Today’s industry experts predict that the manufacturing industry will see big changes in the coming years as new technologies are developed and implemented. These new technologies will go a long way to help drive the growth of emerging markets, as consumer demand continues to rise and fall. Organizations wanting to stay ahead of the competition will need to keep a close eye on any changes that could impact their business. Agility and willingness to adopt new tech will be key to longevity in the future. What are some of the things can we expect to see? Below are some of the most important trends that could have a hand in shaping the manufacturing industry in 2022.
1. Manufacturing Smart Contracts
By 2022, every aspect of a product’s manufacturing and supply chain will be governed by smart contracts. From raw materials to final delivery, smart contracts will ensure that all parties get paid, products are built to specification, and deliveries are shipped on time. The most interesting application of smart contracts in supply chains is right-to-use licenses – licenses that grant a company access to produce and sell a specific product for up to ten years.
2. Automation & Robotics
Robots are becoming more human-like every day. In a few years, we’ll see more programmed to perform basic tasks, like greeting guests and cleaning floors. We can expect to see more businesses using robots for customer service, transportation, and production. But will that lead to humans losing their jobs? Automation can make business processes simpler and improve product quality.
3. Additive manufacturing (AM)
The next era of manufacturing is here. In a nutshell, additive manufacturing means building up an object from its base layer to a solid structure. A great example of AM is stereolithography. The process uses light to create and solidify objects using photopolymers—the same material as 3D glasses. 3D printing is even making its way into house manufacturing.
4. Artificial Intelligence (AI)
According to MarketsandMarkets, by 2021, AI will be a $70 billion industry. What’s more, Gartner predicts that 1.8 million jobs will be lost and 2.3 million new jobs will be created by 2025. For many people this means an increase in smart machines could be used to take over any mundane or repetitive tasks while freeing us up to pursue more interesting careers. This change will also signal a higher level of efficiency on the manufacturing line.
5. Internet of Things (IoT)
Many manufacturers are already on board with the Internet of Things (IoT) and have built data-gathering devices into their factories, but IoT will become so entrenched in the industry over the next decade that even heavy machinery like excavators, trucks, and cargo ships will be able to communicate with each other. This change will significantly reduce the cost of fleet and equipment maintenance.
Final Thoughts
These are just a few major manufacturing trends that could have a significant impact on business over the next few years. Because of the rapid pace of these trends, it’s important for businesses to keep an eye on any new developments that can be leveraged to stay ahead of their competition. Is your business ready?
