Automation trends to rule the market in 2024

by Mr. Manish Jha, CIO, Addverb

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In recent decades, technology has undergone substantial advancements. The year 2023 marked a significant milestone for automation technologies globally. Its integration across various sectors, businesses, and organizations has delivered numerous advantages in terms of heightened productivity, efficiency gains, and cost reductions. As we enter 2024, a wave of new technological advancements is poised to revolutionize the way we work, particularly within the industrial sector. Automation stands at the forefront of this transformation, poised to reshape multiple industries, unlocking unprecedented levels of creativity and efficiency.

According to Precedence Report, the worldwide industrial automation market was valued at USD 196.6 billion in 2021 and is expected to exceed USD 412.8 billion by 2030, growing at an anticipated CAGR of 8.59% from 2022 to 2030.

As we approach 2024, businesses of all sizes are gearing up to leverage a diverse array of technological tools to achieve their objectives related to efficiency, sustainability, and production. Automation is increasingly prevalent within manufacturing organizations, playing a pivotal role in their production processes. Many businesses perceive this adoption as a significant stride toward embracing the latest industrial revolution.

AI-Driven Decision Making

We should anticipate a significant increase in AI-powered decision-making in 2024. Large datasets will be analyzed at a rapid pace by machine learning algorithms, giving businesses useful information for long-term planning. Artificial Intelligence (AI) is poised to become a critical component of prosperous businesses, enabling anything from personalized customer experiences to predictive analytics.

Sustainability

In 2024, sustainable warehousing embraces automation aligned with the three Rs—reduce, reuse, and recycle. Harnessing smart sensors and IIoT-driven controls, warehouses prioritize eco-friendly practices, minimizing their environmental impact. This strategic integration optimizes energy usage, marking substantial progress in waste and emission reduction for a greener and more sustainable future.

Cobots

Collaborative robots, or cobots, are gaining immense popularity as companies prioritize human-robot collaboration. Unlike traditional robots, cobots are designed to work alongside humans, improving productivity and safety. In 2024, the cobot market is set to experience significant growth across various industries. Cobots are being deployed in manufacturing, healthcare, and other sectors, facilitating efficient task-sharing between humans and robots. 

Hyperautomation

Hyperautomation represents an inclusive approach to automation by integrating advanced technologies like artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and process mining. The ultimate objective of hyper-automation is to completely automate intricate business operations in order to increase productivity and decrease the need for human involvement. In today’s fast-paced business environment, companies are using hyperautomation more and more to gain a competitive edge, optimize processes, and reduce errors.

Medical Robotics

Medical robotics is emerging as a transformative force in healthcare, marking a pivotal trend in automation for 2024. The integration of robotic technology in medical procedures offers precision, efficiency, and improved patient outcomes. Telepresence robots facilitate remote patient monitoring and consultations, bridging geographical gaps in healthcare access. Additionally, robotics aids in repetitive tasks, such as medication dispensing and sample analysis, streamlining healthcare workflows. As technology advances, the synergy between artificial intelligence and medical robotics is expected to unlock innovative solutions, positioning medical robotics as a dominant force in the evolving healthcare landscape.

Industry 5.0

The latest industrial revolution, known as Industry 5.0, emphasizes human-machine cooperation as opposed to Industry 4.0’s emphasis on mechanical automation. Industry 5.0 will place a higher priority on human and societal values. This revolution highlights the industry’s position and commitment to society while providing a vision for the sector that goes beyond productivity and efficiency.

Technology will expand, becoming more complex in areas such as advanced artificial intelligence, edge computing, machine learning, the Internet of Things, 5G, and industry 5.0. When combined, these innovative technologies increase productivity and efficiency, decrease the need for human interaction, and support precise forecasting.

A profound automation revolution is anticipated for 2024, poised to redefine both our professional and personal spheres. Businesses are primed to capitalize on these transformative trends, aiming for amplified efficiency, heightened creativity, and enhanced competitiveness. To thrive in this dynamic automation landscape, organizations must embrace adaptability, embracing change and leveraging these trends to secure a resilient and prosperous future. Automation’s permanence underscores the need for adaptability, offering a gateway to an era brimming with unprecedented opportunities for those agile enough to seize them.