The Future Of Manufacturing Technologies, 2018
(Source: forbes.com)

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(Original link: forbes.com)

Apr 15, 2018 @ 10:39 PM The Future Of Manufacturing Technologies, 2018 Share to email Opinions expressed by Forbes Contributors are their own. Tweet This ThinkStockPhoto 86% of the top 100 companies in R&D spending worldwide are from the manufacturing industry. Top technology investment areas for manufacturers include advanced analytics, cloud computing, modeling and simulation, Internet of Things (IoT) platforms, and optimization and predictive analytics. These and many other insights are from a recent research study Deloitte in collaboration with the Council on Competitiveness and Singularity University published this month titled Exponential Technologies in Manufacturing (PDF, 64 pp., no opt-in). The study’s goals include discovering the latest opportunities and barriers manufacturers face in evaluating and adopting technologies, and explores how global manufacturing companies can best capitalize on emerging technologies. The study defines exponential technologies as those that enable change at a rapidly accelerating, nonlinear pace facilitated by substantial progress and cost reduction in the areas of computing power, bandwidth, and data storage.
Key takeaways from the study include the following: The Blockchain market is predicted to grow at a 61.5% Compound Annual Growth Rate (CAGR) between 2016 and 2021, growing from $.2B to $2.3B in 2021. The largest segments are in business and financial services and technology, media and telecom. The largest protocols include Bitcoin, Ethereum, and Ripple. Deloitte found that banks have reportedly saved between $8B to $12B annually using blockchain technologies to improve operational efficiencies. Source: Deloitte, Council on Competitiveness & Singularity University Report Exponential Technologies in Manufacturing The Artificial Intelligence (AI) market is predicted to grow from $8B in 2016 to $72B in 2021, attaining a 55.1% CAGR. AI is being used today to enable collaborative robotics, automated workflows based on predictive analytics, improving recruitment and retention of manufacturing experts, and optimizing equipment and plant effectiveness. There are hundreds of potential use cases for AI in manufacturing today, making this area one of the most invested-in by the global venture capital community. Technologies that emanate from AI, called cognitive technologies, include machine learning; computer vision; natural language processing; speech recognition; robotics; optimization; rules-based systems; and planning & scheduling. Specifically, machine learning refers to the ability of computer systems to improve their performance by exposure to data, without the need to follow explicitly programmed instructions. Source: Deloitte, Council on Competitiveness & Singularity University Report Exponential Technologies in Manufacturing The 3D Printing market is predicted to grow from $13B in 2016 to $36B in 2021, attaining a 22.3% CAGR. By 2020, 75% of manufacturing operations worldwide could use 3D-printed tools, jigs, and fixtures for the production of finished goods. Deloitte predicts that automotive designs, rapid prototype printing and aerospace and defense parts printing will be the largest manufacturing segments. Fastest growing segments of this technology today include dental printing, medical implant and device printing, and product creation and prototype printing. Source: Deloitte, Council on Competitiveness & Singularity University Report Exponential Technologies in Manufacturing Advanced Robotics spending is predicted to grow from $92B in 2016 to $225B in 2021, attaining a 19.7% CAGR with manufacturing, resource industries, consumer, and healthcare being the largest segments today. The fastest growing market segments for Advanced Robotics include consumer, health care, and retail. Robotics is increasingly being adopted in aerospace manufacturing to increase product quality, yield rates, reduce operating costs and improve time-to-customer production performance. Source: Deloitte, Council on Competitiveness & Singularity University Report Exponential Technologies in Manufacturing Investment in the Internet of Things (IoT) solutions is predicted to grow from $737B in 2016 to $1.521B in 2021, attaining a 15.6% CAGR. IoT is revolutionizing many aspects of manufacturing operations including real-time production monitoring, improving the accuracy of key metrics including Overall Equipment Effectiveness (OEE), production yield rates and production efficiency. IoT’s fastest growing segments include insurance, consumer, healthcare, and retail. Source: Deloitte, Council on Competitiveness & Singularity University Report Exponential Technologies in Manufacturing The Digital design, simulation, and integration (DDSI) market are predicted to grow at a 12.4% CAGR between 2016 and 2021, increasing from $25B in 2016 to $45B in 2021. Deloitte found that the fastest growing segments of this market include design automation, plant design, product design & testing, and drafting & ...

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