2022 Digital Factory Update

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By Ryan Martin | 1Q 2022 | IN-6416

 

Market will be Worth More than $950 billion in 2030

NEWS


Spending on smart manufacturing will grow from US$345 billion in 2021 to more than US$950 billion in 2030 (12% Compound Annual Growth Rate (CAGR)) as manufacturers advance their digital transformation initiatives. Today, most of the revenue is attributed to hardware; however, a greater reliance on analytics, collaborative industrial software, and wireless connectivity (Wi-Fi 6, 4G, and 5G) will drive spending on value added services—connectivity, data management, and platforms—to more than double over the forecast. At the same time, factories will increasingly adopt Industry 4.0 solutions, such as autonomous mobile robots (AMRs), asset tracking, simulation, and digital twins.

The Shift to Digital Threads

IMPACT


Manufacturers and their technology partners are acutely focused on establishing and supporting digital threads for better data management and enrichment throughout the manufacturing lifecycle. A common data backbone allows manufacturers to operate more efficiently across teams and departments, an…

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