The industrial sector is seemingly in the throes of innovation. The advent of Industry 4.0 along with a bevy of automation and connected ecosystem has been the defining paradigm of growth in the sector. The sector has witnessed a flurry of activities on logistics and warehousing fronts. E-commerce stalwarts have increased their emphasis on strengthening their supply chain and a few entered into massive deals. They are at the same time giving equal focus on meeting the diversified demands in the industrial sector. The key industries that contributed to the marked diversity are food and beverages, consumer electronics, and healthcare industries. Growing volumes of healthcare supplies through e-commerce channels has made a substantial mark on the growth trajectories of the industrial sector. In recent years, data centres have proliferated by a large margin, thereby keeping pace with rise in activities in industrial sector. Growing number of technology companies who have been migrating substantial chunk of operational data on cloud is boosting the aforementioned trend.
On the other hand, robotics has been opened a new paradigmatic shift in industrial sector. The role of robotics and a range of automation technologies in maintaining industrial assets is key to growth in the market. Businesses in the industrial sector are increasingly leveraging the benefits of smart industrial machinery. Another area that opens a vast window of opportunities is the rise in trend of sustainability—environmental as well as economical. Sheer pace of penetration of renewable power in industrial markets has been one of the prominent trends expanding the revenue potential for stakeholders. Companies are also looking toward new energy solutions that can reduce their carbon footprints. Several businesses in industrial markets are also exploring solutions that encompass concepts of circular economy to boost the development of industrial markets. New region-specific regulations have cropped up to meet the pace of changing consumer dynamics in industrial markets.
Meanwhile, the changing socio-economic and socio-political conditions have made a significant bearing on the demand for products in industrialized markets. Sheer pace of automation in industrialization has been increasingly supported by macro-economic frameworks, especially in developing countries. Internet of things (IoT) is likely to exert transformative influence in the way industrial markets generate demand. The industrial sector will also be driven by continuous strides being made by the technology sector in developed nations. Analytics no doubt will be key enabler for various technological shifts in the industrial sector. In coming ten years, the sector will see automation rise to next level, notably in manufacturing industries.