The automation market is projected to reach a valuation of $253 billion by 2026, growing at a CAGR of 8% during the forecast period (2021-2026), as per the Global Industrial Automation Market Outlook report.
Analytics India Magazine got in touch with Sangeet Kumar, Co-founder & CEO, Addverb Technologies, to understand the ins and outs of intelligent automation and how the company is supporting its customers in implementing automated workflows.
“Our products are enabled with advanced technologies such as AI, ML and deep learning, thus giving us an edge in comparison to the existing products and players in the market,” said Kumar.
Excerpts:
AIM: What is industrial automation? Why is it important?
Sangeet Kumar: Industrial automation uses intelligent machines in operations so that the processes can be carried out with minimal human intervention. It can be achieved through several means, including mechanical, electronic, robotics, AI, ML, deep learning for leaner operation processes that require less energy, less material, and reduced labour waste. In the current era, technological advances have overcome many of the traditional limitations of robotics and automation. A new generation of flexible and versatile robots cost far less than those used in manufacturing environments today. It can be trained by frontline staff to perform tasks previously thought to be too difficult for machines— picking and packing irregularly spaced objects, resolving wiring conflicts in large-scale projects can be taken care of with the help of industrial automation.
Manual work is getting replaced by smart robots. Demand for precise production without compromising on quality, increasing need for digital transformation across sectors – healthcare, transportation, retail and favourable government policies in the manufacturing sector are driving the industrial automation market. As the potential of IoT and interconnectivity is realised, the industry is expected to grow at a fast rate in the future.