Industrial sector digitization poised to grow 65% in next five years – TOI

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Digitization in industrial sector is set to grow to 65% in the next five years as it is a priority for most CEOs in the industry, according to a PwC report.

“Industrial leaders are digitizing essential functions within their internal vertical operation processes and are driving both revenue growth and operational efficiency,” the report said.

According to Price water house Coopers’ (PwC) Industry 4.0 report, more than a quarter of the Indian companies in the survey have rated their level of digitization as high, and this value is expected to rise to 65%.

Globally, this number is expected to rise to 72% from 33%, the report noted.

“For an emerging economy like ours, with a strong focus on growth, it is natural that industrial products sector will leverage the technological breakthroughs for building its ecosystem,” said Sudipta Ghosh, Leader, Data and Analytics, PwC India.

 “This will enable them to add a significant value to their customers by knowing how the product is being used and will also drive efficiency improvements across the value chain,” he added.
 The survey, conducted across 26 countries, had a sample size of 2,000 participants, who had high-level management roles. Of them, more than 50 companies were Indian.
For industrial companies to leverage the full value of the report, they would have to overcome key challenges, including lack of clear vision vis-a-vis digital operations, lack of skills in data capabilities and fostering a strong digital culture, the report noted.
Operational disruption in cybersecurity breaches is another top concern for Indian industrial companies, it further said.
“Overcoming these challenges will enable them to reach their potential objectives of digitization by 2020,” it observed.