In chemical manufacturing, potential failure can happen in many operational areas. This is because of the complex nature of chemical production and the large number of assets deployed in a chemical plant. To reduce the frequency of manufacturing inefficiencies, the chemical industry should invest in digital transformation. Beyond operational efficiency, digital transformation in the chemical industry helps companies meet other agendas, such as workplace safety, sustainability goals, and tackling labor shortages.
In the technology space, it’s vital that your organization stay on top of prevailing trends in your respective industry. This extends to keeping tabs on the competition or, if you’re seeking a solution provider, weighing your options. That’s why ABI Research released its 40 Technology Companies To Watch In 2023 whitepaper to better understand which tech firms are winning in terms of innovation and implementation of their technology products/software.
By 2027, ABI Research forecasts the installed base of Artificial Intelligence (AI)-enabled cameras to be 976.4 million, signaling a growing need for machine vision technologies. Today’s companies offering machine vision solutions are vital to the betterment of a number of applications, encompassing manufacturing, smart cities, building development, public safety, logistics, and transportation. An abundance of modern Machine Learning (ML)-based software products are embedded with edge ML capabilities that vastly improve a wide range of use cases, notably image-based inspection. This means a robotic system with an installed camera stacks pallets correctly or a flaw on a product's surface can be detected. To give you a better idea of how these systems work and who is providing them, this post highlights eight machine vision software companies that are helping enterprise customers work more efficiently.
Digital twin companies are in a prime position for robust growth. In 2021, ABI Research forecasts US$3.5 billion in revenue coming from digital twin software. But by 2030, we anticipate that number to soar to roughly US$34 billion as digital twin solutions are embraced across all verticals (manufacturing, industry, smart cities, etc.). This post will provide an in-depth profile of five of the top companies providing innovative software within the digital twin market.
The pulp and paper industry is a largely unsung hero in our tech-focused world. However, without the industry, e-commerce would shut down immediately due to a lack of packaging materials. Moreover, paper is a crucial material for tissues, towels, personal hygiene, and medical care products. As for pulp, it’s used for creating plywood, lumber materials, and high-quality papers. Needless to say, pulp and paper producers are here to stay, though the industry is currently in the midst of taking the next step in its evolution.
The benefits of digital transformation in manufacturing should be pretty clear. Like other Industry 4.0 applications, digitally transformed manufacturers possess greater speed, agility, and scale for operations. Equipping plants and facilities with technologies like the Internet of Things (IoT) and other connected devices unlocks a goldmine of operational information and, ultimately, a competitive edge. Only with a fully digitalized approach can manufacturers defeat the army of challenges confronting them today.
In the age of Industry 4.0 and digital transformation, the need for effective security solutions in industrial environments is made more apparent. As a result, cybersecurity spending for critical infrastructure will reach roughly US$126 billion by the end of the year, with Information Technology (IT) being the leading use case. While critical infrastructure—defense, energy, health, transport, etc.—has been the main adopter of industrial cybersecurity solutions, more sectors will begin to invest in security in an ever-connected world. There are seven areas of focus when it comes to solutions:
Chemical manufacturers are often skeptical of making operational changes as it’s taken decades to establish industry norms. But in the face of an aging workforce and pressures to be more sustainable, chemical manufacturers must embrace technological innovation to meet their strategic goals. Growing at a Compound Annual Growth Rate (CAGR) of 6% between 2022 and 2031, spending on digital transformation in the chemical industry will reach US$7.4 billion by 2031.