With the global automation industry’s total value increasing from $170.2 billion in 2013 to $182.7 billion in 2014 and to a projected $209.4 billion in 2016, manufacturers understand the stakes are high when it comes to manufacturing data. But, according to a white paper by IHS’s Mark Watson, the manufacturing industry still faces a major challenge: developing software and analytical systems capable of converting the mountains of data produced by smart factories into useful information and insights.
According to Watson, such systems could usher in an era of efficient, flexible and customizable mass production that has been called the Fourth Industrial Revolution, or Industry 4.0. Early forays into Industry 4.0 have focused on improving the flexibility and individualization of manufacturing processes. Watson says IHS expects food and beverage manufacturers to be early adopters of them.