Background
Recall when “smart” was an adjective used mostly to describe people with extra ordinary capacities? Nowadays, you probably have a smartphone. You might wear a smartwatch. You could even live in a smart home, a term that refers to modern homes that have appliances, lighting and/or electronic devices that can be controlled remotely by the owner, often via a mobile app. Smart home-enabled devices can include appliances like refrigerators, washing machines, dryers, and toaster ovens, as well as heating and air conditioning units and lighting devices. Some examples of smart home-enabled electronic devices are audio and video entertainment systems, camera and security systems, and computers, laptops and other electronics mobile devices.
You can plan life in a Smart City. A smart city is an urban area that uses different types of electronic Internet of things (IoT) sensors to collect data and then use these data to manage assets and resources efficiently. This includes data collected from citizens, devices, and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, water supply networks, waste management, crime detection, information systems, schools, libraries, hospitals, and other community services.
The world is in the early stages of a fourth Industrial Revolution that holds the potential for a massive impact on industrial efficiency and productivity. It goes by a variety of names and terms: the Industrial Internet of Things (IIoT), the Industrial Internet, Industry 4.0, and Smart Factory, to name a few.
Smart Factory
A Smart Factory is an extremely digitized and connected production facility that relies on smart manufacturing. According to the National Institute of Standards and Technology (NIST) Smart Manufacturing are systems that are “fully-integrated, collaborative manufacturing systems that respond in real time to meet changing demands and conditions in the factory, in the supply network, and in customer needs.”
The SMLC definition states, “Smart Manufacturing is the ability to solve existing and future problems via an open infrastructure that allows solutions to be implemented at the speed of business while creating advantaged value.”
A Smart Factory works by employing technology such as artificial intelligence (AI), robotics, analytics, big data and the internet of things (IoT) and can run mainly autonomously with the capability to self-correct.
Smart Factory Statistics
The smart factory market is expected to be valued at USD 153.7 billion in 2019 and to grow USD 244.8 billion by 2024 at a CAGR of 9.76% between 2019 and 2024. Factors driving the growth of the market include increasing adoption of industrial robots, the evolution of Internet of Things (IoT), growing demand for the smart automation solutions, and increasing emphasis on regulatory compliances.
The impact will extend globally, adding an estimated $14.2 trillion to 20 of the world’s major economies in the next 15 years. It could drive $2.7 trillion in economic value from waste reduction and increase U.S. gross domestic product by 2% by 2030.
Nub8 specializes in Smart Factory consulting services using latest technologies. We propose architecture where factory becomes the center of optimization and innovation in the manufacturing industry. Our approach offers effectiveness and efficiency promised by the use of IoT and other Industry 4.0 technologies.