Move over Industry 4.0, Industry 5.0 has arrived!
The last 2 years have set the stage for this transition in the Digital Manufacturing industry, where technologies such as Metaverse, Quantum Computing, Web 3.0, Fog Computing, 6G, etc., will witness massive adoption. The Manufacturing industry isn’t a stranger to digital transformation either, with manufacturers increasing their budgets around increased adoption of Automation, Artificial Intelligence (AI), Internet of Things (IOT), and Edge Computing. Not only will these technologies enable newer use cases, they will also leapfrog the manufacturers transformation journey.
With the Digital Manufacturing market set to touch a staggering USD 450 Bn+ by 2027, growing at a CAGR of 12.9%, the industry is set for transformational changes in the next five years. As more and more manufacturers transition towards a need-based digitalization strategy, zero carbon pledges from nations and its flow towards manufacturers, supply chain resiliency, remote factories of the future, the ability to effectively reach and engage customers, will drive the next phase of growth.
Additionally, enterprises have identified workforce digitization and cyber risk prevention as immediate focus areas, while customer engagement and supply chain resilience are long-term goals. The next frontier for enterprises is where the supply ecosystem could potentially play a key role in furthering the Digital Manufacturing industry’s growth. From frontline worker transformation, heightened focus on sustainability goals of 2030, leveraging the Metaverse, Blockchain, and Quantum Computing, Digital Manufacturing will be a space to watch for, in the next five years.
The Digital Manufacturing industry is prioritizing five key themes that have been benchmarked across enterprises and the role of digital giants and start-ups in empowering enterprises to become resilient in the face of disruptions.