ISG Sees Pandemic as Catalyst for Smart Manufacturing
ISG (Nasdaq: III) reports that the pandemic will accelerate the full-scale implementation of smart manufacturing technologies, with investments expected to exceed $400 billion by 2025, a 30% increase from previous estimates. Despite an initial investment decline due to COVID-19, the crisis prompted companies to enhance resiliency in supply chains and improve customer experiences. The ISG TechXchange: Smart Manufacturing 2021 event, scheduled for April 13-14, will feature industry leaders discussing advancements in Industry 4.0 and 5.0, highlighting the robust interest in cybersecurity, cloud, and IoT applications.
- Investment in smart manufacturing technologies projected to exceed $400 billion by 2025, 30% higher than initial estimates.
- Increased interest in cybersecurity, cloud, and IoT applications such as predictive maintenance.
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Experts with Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, believe the pandemic will serve as a catalyst for moving smart manufacturing technologies beyond the proof-of-concept stage to full-scale implementation in the coming years.
Despite a dip in investment at the outset of the pandemic last year, ISG says the challenges manufacturers faced as a result of COVID-19 will accelerate investment in smart manufacturing to streamline operations, add resiliency to supply chains and enhance customer experience coming out of the pandemic.
The future growth of smart manufacturing will be discussed during ISG TechXchange: Smart Manufacturing 2021, a virtual, two-day event, April 13–14. Executives with Siemens, Jabil, GE, Georgia-Pacific, Nestlé, ExxonMobil, Air Liquide and AES will join ISG to explore all aspects of investing in and implementing Industry 4.0 and Industry 5.0 models.
Citing industry forecasts, ISG said investment in smart manufacturing technologies is now likely to top
“Many experts predicted a long period of stagnation when investment in smart manufacturing fell by 16 percent between March and April of 2020 as the pandemic took hold of global markets,” said John Lytle, ISG director and host of ISG TechXchange: Smart Manufacturing. “Instead, the pandemic gave companies even more reason to reassess their digital strategy, accelerate their move to the cloud and lessen their dependence on specific production and delivery locations.”
As economies reopen, the demand for manufactured goods will remain strong as companies work to fill back orders, Lytle said, hastening demand for smart manufacturing technologies.
“There are high levels of interest in cybersecurity, cloud and IoT for applications such as condition-based monitoring, over-the-air software updates, remote and smart service and predictive maintenance,” said Lytle. “We see significant room for growth.”
Keynote addresses at ISG TechXchange: Smart Manufacturing will be delivered by Hanna Hennig, CIO, Siemens AG; Jean Kneisler, vice president and divisional CIO, Jabil, Inc., and Chad Toney, executive director of advanced manufacturing for GE Appliances. The presentations will cover how augmented reality can help frontline workers perform maintenance in the field or train workers using visual aids, and how Industry 4.0 tools helped businesses adapt during the pandemic and even accelerate growth.
A panel discussion on Industry 5.0 will focus on how humans will work with more versatile, inte
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