Dublin, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The "Smart Manufacturing (Industry 4.0) Market in India 2023" report has been added to ResearchAndMarkets.com's offering.
In 2022, the Indian manufacturing output accounted for a share of 3.30% of the global market. The contribution of Asian countries in global manufacturing is projected to increase further acting as a catalyst to technology investments in countries including India. The IoT in the manufacturing market in India was valued at INR 422.57 Bn in FY 2022. It is expected to reach INR 774.90 Bn by FY 2027, expanding at a compounded growth rate of 13.32% during FY 2023 - FY 2027. A strong IoT in the manufacturing market will contribute to the adoption of smart manufacturing in India.
Market insights:
Indian manufacturing is highly diverse with industries such as automobiles, chemicals, textiles, steel, pharmaceuticals, and electronics. The manufacturing industry has been marked by high-labor costs, a lack of standardization, favorable startup culture, and a strong inflow of Foreign Direct Investments (FDI) in the country.
Impact of COVID-19:
Social distancing norms, nationwide lockdown imposed by the government-induced travel restrictions, migration of laborers, and supply chain disruptions. With the change in the Industry 4.0, automation of conventional manufacturing, and industrial practices, COVID-19 boosted digital manufacturing in India. Increased use of robots, Shopfloor automation, use of sensors and data analytics, adopting IIOT technologies gained traction during the period.
Market drivers:
Ministry of Heavy Industry & Public Enterprises launched 'Smarth Udyog Bharat 4.0' as an Industry 4.0 initiative. The National Association of Software and Services Companies (NASSCOM) inaugurated centers for AI and data science in Bengaluru and Hyderabad to develop emerging disruptive technologies such as AI/ML and leverage the power of data science. These initiatives have influenced the widespread adoption of digitization in the manufacturing industry of the country.
Key deterrents to the growth of the market:
The capitalization on the opportunities created in the field of smart manufacturing is restrained by the lack of skilled talent in the country. Expectations of the stakeholders and management may sometime create gaps in the implementation of the digital transformation of the factory. Further, the financial burden that comes with the adoption of data-driven software and AI-powered solutions is impeding the penetration of AI in the country's manufacturing industries.
Key market trends:
The Digital twin technology is gaining traction in India, particularly in the manufacturing sector. 5G in manufacturing is also among the few nascent trends in the market. Manufactures in India are using AI, IoT and big data analytics to gain greater visibility and control over supply chain.
Competitive Landscape
- Tata Consultancy Services Limited
- Abee Research Labs Private Limited
- Entrib Analytics Technology Private Limited
- LivNSense Technologies Private Limited
- Altizon Systems Private Limited
- IBM India Private Limited
- Microsoft Corporation India Private Limited
- Omron Automation Private Limited
- Rockwell Automation
- Universal Robots (India) Private Limited
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-Economic Indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Smart Manufacturing (Industry 4.0) Market in India - An Overview
4.1. Manufacturing market -An overview
4.2. Indian manufacturing market - An overview
4.2. IoT in manufacturing market in India overview
4.2.1. Market size and growth forecast based on value (FY 2021- FY 2027e)
4.3. Smart manufacturing components
4.4. Indian IT industry and smart marketing
4.5. Indian Manufacturers Spending on Industry 4.0 (2021)
4.6. Smart manufacturing market in India - Market adoption by sector
Chapter 5: COVID-19 Impact Analysis
5.1. COVID-19 impact analysis
Chapter 6: Government Initiatives
6.1. Government initiatives
6.2. International collaborations
Chapter 7: Market Influencers
7.1. Market drivers
7.2. Market challenges
Chapter 8: Market Trends
8.1. Industry 4.0 software trends
8.2. Industry 4.0 hardware trends
8.3. Industry 4.0 connectivity trends
For more information about this report visit https://www.researchandmarkets.com/r/azufre
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