The smart manufacturing trend that will span the next 5 to 10
years will trigger the adoption of digital solutions across
industries, says Frost & Sullivan
SANTA CLARA, Calif.,
Feb. 23, 2021 /PRNewswire/
-- Frost & Sullivan's recent analysis, Digital
Industrial and Energy Guidebook, highlights critical market
issues—complex market messaging, several me-too solutions,
value-creation uncertainties, and quick-hit benefits
realization—that restrain organizations from wide-scale digital
solution adoption. The study helps them address these issues by
comprehensively evaluating solution providers' ecosystems. The
guidebook serves as a digital solution selection tool as it
identifies the top 50 digital best practitioners across
industries, characterized in three main categories—an
enterprise-specific best practice, industry-specific best practice,
and function-specific best practice.
Primarily driven by operational excellence, organizations
throughout industries are likely to adopt digital solutions. As a
result, the addressable market for digital solutions in
industrial and energy markets is estimated to reach $543.66 billion by 2025 from $449.12 billion in 2020, registering growth at a
compound annual growth rate of 3.9%. However, the market
experienced adverse impacts of the COVID-19 pandemic in 2020 and is
expected to recover from Q1 2021, with COVID-19 subsidies in Q4
2020, and surpass pre-COVID levels by 2024.
For further information on this analysis,
please visit: http://frost.ly/5bx
"Automation is a critical part of the fourth
industrial revolution (4IR) and will drive the shift to
Industry 5.0," said Rohit
Karthikeyan, Industrial Industry Analyst at Frost &
Sullivan. "Additionally, established industrial automation
companies will have an appetite for digitalization featuring
intelligent systems with sensory, context-aware, and analytics
capabilities, which will offer them a competitive edge."
Rohit added: "Collaborative robots or
cobots have the potential to reshape major manufacturing
areas, such as industrial design, training, and collaboration.
Going forward, declining deployment costs and efforts to automate
low-skilled jobs will prompt the adoption of artificial
intelligence (Al)-based robots in manufacturing in the next 10
years."
Organizations' strong attempt to cut operational costs, enhance
competitive advantage, and generate higher revenues will
further push the demand for digital solutions, presenting lucrative
growth prospects for solution providers. Market participants will
benefit from the following:
- Automation vendors should leverage their installed
information base to understand end users' process requirements
and collaborate to identify pain points and offer customized
digital solutions.
- Solution providers must develop comprehensive plans covering
data access, management capabilities, flexibility,
scalability, and innovation roadmaps to provide value to their
customers.
- Organizations must develop a robust digital strategy
across the value chain, from origination/sourcing to delivery, to
navigate profit pressures by increasing operational
performance.
Digital Industrial and Energy Guidebook is the
latest addition to Frost & Sullivan's Industrial Automation
& Process Control research and analyses available through
the Frost & Sullivan Leadership Council, which helps
organizations identify a continuous flow of growth opportunities to
succeed in an unpredictable future.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned
for its role in helping investors, corporate leaders and
governments navigate economic changes and identify disruptive
technologies, Mega Trends, new business models, and companies to
action, resulting in a continuous flow of growth opportunities to
drive future success. Contact us: Start the discussion
Digital Industrial and Energy
Guidebook
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Contact:
Jaylon
Brinkley, Corporate Communications
M: 832 481 4884; P: 210 247 2481
E: jaylon.brinkley@frost.com
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