- The Artificial Intelligence (AI) market is anticipated to rise from $8B in 2016 to $72B from 2021, reaching a 55.1% Compound Annual Growth Rate (CAGR).
- Even the Blockchain market is forecast to increase in a 61.5% Compound Annual Growth Rate (CAGR) between 2016 and 2021, ranging from $.2B to $2.3B in 2021.
- 86 percent of the top 100 businesses in R&D spending worldwide are in the production market.
- Top tech investment areas for producers contain advanced analytics, cloud computing, simulation and modeling, Web of Things (IoT) platforms and optimization and predictive analytics.
These and a number of other insights are in the current research study Deloitte in cooperation with the Council on Competitiveness and Singularity University released this month titled Exponential Technologies in Manufacturing (PDF, 64 pp., no opt-in). The study's goals include detecting the latest opportunities and barriers manufacturers face in evaluating and adopting technologies, and explores how international production companies can best capitalize on emerging technologies. The research defines exponential engineering as individuals that empower change at a fast accelerating, nonlinear rate eased by significant progress and cost reduction in the fields of computing power, bandwidth, and information storage.
Key takeaways from the analysis include the following:
- The Blockchain market is forecast to grow in a 61.5% Compound Annual Growth Rate (CAGR) between 2016 and 2021, developing from $.2B to $2.3B in 2021. The largest segments are in the company and financial services and technologies, telecom and media. The biggest protocols comprise Bitcoin, Ethereum, and Ripple. Deloitte discovered that banks have allegedly stored between $8B to12B annually with blockchain technology to enhance operational efficiencies.
- The Artificial Intelligence (AI) market is predicted to rise from $8B in 2016 to $72B from 2021, reaching a 55.1 percent CAGR. AI has been used now to empower collaborative robotics, automated workflows according to predictive analytics, improving recruiting and retention of production experts, and optimizing plant and equipment effectiveness. There are hundreds of possible use cases for AI in production today, which makes this region one of the very invested-in from the international venture capital community. Technologies that emanate from AI, called cognitive technologies, comprise machine learning; personal vision; natural language processing; speech recognition; robotics; optimization; rules-based systems; and planning & scheduling. Specifically, machine learning denotes the capability of computer systems to boost their performance by vulnerability to information, without the need to follow explicitly engineered directions.
- Even the 3D Printing market is anticipated to rise from $13B in 2016 to $36B in 2021, attaining a 22.3% CAGR. From 2020, 75% of production operations worldwide could use 3D-printed tools, jigs, and fixtures for the production of finished goods. Deloitte predicts that automotive patterns, quick prototype printing along with aerospace and defense components printing are the largest manufacturing segments. Fastest growing sections of this technology now include dental monitoring, medical implant and apparatus printing, and product creation and model printing.
- Advanced Robotics spending is anticipated to rise from $92B in 2016 to $225B in 2021, attaining a 19.7% CAGR with manufacturing, resource businesses, consumer, and health being the biggest segments now. The fastest growing market segments for Advanced Robotics include consumer, healthcare, and retail. Robotics is increasingly being embraced in aerospace manufacturing to increase product quality, yield rates, reduce operating costs and improve time-to-customer production functionality.
- Investment in the Web of Things (IoT) alternatives are predicted to rise from $737B in 2016 to1.521B at 2021, attaining a 15.6% CAGR. IoT is revolutionizing many facets of production operations including real-time manufacturing monitoring, improving the accuracy of key metrics including General Equipment Effectiveness (OEE), production yield prices and production efficiency. IoT's fastest growing sections include insurance, customer, healthcare, and retail stores.
- The Digital design, simulation, and integration (DDSI) market are predicted to grow in a 12.4% CAGR between 2016 and 2021, raising from $25B in 2016 to $45B in 2021. Deloitte discovered that the fastest growing sections of the market include layout automation, plant design, product design & testing, and design & 3D modeling. Automakers shifting from 2D to 3D CAD have attained 20% reduction in design time.
- Advanced analytics spending globally is predicted to grow from $136B in 2016 to $232B in 2021, attaining an 11.3% CAGR. Advanced analytics will be the foundation of Manufacturing Intelligence, which provides producers with contextual insight and intellect based on data recorded form machinery and procedures throughout the plant world. Discrete and process makers are hastening the adoption of innovative analytics to enhance product quality, reduce manufacturing delays and enhance time-to-market for new products.
- The biotechnology market is forecasted to grow from $364B in 2016 to $584B in 2021, attaining a 9.9% CAGR. Largest industries using biotechnology today are medical products, healthcare, agriculture & food, and environmental & industrial manufacturing. At the first half 2017, 22 synthetic bio start-ups raised over $500M in venture capital, public funding, and permits.
- The High-Performance Computing (HPC) market is projected to rise from $25B in 2016 to $40B in 2021, attaining a 9.3 percent CAGR. Quantum computing and high-performance data analytics are predicted to be the fastest growing market segments in the prediction period. High-performance Computing (HPC) refers to the practice of aggregating computing power in a way that delivers considerably higher functionality, i.e., systems which generally function above a teraflop or 1012 floating-point operations each second, to solve large highly complex problems in science, technology, or business
- The Advanced Materials market is predicted to grow from $195B in 2016 to $283B in 2021, attaining a 7.7 percent CAGR. Advanced materials include a broad spectrum of chemicals and substances such as light-weight, weatherproof metals and high energy alloys, advanced ceramics and composites, crucial substances, bio-based polymers, and nanomaterials. Popular present applications include reducing the burden of aircraft and auto components and generating durable magnets at electric vehicle (EV) motors. Advanced Materials are also Critical for generating electrical catalytic converters to wash toxic pollutants
- The Cybersecurity market is predicted to rise from $81B in 2016 to $117B in 2021, reaching a 7.7 percent CAGR. The use of cybersecurity gets even more essential today as important operational risks such as linked, smart production, electronic distribution networks, and whole manufacturing ecosystems emerge, so highlighting risks in the forefront of cyber and physical infrastructure. Deloitte predicts that there could be 3.5M cybersecurity jobs unfilled, internationally, by 2021.
- The future competitive edge in manufacturing will tilt back to advanced manufacturing nations with strong innovation ecosystems compared to price competitive countries of the past. The Global Manufacturing Competitiveness Index (GMCI) studies discovered that nations who invest in exponential production technologies and invention ecosystems will appear more aggressive than people who opt to compete on cost alone. Higher value, advanced products, and processes that require excellent product quality and provide greater margins are driving faster, permanent production.