MT Magazine January/February 2024

JANUARY/FEBRUARY 2024

19

ctivity

Standards are the foundation on which digital manufacturing is supported and catalyze advanced technologies to further progress the manufacturing industry.

$1 TRILLION

$1 trillion in global spending in IOT (2023). 1

Digital Twin

75% OF COMPANIES

75% of companies in advanced industries have adopted digital-twin technologies. 2

A platform that dynamically plans and adjusts its path within a structured or semi-structured environment.

Autonomous Mobile Robots

See: ANSI/RIA R15.08-1-2020

Circular process of manufacturing and measuring on a specific part.

Closed-Loop Manufacturing

APHIC

AN EXPLOSION OF USE CASES

$3.9 BILLION

$3.9 billion in venture capital investment in 2021. 3

Augmented Reality

The estimated economic value in manufacturing worldwide is $40-$50 billion in 2025. 4

$40-$50 BILLION

Advanced computational and data analytic techniques enable fundamental understanding and predictive control of new material synthesis, fabrication, and characterization across length scales.

Material Science

Prescriptive Maintenance

Asset alerts end user to potential maintenance decision based on historical data (adaptive/anticipated/informed).

1 – https://www.statista.com/topics/9847/digital-twin/#topicOverview 2 – https://www.mckinsey.com/industries/industrials-and-electronics/our-insights/digital-twins-the-key-to-smart-product-development 3 – https://www.mckinsey.com/spContent/bespoke/tech-trends/pdfs/mckinsey-tech-trends-outlook-2022-immersive-reality.pdf 4 – https://www.statista.com/statistics/1319062/economic-value-from-iot-manufacturing-augmented-reality/

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