Digital transformation in manufacturing seizes the modern world and is expected to change the whole process of value creation in industries. This transformation affects the operational value creation process, enables new ways of doing business and leads to fundamental changes in organizations. For instance, Industry 4.0 and Industrial IoT (IIoT) is a term coined for the mixing of traditional manufacturing and industrial practices with the technological world. In addition to this, IT modernization will fuel digital transformation.This growth is primarily driven by The evolution of Industry 4.0 manufacturing in developed economies, Increasing Penetration of IoT and Adoption of the Cloud Platform and IT modernization will fuel digital transformation.
Globally, a noticeable market trend is evident Adoption of IIoT and Industry 4.0. Major Manufacturers, such as Accenture PLC. (Republic of Ireland), Google (United States), Capgemini (France), Siemens AG (Germany), Cognex Corporation (United States), IBM Corporation (United States), Microsoft Corporation (United States), Deloitte Touche Tohmatsu Ltd (United Kingdom), PricewaterhouseCoopers (PWC) (United Kingdom), The Hewlett-Packard Company (United States), SAP SE (Germany), Dell EMC (United States), Oracle Corporation (United States) and Adobe Systems Inc (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
According to IDC, by 2020, 60 percent of plant floor workers at G2000 manufacturers will work alongside automated assistance technologies such as robotics, 3D printing, AI and AR/VR.
- The evolution of Industry 4.0 manufacturing in developed economies
- Increasing Penetration of IoT and Adoption of the Cloud Platform
- IT modernization will fuel digital transformation
- Adoption of IIoT and Industry 4.0
- High cost of software and services
- Security and privacy concerns for confidential data
Technological advancement in digital electronics paired with their rising application in different sectors such as automotive & construction and others
Lack of digital skills and resources in emerging economies and Cyber threats might challenge for the very market
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