Smart Manufacturing technology has the potential to radically alter the global manufacturing sector, creating gaps for new players in new markets to emerge and dominate in the post-pandemic economy.
According to a new market research report by Meticulous Research, the global Smart Manufacturing market is projected to swell at a compound annual growth rate (CAGR) of 21.5% over the next seven years, to reach a value of over $446 billion by 2029. The question is, how can emerging economies, such as those in Africa take advantage of market disruptions to boost local and regional manufacturing?
The adoption of automation and data exchange in manufacturing technologies, including cyber-physical systems, the Internet of things, cloud computing and cognitive computing, and the emergence of Smart Factories, continue to change how the entire manufacturing sector operates globally. The widespread adoption of information and communication technology by manufacturers worldwide is driving competition in an entirely new way, permanently disrupting the playing fields.
Like many other emerging economies, South Africa has a unique advantage over more developed markets because it is not weighed down by infrastructure legacy issues. In addition, the adoption of Smart Manufacturing is unlikely to be hampered by resistance to change as it is in more traditional, industrialized economies.