The digitization of industry is experiencing huge growth.
Frost & Sullivan recently analyzed the adoption of digital technologies and smart devices in the global industrial equipment market, and found that investments in that market will grow to US$2.2 billion by 2027.
The survey found that he convergence of information technology (IT) and operational technology (OT) is rapidly transforming the industry landscape and providing actionable intelligence to decision-makers. The Internet of Things (IoT), big data analytics, sensorization, artificial intelligence (AI), and machine learning (ML) are ushering changes in many industries, including mining, power, wastewater, and oil and gas.
The study highlights major trends, technological advancements, new business models, key competitors, and economic factors that drive expansion and setbacks. It also provides detailed insights into the adoption of digital technologies across various industries by leveraging a robust database of industrial equipment, such as pumps, compressors, heat exchangers, gearboxes, etc.
Global revenue for digital technologies in the industrial equipment market is estimated to reach US$4.19 billion by 2027 from $1.5 billion in 2020 at a 15.8% compound annual growth rate. The Americas lead industrial equipment innovation, with many digital solution providers headquartered in North America. The region will attain $1.7 billion in revenues by 2027, followed by Europe, the Middle East and Africa, and Asia-Pacific. The water and wastewater sector is expected to top investments in digital solutions with $2.2 billion by 2027, followed by the chemicals industry with $667.6 million.
For further information on industry convergence to accelerate adoption of smart solutions around the globe, please visit http://Frost.ly/5jq.