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Manufacturing and Smart Factories: Products of the Digital Industrial Revolution
Manufacturers are reinventing their industries by applying new technology. A report by CapGemini finds that new tech manufacturing in the form of smart factories will revolutionize manufacturing and by 2022 will drive productivity increases by as much as seven times. Smart factories are poised to be able to double their profits and margins.
Growth from smart factories is expected to add $1.5 to $0.5 trillion over the next five years to the economy. Manufacturers can see change coming and more than three quarters have adopted a smart factory initiative to help them to transition to new technologies. Only 14 percent of manufacturing companies say that their current levels of production will be able to compete in the future.
Leaders in the Smart Factory space are industrial manufacturing and aerospace and defense — about two thirds of companies in these segments are experimenting with smart factories. That is compared to about one third of companies in other sectors like life sciences, biotech, and pharma.
Jean-Pierre Petit, Global Head of Digital Manufacturing at Capgemini, said that “we are now in the digital industrial revolution. The impact on overall efficiency will be profound. The next few years will be critical as manufacturers step up their digital capabilities and accelerate their digital outcomes to maximize company benefits.”
