Smart Factories to provide a $500 billion uplift to global economy in next 5 years

Smart Factories, also termed as Industry 4.0, makes use of digital technologies including the Internet-of-Things, Big Data Analytics, Artificial Intelligence and Advanced Robotics to increase productivity, quality and flexibility. Its features include collaborative robots, workers using augmented reality components and machines that send alerts when they need maintenance. With the focus on 4.0, manufacturers expect 21% of their plans to become smart factories with sectors such as aerospace and defense, industrial manufacturing and automotive expected to be the leaders in transition.

The smart factories will benefit from significant reductions in operating costs on account of productivity, efficiency and flexibility improvements. majority of industrial companies have already embarked upon their digitalization of plants to stay competitive with Early-adopters, including factories in the US and Western Europe are leading the pack. Jean-Pierre Petit, Global Head of Digital Manufacturing at Capgemini, said that “This study makes it clear that we are now in the digital industrial revolution. The impact on overall efficiency will be profound. The next few years will be critical as manufacturers step up their digital capabilities and accelerate their digital outcomes to maximize company benefits”.