Capgemini: Smart factories could add $1.5trn to global economy

By Jonathan Dyble
In its latest report, multinational consultancy firm Capgemini predicts that smart factories are set to become revolutionary within the manufacturing in...

In its latest report, multinational consultancy firm Capgemini predicts that smart factories are set to become revolutionary within the manufacturing industry.

The report found that smart factories could add anywhere between $500bn to $1.5trn in value to the global economy over the next five years, as firms increasingly look to digitise their operations in order to stay ahead of the game.

See also:

“Manufacturing under Industry 4.0 has access to digital technologies such as the Internet-of-Things, Big Data Analytics, Artificial Intelligence, Advanced Robotics, 3D printing, and Cloud Computing that have opened the door to incredible gains for early adopters,” Capgemini stated.

Currently, only 6% of manufacturers can be classified as ‘digital masters’. This, combined with the fact that as many as 76% of manufacturers currently have a smart factory initiative whilst only 14% of these are satisfied, suggests that the market for smart factories is set to explode within the next decade.

Business expectations are also likely to act as a driving factor, with manufacturers expecting on-time-delivery to accelerate by 13 times compared to 1990.

The potential benefits that would be available to businesses are countless, with the likes of IoT, big data analytics, AI, robotics, 3D printing and cloud-based computing services all paving the way for success.

Key sectors where manufacturers are already harnessing the potential of smart factories include industrial manufacturing, automotive, consumer goods, energy & utilities, aerospace & defence and the pharma, biotech and life science industries.

Share

Featured Articles

Brooke Weddle: Manufacturing Needs A Rebrand

Brooke Weddle, senior partner at Mckinsey, sat down with Manufacturing Digital to discuss methods to address manufacturing's global hiring crisis

Immensa and Intaj Suhar partner to boost Omani manufacturing

MENA’s leading digital manufacturer Immensa has partnered with Intaj Suhar to enhance Oman’s localised manufacturing through digital inventory solutions

Bain & Company Report: OEMs and Digital Transformation

Bain & Company report urges original equipment manufacturers to embrace digital solutions and shift to a customer-focused mindset to stay competitive

The Factory of the Future: Manufacturers' Biggest Challenges

Smart Manufacturing

Dassault Systèmes Bring AR Manufacturing Showcase to London

Smart Manufacturing

Join Belden for a Free Webinar on Connected Plant Floor Data

Production & Operations