Industrial companies across the globe are poised to integrate interconnected digital technology as Industry 4.0 approaches, PwC says.
“The project’s implementation is in full swing all around the world,” according to the report Industry 4.0: Building the digital enterprise.
The term ‘Industry 4.0’ refers to the fourth industrial revolution. It focuses on the end-to-end digitisation of all physical assets and processes as well as integration into digital ecosystems with value chain partners. Data & Analytics is a core capability for Industry 4.0.
The PwC report polled more than 2,000 participants from nine major industrial sectors including aerospace, defence & security; industrial manufacturing; engineering & construction; chemicals; electronics; transportation & logistics; automotive; metals and forest-based paper & packaging. The study was conducted across 26 countries.
About one third of the companies surveyed rated their level of digitisation as high. This value is expected to rise on average to 72% from 33% within the next five years.
Industrial company leaders are now digitising essential functions within their internal vertical value chain, as well as with their horizontal partners along the supply chain. They’re also boosting product portfolios with digital functionalities and introducing innovative, data-based services.