*NEW RESEARCH* Making your business motor in Manufacturing

OUT NOW from TechMarketView is UK Manufacturing Market Trends & Forecasts 2024.

TechMarketView analysts have crunched the numbers and conducted 100s of research interviews to understand the UK Software and IT Services market inside out. As we explain in UK Manufacturing Market Trends & Forecasts 2024, the market was the fastest growing industry in the UK in 2023. Furthermore, there are numerous technology areas where software and IT services providers can add value for their clients in the years to come.

It is widely understood that the UK lags in its adoption of robotics. For SITS suppliers with domain knowledge of specific industries, processes, and use cases, there is a market gap to address here. Furthermore, despite strong adoption of cloud services for some aspects of Manufacturing, the sector overall is struggling with ERP systems that cannot properly take advantage of new technologies to operate ‘just in case’ scenarios that are necessary in an increasingly unpredictable world.

Manufacturers need to be able to produce highly customised products to cope with large fluctuations in customer demand at speed and scale. On the one hand this requires accurate demand forecasting and inventory management, and on the other hand it also requires flexible product design and development. Each area can benefit from the application of generative AI, with GenAI models able to simulate various production scenarios, predict demand, and help optimise inventory levels; as well as rapidly producing a large number of design alternatives based on specific constraints and goals fed into the system.

Manufacturers also continue their journey to decarbonised products and processes. Two-thirds of the sector expect to expand their ESG efforts over the next two years, with a quarter linking executive compensation to the firm’s ESG KPIs.

Report author, Katy Ring, said: “Today, very few companies use AI on an hourly basis to drive better workflows, but this is the direction of travel for smart manufacturing, and it means that manufacturers need to establish data platforms and hubs.”
 

Foundation Service clients can read the report now: UK Manufacturing Market Trends & Forecasts 2024. 

To become a client, or find out if your organisation has a corporate licence, please contact Belinda Tewson.

Posted by HotViews Editor at '09:45' - Tagged: manufacturing   sustainability   MarketForecasts   smartmanufacturing