Manufacturing trends: Disruptions and innovation

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Manufacturing trends: Disruptions and innovation

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Manufacturing is becoming more smarter, efficient, precise, and sustainable by adopting IIoT, AI, Robots, Blockchain, and 5G for operations optimization. Manufacturing business trends are enabling flexible & transparent supply chains, customer-centric & agile production, ecosystem collaborations, and new business models.

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What’s inside

  1. Key Takeaways
  2. Key drivers shaping trends in manufacturing
  3. Business Trends driving innovation
  4. Technology Trends aiding the business

Key takeaways

The convergence of advanced technologies with labour, supply chain, and demand challenges is driving full automation. Nearly 84% of manufacturers have adopted or are considering smart manufacturing. Manufacturers are exploring tech-enabled ecosystem partnerships, reshoring, and factory-in-a-box model to address supply chain instability. AI, IIoT, Big Data & Analytics, Robotics, 5G & Edge Computing are enabling data collection, pattern identification, and prediction for process optimization and efficiency improvement. AI in manufacturing is expected to reach $115 billion in 2032 globally. Blockchain is ensuring supply chain and ecosystem security. Driven by regulations and environmental commitments, manufacturers are adopting technologies to reduce emissions. On-demand production, mass customization, and subscription-based products are enhancing customer experience. Download Complete Research

Key drivers shaping trends in banking

  • Ensuring supply chain resilience and navigating market demand uncertainty are manufacturers’ main requirements amid natural disasters and geopolitical tensions. AI and Data Analytics are key to overcoming disruptions and predicting demand.
  • Manufacturers are prioritizing automation to deal with skilled labour shortage, manage rising costs and enhance efficiency while maintaining quality.
  • Sustainability is another priority for manufacturers, focusing on responsible materials sourcing, environment-friendly production, and safe waste disposal. Customer preference is changing, and they are seeking sustainable products and processes.

Business trends driving innovation

  • Dark factories fully orchestrate processes using automated machines while operators remotely monitor activities, enhancing performance and resource efficiency.
  • The product-as-a-service business model opens new revenue streams for manufacturers while lowering the upfront costs for customers.
  • Global data exchanges & platforms allow data sharing between ecosystem partners while protecting proprietary data.
  • Green manufacturing is getting propelled using digital technologies and adopting sustainability policies.
  • Reshoring and micro-factories have gathered pace due to wage increases, supply chain disruptions, and the advent of digital technologies.
  • Prescriptive maintenance identifies patterns, performs root-cause analysis, and recommends the best maintenance approach, lowering running costs and downtime.
  • Customized product manufacturing is being enabled by additive manufacturing and flexible manufacturing approaches.
  • Advanced environment-friendly materials are gaining traction resulting in enhanced performance, high wear resistance, and high thermal stability of products.
  • These trends impact various stakeholders, including manufacturers, suppliers, workers, and customers.

Technology trends aiding the business

  • AI is transforming manufacturing through real-time machine operation optimization, problem prediction, demand forecasting, cost modelling, product quality inspection, robot navigation, etc.
  • IIoT is key for prescriptive maintenance, real-time production and machine monitoring. 5G provides high bandwidth for reliable connectivity between IIoT devices, offloading computation-heavy tasks to edge infrastructure.
  • Robots & Cobots enable production line process handling, intelligent material handling, and warehouse automation.
  • Digital Twin enables the convergence of information technology (IT), operational technology (OT), & engineering technology (ET) in manufacturing.
  • Blockchain allows for tracking materials & goods through the supply chain, inventory management, & warranty management.
  • Secure and dedicated private networks, Blockchain, and AI are increasingly used to safeguard critical manufacturing operations from cyberattacks.

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Credits
Lead Authors@lab45: Parag Arora
Contributing Authors@lab45: Hussain S Nayak

Latest stories

Healthcare trends: Disruptions and innovation

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Healthcare trends: Disruptions and innovation

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Healthcare transforms with a focus on accessibility, prioritizing IT, the global market is projected at USD 975 billion by 2027. AI and machine learning, expected in 90% of US hospitals by 2025, streamline chronic condition diagnoses. Emerging technologies drive change, influencing preventive and home care in the healthcare landscape.

What's inside

  1. Key takeaways
  2. Key drivers shaping trends in healthcare
  3. Business trends driving innovation
  4. Technology trends aiding the business

Key takeaways

Healthcare IT is a top priority for providers. Nearly 80% of healthcare providers consider it one of their top 5 strategic priorities, with investments in software including revenue cycle management, security and privacy, patient intake/flow, clinical systems, and telehealth. AI, ML, and IoMT are rapidly developing and expected to be used in 90% of US hospitals by 2025. The global mHealth apps market is growing, primarily driven by the adoption of fitness and medical apps. Technology can improve patient care, reduce medical errors, and expand hospital boundaries. However, data interoperability and regulations are necessary, and patient engagement is crucial for a better healthcare system. Download Complete Research

Key drivers shaping trends in healthcare

Empowering customers through GenAI

  • Patient centricity is a top priority as patients now expect a satisfying healthcare experience, like what they receive in other industries. With technological advancements, it is now feasible and cost-effective to meet these expectations and provide patients with a superior experience.
  • Healthcare data is vital for informed decision-making, and data integration is necessary to enable seamless sharing of information between healthcare providers. Seamless integration is vital for seamless patient care, coordinated care delivery, reducing errors, enhancing patient outcomes, and promoting a holistic approach to healthcare.
  • Preventive healthcare is gaining importance as it reduces costs, improves quality of life, promotes early detection, and aligns with advancing healthcare technologies and government policies.

Business trends driving innovation

  • The COVID-19 pandemic has accelerated the adoption of telehealth and telemedicine, leading to a significant growth of the global telemedicine market size.
  • Retail healthcare services are gaining popularity due to their convenience and accessibility.
  • However, the healthcare industry is facing challenges related to data security, cyberattacks, and lack of standardization, which can be tackled by upgrading cybersecurity infrastructure, conducting risk assessments, and complying with regulatory standards.
  • mHealth apps are transforming healthcare by providing easy access to health monitoring, medication management, and wellness, while personalized medicine uses an individual's genetic profile to inform disease prevention, diagnosis, and treatment.
  • The use of AI-driven data interoperability is transforming healthcare data exchange, and regenerative medicine is encouraging regeneration and repair of damaged tissues and organs.
  • Population health management involves analyzing healthcare data to monitor and enhance the health of each person within a population.
  • These healthcare trends impact various stakeholders, including doctors, nurses, patients, pharmacists, and healthcare administrators.

Technology trends aiding the business

  • Artificial intelligence (AI) is transforming healthcare by analyzing patient data, developing new drugs, and improving diagnoses.
  • The global AI market for healthcare is projected to reach a significant amount by a certain year.
  • Nanotechnology promises to revolutionize healthcare by enabling precise diagnosis, targeted drug delivery, and enhanced treatment options.
  • The Internet of Medical Things (IoMT) and wearable devices are becoming increasingly popular for real-time monitoring, diagnosis, and therapy delivery.
  • Robotics, digital twins, virtual reality, health data analytics, and gene editing are also promising in improving healthcare.
  • However, ethical concerns regarding gene editing must be addressed, and regulatory frameworks must be updated to ensure responsible use

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Credits
Lead Authors@lab45: Anju James
Contributing Authors@lab45: Hussain S Nayak

Top trending insights

Web3 & Crypto tokens

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Web3 & Crypto tokens

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Discover the revolutionary world of Web3 in this compelling paper, where we delve into its fundamental building blocks and crypto tokens that underpin this decentralized paradigm shift. Explore the exciting enterprise use-cases harnessing the true potential of Web3 technology, revolutionizing industries and unlocking unprecedented opportunities.

What's inside

  1. Web3 and it’s building blocks
  2. The Web3 adoption
  3. The role of the enterprise in Web3
    a) Business models around Web3 and major players
  4. Regulatory and technology risks

Web3 and it’s building blocks

Foundation Blocks Of Web

Web3 represents a decentralized web powered by blockchain, enabling decentralized participatory communities. It promotes user control over data, governance, and transactions. The transition from Web2 to Web3 encompasses decentralization of user data and content, finance and currency systems, and immersive user experiences. Web3 leverages crypto tokens, digital assets issued on blockchains, and utilizes smart contracts for decentralized finance. These tokens are essential for Web3 and its growth. Web3's potential lies in building digital communities, disrupting economic representation, and co-creating value within token networks. Blockchain underpins Web3, ensuring secure transactions and smart contracts. Non-Fungible Tokens (NFTs) play a role in ownership and provenance of digital assets.

The Web3 adoption

The growth of crypto markets until 2021 was remarkable, but the web3 community remains relatively small. By November 2021, about 7 million people were using token wallets monthly. Crypto is volatile, with fundamental flaws and regulatory challenges. The complexity of web3 poses risks in regulation, technology, and security. EU, USA, and China may not fully support crypto. However, digital tokens can still find a counterculture of users valuing crypto custody and communities. Web3's potential to benefit the public is uncertain. Adoption paths vary, and tokens could disrupt traditional systems, but regulatory hurdles and fraud might impede progress. VC investments in web3 exceeded $18 billion in H1 2022, indicating significant interest and potential. Download Complete Research

The role of the enterprise in Web3

Tokens are most impactful when they unite micro-communities to create long-term value. However, many token projects remain immature and fail to generate value due to the absence of robust economies. Centralized enterprises and their brands could play a significant role in web3 by building token ecosystems around their communities, blurring the line between utility and investment. Brands can use NFTs for reinvented customer loyalty programs and create DAOs for crowdsourcing productivity. Successful token development depends on an engaged community, and brands can incentivize fans to participate actively. Notable brands like Nike and Starbucks are already exploring web3 and NFTs. Mainstream and decentralized brands are recognizing the potential of engaging with digital-native fan communities in the web3 space. Download Complete Research

Regulatory and technology risks

Web3's tokens hold enormous potential but also significant risks. Users are responsible for token custody and must secure them cryptographically. Cybercrimes can lead to substantial financial losses. Token fraud and money laundering are concerns due to anonymity. Regulatory challenges are growing, with potential impacts on tax codes and transactions.

Credits
Author@lab45: Ankit Pandey

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