Smart Factories: A Convergence of Manufacturing and ICT
With the widespread use of AI, robots, 3D printing and the Internet of Things and other new technologies of the 4th Industrial Revolution throughout industry, sectors with low added value are falling behind. In particular, manufacturing companies that have relied on traditional production methods have been hit directly by the changes. In response, manufacturers are aiming to secure competitiveness through ‘smart factories,’ as a measure to overcome changes in the industrial environment and the economic recession. ‘Smart factories’ refer to intelligent factories which analyze information gathered from various sensors and equipment to autonomously optimize processes and make decisions such as production scheduling. The global smart factory market currently stands at 55 billion U.S. dollars, and is expected to grow to 230 billion dollars by 2025. We at [Bizline] report on the smart factory trend which is taking over the manufacturing industry.