The digital transformation in the manufacturing market is projected to grow US$ 550 Bn by 2031, at an expected CAGR of more than 17% during the forecast period 2021-2031. Due to Covid-19, there is a shift from traditional to new digitalized business models and this has led to the introduction of more technologically advanced products and services.
Manufacturing may benefit from digital transformation by lowering processing costs and increasing productivity. Those days are long gone, when manufacturing businesses focused less on a product’s production cost, resulting in high-end product pricing. Unnecessary expenditures, on the other hand, can be cut with the aid of digital transformation.
What is Driving Demand for Digital Transformation in Manufacturing?
Technology advancements are expanding the possibilities for digital transformation in manufacturing. The Internet of Things (IoT) is playing an increasingly essential role in the industrial industry, allowing for increased efficiency and lower production costs. As a result, we’ve been able to contribute to market growth.
One of the primary drivers, advanced data analytics, will ensure the market’s long-term viability. The Industrial Internet, also known as Industry 4.0, is made up of several components that are accelerating the digital revolution in the industrial industry.
What are the Key Trends for Digital Transformation in Manufacturing?
Different sectors are embracing robots as a means of increasing efficiency and lowering production costs, paving the path for the expansion of digital transformation in manufacturing. Robots can be programmed to work 24 hours a day, seven days a week, and this is expected to be a significant trend driving the digital revolution of manufacturing forward. robot
Complex functions may also be programmed into robots. This important element is driving the need for digital transformation solutions even more. Industries are increasingly relying on robots for everything from material handling to product packaging, which will help to ensure the market’s long-term viability.
There are highly trainable and collaborative robots that operators may manage remotely. They are also used in industries in mining sites and hazardous working situations. This is further driving the demand for digital transformation in many businesses.
Industries can use robot technology to assist in the repair of mechanical difficulties, reducing delays. This key tendency also helps the industrial market’s digital revolution.
Who are the Key Solution Vendors in Digital Transformation in Manufacturing?
Key players such as
- Microsoft, SAP
- Dell EMC