dangerous work, freeing humans for more satisfying jobs, thereby, avoiding the risk of repetitive stress.
– The adoption of robots in manufacturing plants aids the smart machinery in identifying irregularities and can help fix mechanical issues without any human intervention, allowing the company to increase efficiency and minimize delays.
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