The global smart manufacturing platform market is projected to reach USD 29.15 billion by 2028, growing at a CAGR of 22.3% during the forecast period, as per a new in-depth industry analysis by Quince Market Insights. The latest advancements in the new age technologies like machine learning as well as artificial intelligence have resulted in the creation of various types of applications used for manufacturing. In the global market, the introduction of such technologies has led to a great impact, which has further transformed the IT infrastructure. As manufacturing-based companies are widely using different types of IoT devices, which include sensors, cameras, videos, and robots, that produce large amounts of data, manufacturing companies are now opting for edge computing instead of data centers for performing data operations.
In fact, there is a whole lot of data available in the manufacturing sector, which is needed to be modified. But due to the shortages of proper solutions, the industries failed to take out data properly to use it further. However, some smart manufacturers are incorporating IT, and OT for delivering important applications to customers. This creates an industry-standard ecosystem that serves as the spine for the manufacturing companies. IT and OT are an integral part of the ecosystem because it helps them to improve their workload management and also provides various important benefits for the smart factories present in the smart manufacturing market.
Since the manufacturing sector plays a significant role in digital transformation, companies are using advanced technologies like augmented reality, 3D printing, virtual reality and most recently developed digital twin technology for driving innovation at the production floor and for becoming smarter. Making smart factories for the future, the manufacturers have to interpret machine to machine and machine to human communications, which are important during mass production.
Role of 5G in Smart Manufacturing
Since the previous networks such as 2G, 3G and 4G, the introduction of 5G networks will immensely benefit the industrial level. The main reason behind it is its faster speeds, large bandwidth, lower latency and edge computing capabilities will bring transformation at factory floors, delivering real-time information from production to sellers. The fourth industrial revolution has already transformed the traditional industries into smarter industries. In these futuristic factories, connected devices have the potential to detect their environments and interoperate with each other, which will take decentralized decisions. But many anticipate this transformation to rely heavily on the promises 5G networks have.
5G networks provide manufacturing companies and telecom operators the chance to develop smart factories by taking advantage of technologies such as automation, AI, augmented reality and the internet of things (IoT). This will help the manufacturers in driving more functionality closer to the edge of the network. By using 5G, the telecom operators will get an opportunity to create new revenue streams. This way, the manufacturing sector represents one of the most vital areas for the new revenue potential where operators will be addressing the industry digitization while using the 5G technologies. The 5G services technology will also be assisting manufacturers to manage vast amounts of data and information with smart IoT devices. The speed and capacity of these devices will help the companies to connect more sensors, assets, and devices through a single network, which will offer them better visibility into the supply chain.
In a nutshell, to create smart manufacturing process, companies must need a wide range of advanced technologies. Furthermore, they also should continuously be investing as well as exploring new areas of technology to reap the benefits throughout the implementation process. Finally, while the smart factories are built around data, cybersecurity will also be playing a crucial part in the complete ecosystem of the smart manufacturing market.
