India Smart Manufacturing (Industry 4.0) Market Report 2023: India Embraces Industry 4.0 with 'Smarth Udyog Bharat 4.0' Initiative
Wednesday, January 10, 2024
DUBLIN , Jan. 2, 2024 /PRNewswire/ -- The "Smart Manufacturing (Industry 4.0) Market in India 2023" report has been added to ResearchAndMarkets.com's offering.
https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
In 2022, the Indian manufacturing output accounted for a share of 3.30% of the global market. The contribution of Asian countries in global manufacturing is projected to increase further acting as a catalyst to technology investments in countries including India. The IoT in the manufacturing market in India was valued at INR 422.57 Bn in FY 2022. It is expected to reach INR 774.90 Bn by FY 2027, expanding at a compounded growth rate of 13.32% during FY 2023 - FY 2027. A strong IoT in the manufacturing market will contribute to the adoption of smart manufacturing in India.
Market insights:
Indian manufacturing is highly diverse with industries such as automobiles, chemicals, textiles, steel, pharmaceuticals, and electronics. The manufacturing industry has been marked by high-labor costs, a lack of standardization, favorable startup culture, and a strong inflow of Foreign Direct Investments (FDI) in the country.
Impact of COVID-19:
Social distancing norms, nationwide lockdown imposed by the government-induced travel restrictions, migration of laborers, and supply chain disruptions. With the change in the Industry 4.0, automation of conventional manufacturing, and industrial practices, COVID-19 boosted digital manufacturing in India. Increased use of robots, Shopfloor automation, use of sensors and data analytics, adopting IIOT technologies gained traction during the period.
Market drivers:
Ministry of Heavy Industry & Public Enterprises launched 'Smarth Udyog Bharat 4.0' as an Industry 4.0 initiative. The National Association of Software and Services Companies (NASSCOM) inaugurated centers for AI and data science in Bengaluru and Hyderabad to develop emerging disruptive technologies such as AI/ML and leverage the power of data science. These initiatives have influenced the widespread adoption of digitization in the manufacturing industry of the country.
Key deterrents to the growth of the market:
The capitalization on the opportunities created in the field of smart manufacturing is restrained by the lack of skilled talent in the country. Expectations of the stakeholders and management may sometime create gaps in the implementation of the digital transformation of the factory. Further, the financial burden that comes with the adoption of data-driven software and AI-powered solutions is impeding the penetration of AI in the country's manufacturing industries.
Key market trends:
The Digital twin technology is gaining traction in India, particularly in the manufacturing sector. 5G in manufacturing is also among the few nascent trends in the market. Manufactures in India are using AI, IoT and big data analytics to gain greater visibility and control over supply chain.
Competitive Landscape
-- Tata Consultancy Services Limited
-- Abee Research Labs Private Limited
-- Entrib Analytics Technology Private Limited
-- LivNSense Technologies Private Limited
-- Altizon Systems Private Limited
-- IBM India Private Limited
-- Microsoft Corporation India Private Limited
-- Omron Automation Private Limited
-- Rockwell Automation
-- Universal Robots (India) Private Limited
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-Economic Indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Smart Manufacturing (Industry 4.0) Market in India - An Overview
4.1. Manufacturing market -An overview
4.2. Indian manufacturing market - An overview
4.2. IoT in manufacturing market in India overview
4.2.1. Market size and growth forecast based on value (FY 2021- FY 2027e)
4.3. Smart manufacturing components
4.4. Indian IT industry and smart marketing
4.5. Indian Manufacturers Spending on Industry 4.0 (2021)
4.6. Smart manufacturing market in India - Market adoption by sector
Chapter 5: COVID-19 Impact Analysis
5.1. COVID-19 impact analysis
Chapter 6: Government Initiatives
6.1. Government initiatives
6.2. International collaborations
Chapter 7: Market Influencers
7.1. Market drivers
7.2. Market challenges
Chapter 8: Market Trends
8.1. Industry 4.0 software trends
8.2. Industry 4.0 hardware trends
8.3. Industry 4.0 connectivity trends
For more information about this report visit https://www.researchandmarkets.com/r/ryg9b2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/india-smart-manufacturing-industry-4-0-market-report-2023-india-embraces-industry-4-0-with-smarth-udyog-bharat-4-0-initiative-302024594.html
SOURCE Research and Markets
|
|
|
|
|
 |
Energy Toolbase Launches Energy Storage Partnership with Sungrow to Support PowerStack 255CS and PowerTitan 2.0 | Jan 22, 2026
|
|
RS now offers Phoenix Contact's pioneering new NearFi technology | Jan 22, 2026
|
|
Einride and IonQ Partnership Uses Quantum Computing to Optimize the Logistics of Electric and Autonomous Freight | Jan 22, 2026
|
|
SCAILIUM Debuts "AI Production Layer" to Overcome GPU Starvation and Slash AI Energy Waste | Jan 22, 2026
|
|
MetaOptics to Showcase Five Breakthrough Metalens-Powered Products at CES 2026 | Jan 22, 2026
|
|
Quantum Art Raises $100 Million in Series A Round to Drive Scalable, Multi-Core Quantum Computing | Jan 22, 2026
|
|
No Assembly Required: Barrett Distribution Centers Powers Maxwood Furniture's West Coast DTC Expansion | Jan 22, 2026
|
|
Hesai Recognized as the Only Lidar Company on Morgan Stanley's "Humanoid Tech 25" of Global Robotics Leaders | Jan 22, 2026
|
|
Fresco Raises EUR15m Series C to Power the Future of AI-Driven Cooking and the Connected Kitchen Ecosystem | Jan 22, 2026
|
|
LG ELECTRONICS EXPANDS ITS LIFESTYLE TV LINEUP WITH THE NEW ART-INSPIRED GALLERY TV | Jan 22, 2026
|
|
|
