4th Manufacturing Transformation India Summit 2022

The COVID pandemic has affected, among other things, the manufacturing sector's technology thrust and its efforts to adapt to new trends and technology initiatives. This unexpected interruption has affected its intentions and delayed timelines to implement digital initiatives and industry 4.0 requirements. However, the outbreak of COVID has also generated a new momentum in the manufacturing industry to re-evaluate its conventional processes and take steps to keep pace with the other industry sectors. Now, market leaders around the globe are compelled to drive the necessary shifts and have realized that competitiveness hinges on transformation to respond to market shifts and technology trends that are reshaping the competitive landscape for manufacturing firms, ushering in a new era of growth, change, and economic opportunity.

It is estimated that the global smart manufacturing market was valued at USD 172.60 Billion in 2020 and is expected to reach USD 236.12 Billion by 2026, registering a CAGR of 5.75% during the forecast period, 2020-2026. India's smart manufacturing market is projected to witness considerable growth during the forecast period.

The major factors contributing to the growth of the market include the rising government initiatives for driving the manufacturing industry in India through the 'Make in India' initiative. Moreover, the ease of FDI is further attracting the attention of the market players in the country. Other growth drivers are the growing adoption of Industry 4.0, rising emphasis on industrial automation in manufacturing processes, increasing government involvement in supporting industrial automation, growing emphasis on regulatory compliances, increasing complexities in the supply chain, and surging demand for software systems that reduce time and cost.

We all know the benefits Industry 4.0 has to offer but there are also a set of challenges that the industry face like extracting value from data, integrating IT & OT to make data secure, upskilling talent, choosing the right technologies, affordability and so on. Inventicon's 4th Manufacturing Transformation India Summit - Industry 4.0 will help you make sense of the evolving industry 4.0 trends and what you should be doing today to become the smart manufacturer of tomorrow.