Chicago, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Growing adoption of smart manufacturing to lead to market growth in France.
France has a large and diversified industrial manufacturing base. The growth of industrial manufacturing in France in aided by factors such as higher margins, improved economic outlook, and better financing conditions. France engages in continuous R&D activities to enhance its technological capabilities and has introduced several new solutions to modernize its industrial sector.
Its response toward utilizing IoT has been positive. The French Government has an ambitious plan to transform operational processes of different industries with the adoption of cloud computing and IoT.
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France has consolidated its leadership in the European industrial sector and is emerging as the number one destination for R&D. The industrial sector accounts for more than 12% of France’s GDP. Every year since 2016, manufacturing industries in France have spent about USD 29.7 billion on R&D; this represents 72% of total R&D spending in the sector.
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The country offers attractive tax incentives, such as the well-known Research Tax Credit, to companies. Several Nordic companies such as Volvo Group, SKF, or Konecranes have invested in France to develop industrial and R&D activities both locally and internationally. France is accelerating investment in 5G technology for industrial projects. In 2021, the French Government announced approximately USD 32 million funding for four industrial 5G projects as part of its France Relance (France Relaunch) package. The funding is being directed at key industrial 5G use cases, primarily in the healthcare and critical industries (under the project titles Vertical ISS and CRIIoT, respectively).
