Market overview It’s all about automation
The global industrial automation market is expected to reach 321.93 billion dollars by 2024. The rise of automation in the automobile industry is expected to be one of the major contributors towards this growing market.
Industry 4.0 has given new impetus to the manufacturing industry and has transformed the sector like never before. Infact, one of the core segments in this new concept is automation. According to a report by Zion Market Research, the global industrial automation market will reach 321.93 billion dollars by 2024. The report further adds that the market is expected to generate revenue of around 321.93 billion dollars by the end of 2024, growing at a CAGR of around 6.5 % between 2018 and 2024. This is not surprising as today every major industry extensively makes use of automation in their processes. High productivity, quality, flexibility, information accuracy, lower costs, and safety are some of the many advantages of this concept.
Automation in the automobile industry
Be it incorporating smart solutions or making use of IIoT (Industrial Internet of Things), the modern shop floor in the automobile industry is dominated by automation. Car manufacturers such as Tesla, Volkswagen, BMW, Toyota, and many other leading auto players are already making use of a range of automation technologies. Some of the noteworthy automation solutions used in the automobile space include collaborative robots (cobots) and cognitive computing in IoT connected cars.
Cobots are user-friendly robots which are light in weight and easily portable. These robots work on the principle of machine learning and are capable of working independently without human interference. Collaborative robots assist in manufacturing superior quality products with utmost precision. Universal Robots, KUKA, Rethink Robotics are some of the major companies that develop cobots for the global manufacturing industry.
Cognitive computing in IoT connected cars
Cognitive computing are AI-based platforms that make use of machine learning, human-computer interaction, human language processing, and many more related concepts. The German car manufacturer BMW is exploring the idea of creating autonomous vehicles by using cognitive computing and IoT. These cars are expected to communicate with each other while recognising driving patterns of their human drivers in an emotional situation. If successfully tested, these autonomous cars would be an advanced version of driverless cars.
In this scenario, it becomes important to keep oneself updated on the latest technologies and solutions available in the automation space. Hence, industry players should visit international automation exhibitions such as Motek. It is at such trade fairs that one gets to witness numerous innovations exhibited by some of the leading names from the industry.