Aditya Parida

ChristerStenström

Abstract

The world today is a dynamic global village where we live in an uncertain scenario. Almost every day, news of new and innovative changes due to new technological innovations and developments are emerging. This includes disruptive technology which is bringing in digital disruption as a growth multiplier to the industries. It is estimated that the digital economy will grow to 25% of the global economy by 2020. As per a McKinsey Global Institute study, it is estimated that, applications of the technologies like; industry 4.0, mobile internet, automation of knowledge work, internet of things, advanced robotics, 3-D printing (additive manufacturing) and advanced materials have a potential economic impact between $13.5 trillion and $28 trillion a year by 2025. These technologies including big data analytics and predictive analytics in manufacturing engineering are going to bring in revolutionary changes. In the manufacturing world, there is a rush to connect the product with the consumer. Today, artificial intelligence is embedded in each product from car and fridges to toothbrushes and shoes with use of smart gadgets for better consumer connectivity. While viewing these emerging trends, we need to understand the future emerging technologies of manufacturing engineering and how to convert these technologies into strengths for the benefits of the industry and consumers. The author has made an attempt to discuss some of the emerging technologies with associated challenges and how these can be used for the benefits of the industry and consumers.

Keywords- Technological innovation, disruptive technology, industry 4.0, internet of things, big data analytics and predictive analytics