Automation in manufacturing is constantly evolving. Manufacturers all over the world are using automation to improve the efficiency of processes, reduce the complexity of managing modern supply chains, and combat the skilled worker shortage. In conjunction with adding levels of automation to streamline the business, manufacturers are turning to once-hyped technologies to accelerate process automation.
By 2026, it’s estimated that industrial automation will reach an investment level of $287.9 billion and its CAGR (Compound Annual Growth Rate) will grow by 7.2%. Plex’s 7th Annual State of Smart Manufacturing Report uses data collected from 321 manufacturers to reinforce the fact that technology adoption continues to accelerate at an unprecedented rate and is being used to solve some of the industry’s most critical challenges. Here are some stats from the report:
- 79% of organizations are prioritizing software that will automate processes
- Smart manufacturing adoption accelerated by 50% during an extremely challenging period for manufacturers
- 60% of all companies are now using either a fully integrated solution or have some components of smart manufacturing in adoption
- 75% of organizations will have some components of smart manufacturing in adoption by the end of 2022
It’s clear that manufacturers are addressing their challenges by leveraging automation, innovation, technology, and their ability to use data to make decisions. With higher levels of automation, manufacturers will be able to keep up with industry expectations, and those who adapt will be best positioned for the future. The time for action is now.
Plex has been tracking the most pressing issues over much of the last decade. The skilled worker shortage, supply chain disruptions, and risk mitigation show up as key industry level growth obstacles every year, but the reasons for each are evolving. To solve for these problems and other dynamics yet unknown, technology – specifically smart manufacturing – is the key. Drivers like the increase in plant-level data, greater machine and human connectivity, the growth of Industrial IoT, and the practical use and affordability of once-hyped technologies are changing manufacturing and expanding human possibility.
Benchmark your technology usage and uncover best practices by downloading the Automation Edition of the 7th Annual State of Smart Manufacturing Report.
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