Welcome to the era of robotics in manufacturing. The current shockwave of technological transformation has again reached the industrial landscape. The fourth industrial revolution is changing the way the manufacturing industry works. Notably, robots have started populating the manufacturing floors and are powering exponential growth in manufacturing productivity. However, the transition into Industry 4.0 is posing significant challenges.
Manufacturing is undergoing massive changes; the world economic forum reported earlier this week the four key drivers that will accelerate business transformations. These are set to dominate the next four-year period for businesses. The report also claims that by 2022, robots will have created over 130 million jobs, this almost double the amount they are projected to take (75 million). Read TM's case studies which show robots will create jobs instead of take them. These are not the only drivers of change for manufacturing, but they will, and are of course disrupting and transforming the industry irrevocably.
Humanity continues to embark on a period of unparalleled technological advancement. The next 5, 10 and 20 years will present both significant challenges and opportunities. Private sectors, governments, academics and entrepreneurs are all seeking the roadmap for navigating these profound changes in the world of work. Such a road map must be created collaboratively by all stakeholders. At its core, an industrial revolution can be characterized by advancements in technology that humanity applies to improve the process of production.
The global internet of things (IoT) in manufacturing market size was USD 27.76 Billion in 2018 and is projected to reach USD 136.83 billion by 2026, exhibiting a CAGR of 22.1% during the forecast period. The internet of things (IoT) in manufacturing comprises mechanical and electrical parts, advanced sensors, network connectivity architecture, controls, software applications, and smart devices that work together to collect and share real-time information between machines and humans. The internet of things (IoT) in manufacturing industry is gaining robust growth due to the rising adoption of AI (Artificial Intelligence) and other connected devices based on machine learning (M2M, M2P). Implementation of IoT technology in manufacturing industry is providing several organizations with new opportunities including digital transformations techniques and is enabling them to upgrade the current running operations by creating and tracking new business models. Furthermore, IoT solutions help in providing manufacturers a comprehensive vision to monitor complexities keep on arising at every intermediate point in the manufacturing process and assist in developing real-time adjustments.
As the factory environment continues to evolve beyond this pandemic, AR-enabled programs will deliver transformational results to manufacturers and industrial enterprises. When augmented reality (AR) was first introduced in 1992, the primary use cases for the technology involved military or gaming applications. Nearly 30 years later, many enterprises in the industrial sector are turning to AR technology to aid in the remote training, and up-skilling and re-skilling of their workforces and are reaping the benefits. Over the past five years, manufacturers have reported a growing shortage of qualified skilled laborers. These include positions such as machine technicians and worksite managers.