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Global research firm Frost and Sullivan said Big Data Analytics and Artificial Intelligence (AI) will find significant application opportunities in the F&B with greater digitisation of the industry worldwide.
Frost and Sullivan explained that a rapidly growing urban population and increased consumer awareness regarding sustainability are prompting F&B companies and manufacturers to employ digital solutions to ensure product quality. The firm also found that a number of F&B companies have continuously invested in technological innovations with a focus on food processing, safety, and packaging to distinguish themselves in an intensely competitive marketplace.
That is why Industrial Internet of Things (IIoT) technologies such as Big Data Analytics and AI are expected to play a huge role in accelerating and streamlining the manufacturing process through advanced automation and analytics, the research firm said.
"Although a late adopter of IIoT, the F&B industry is showing great eagerness to digitise its assets due to the rising need for traceability," said Nandini Natarajan, senior research analyst, Industrial team at Frost and Sullivan. "IIoT will allow F&B manufacturers to collaborate and connect across different stakeholders involved in various stages of the food value chain. It enables seamless exchange of information and goods in different directions, unlike with traditional methods where only linear, unidirectional flow was possible."
Frost and Sullivan's recent analysis, Food & Beverages 4.0, 2018, further identifies the ways in which IIoT can be implemented across all stakeholders in the food value chain. It also examines some of the top technology trends that are shaping the industry as well as the competitive landscape. Supported by established use cases, it covers the prospective value of investments and the ways in which they have been distributed in the industry ecosystem.
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