Despite an overall unstable economic environment the manufacturing industry continued to exceed expectations of previous years.
According to a monthly survey, India's manufacturing sector activity rose to a 13-month high in December, supported by healthy inflows of new business and strong demand conditions.
Let us look at what we can expect in 2023
IIoT still reigns supreme
When we looked at trends back in 2022, IIoT and the digitisation of the manufacturing industry emerged as a major trending theme. 2023 will not be very different, as we move into the future of manufacturing with Industry 4.0
It is said that nearly 70% of light-duty trucks and cars will be connected to the internet.
And according to forecasts, the market share for connected automobiles will represent 39% of all 5G IoT endpoints
The spotlight shines on Procurement as a Service
As technology like IIoT, AI etc matures, it also becomes more affordable and accessible, with reliance on digitization to to execute everything, including sourcing & procurement tasks.
Thus making procurement as a service popular throughout the globe.
The global procurement as a service market size was estimated at USD 6.15 billion in 2022 and is expected to reach USD 6.49 billion in 2023.
Predictive maintenance gets smarter & more efficient
Predictive maintenance evolves in a new direction in 2023.
Manufacturers are now moving from predictive maintenance towards predictive resolution.
- Predictive maintenance uses data analysis to identify anomalies in an equipment's performance,
- Predictive resolution takes this concept one step further by offering insights on exactly how to resolve those issues with greater certainty thus reducing frequent interventions.
Better Production Efficiency using Digital Twins
A digital twin is a replica of an equipment or a particular component in appearance & functionality, that is rendered within a virtual environment.
Market Strategies, Challenges & Future Outlook, 2019-2023 forecasts that Digital Twin revenues from manufacturing will reach an estimated $4.5 billion in 2023, up from $1.4 billion in 2019.
Employees Seek More Favorable Working Conditions
Given the current state of the market, Manufacturing employees have more leverage thanks to technology, now more than ever before.
From flexible hours to advancement opportunities, workplace wellness programs, we’re seeing manufacturers implement new programs & policies to change how they manage operations.
Health & safety, of course remains a top priority for manufacturers everywhere.
To learn more about the trends in the manufacturing industry, head over to our LinkedIn page