SMART Technologies: New Normal Manufacturing Industry 2020

Abstract

The manufacturing industry plays a paramount role in the world economy, accounting for almost 16% of the global GDP in 2018. Manufacturing has been identified as the key driver of dynamic growth and development of the country. The COVID-19 pandemic has caused immense devastation around the world. Due to the downturn in the manufacturing industry along with the factory blackout, the coronavirus epidemic reduced the global FDI by 5-15%. This chapter aims to throw light on measures taken by manufacturers to combat the impact of the COVID-19 havoc. It will discuss how internet of things and artificial intelligence will help manufacturing industry to recover effectively and efficiently post pandemic. It would suggest a framework to manufacturing industry on how it can come back in a new normal position post-COVID-19 scenario. Manufacturers, who acknowledge the new standard policies discussed in the present paper and operate on it, will get enough growth opportunities and can have long-term sustainable success in the future.