Latest technological Trends in Smart Factory Market

Augmented reality enhances the perception and presentation of a real-life situation. It is created using technology to overlay digital information on an image of something that is being viewed through a compatible device, such as a smartphone camera, HMI, or any smart goggle. Usually, these devices are voice-controlled, making the wearer a hands-free user. The alignment of machine learning and physics-based modeling enables engineers to create an entire augmented reality (AR) experience that shows technicians in the factory the process to service the factory floor machine. Companies are increasingly using augmented reality (AR) on the shop floor of the factory to boost production activity and improve production processes.

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Smart Factory Market Dynamics

DRIVERS: Increasing adoption of Industrial robots

Increasing miniaturization of sensors, growing investments in automation (in automotive, electrical & electronics, and metals & machinery industries), and rising demand for industrial robotics systems in developing countries are the factors driving the growth of the industrial robot market. Rising demand for automation across industries has increased the adoption of industrial robots in various industries. The growth of the industrial robots’ market can be attributed to the growth of the electronics industry and towering labor wages in manufacturing. This is expected to increase the demand for industrial robots and support the growth of the smart factory market during the review period.

RESTRAINT: Security risks associated with cyber-physical systems

The manufacturing sector is the most targeted cyberattack sector, around 47% of the cyberattacks target the manufacturing sector to gain competitive advantages and trade secrets. A cyber-physical system (CPS) is an advanced technology that integrates virtual and physical worlds to build a factory with intelligent equipment. CPS technology has transformed manufacturing processes. Cyber-physical manufacturing facilities use cutting-edge technologies such as robotics, big data, automation, artificial intelligence, virtual reality, sensors, augmented reality, and additive manufacturing to offer extraordinary flexibility, precision, and efficiency to manufacturing processes. However, the security risks associated with the adoption of CPS may restrain the market. A CPS enables connectivity among all plant equipment and stores critical information about the plant. This information might be at risk if the system gets hacked.

OPPORTUNITIES: Emergence of 5G technology in smart factory market

With 5G technology, smart factory owners can use cellular technologies more securely and can tune them to specific use cases. By placing sensors on equipment connected to 5G networks, they can take data off the manufacturing networks without connecting to the machines; this can make optimization seamless in real time. Many manufacturers are adopting 5G network for achieving uninterrupted and strong connection. The installation of 5G network in factories eliminates the need for wired connectivity, enabling a high-speed manufacturing environment with high flexibility and less downtime. It becomes crucial for industries to have a network that can support in terms of speed, coverage, and reliability. The emergence of 5G network is going to provide a one-stop solution for factories and create significant opportunities for smart factories.

CHALLENGES:Interoperability between information technology and operational technology

The biggest challenge for the implementation of a smart factory is the lack of interoperability between informational technology (IT) and operational technology (OT); IT and OT use different protocols and architecture, which significantly increases the complexity and costs associated with the adoption of smart factories. Most OT systems today work in silos. However, a smart factory demands a fully functional digital ecosystem for seamless data sharing between machines and other physical systems of different manufacturers. Companies that master in interoperability of the information and operation technology would have an advantage in manufacturing, which would be reflected in the production yield. Furthermore, most companies have invested heavily in expensive industrial equipment having longevity. The equipment was designed to operate in a standalone manner, which is the main pain point for endusers, as such equipment fail to fit in the IIoT ecosystem.