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Posted on May 17, 2018 by staff

Industry 4.0 may unlock hundreds of billions of pounds

Industry 4.0 may unlock hundreds of billions of pounds

The figures are part of new research conducted by logistics and property consultancy Bidwells
The figures are part of new research conducted by logistics and property consultancy Bidwells

New research suggest that the UK’s manufacturing sector could be a world leader in Industry 4.0 technology, unlocking hundreds of billions of pounds over the next ten years.

Bidwells suggests that the artificial intelligence industry alone has the potential to bring £198.7bn to the UK economy by 2027.

The findings include research into the UK’s artificial intelligence industry, robotics, aerospace, and clean energy.

According to the research, thre UK currently holds the strongest AI and machine learning market in Europe.

The research also suggests that the next industrial revolutions in the UK will include robotics, aerospace, 3D printing, VR and AR, AI and machine learning, renewable, and clean energy.

“Occupiers clearly see opportunities for cost savings – and automated technologies obviously mean less manual labour – but there might also be a higher demand for more high-tech skills,” said Head of Industrial and Logistics Team at Bidwells, Patrick Stanton.

“However, they are seeing the possibilities of employing automated technology to enable them to store goods and products at a greater height than ever before.

 “In the end, a sufficient supply of industrial space will be a key player in the success of manufacturing, assembling, delivering, and storing these IDT’s, not to mention the thousands more of employees which will be drawn to and employed by the fast-moving sector.”

The research conducted suggests that there are already 71 robots per 10,000 employees in the UK manufacturing sector, which makes robotics one of the most crucial aspects of the UK’s future digital technology.

Similarly, the UK aerospace industry currently employs 120, 000 people and indirectly supports a further 118, 000 jobs, making it the largest in Europe, second only to the US.

The export-led industry grew £1.9bn in 2015 to £31.1bn in 2016.

The data also shows that the UK holds the strongest AI and machine learning market in Europe, with over 200 SMEs in the field, compared to 81 in Germany and 50 in Nordic countries.