Market Research Report
Information Technology and Operations Technology (IT-OT) Convergence Powers the Global Industry 4.0 Market for Mechanical Test Applications
|Published by||Frost & Sullivan||Product code||1003641|
|Published||Content info||96 Pages
Delivery time: 1-2 business days
|Information Technology and Operations Technology (IT-OT) Convergence Powers the Global Industry 4.0 Market for Mechanical Test Applications|
|Published: April 16, 2021||Content info: 96 Pages||
Customer Experience, Driven by Digitally Led Business Models, Creates New Growth Opportunities
The impact of the convergence of Information Technology (IT) and Operational Technology (OT) has been tremendous in recent times. Benefits of this convergence can be seen even in traditional markets (e.g., mechanical testing). The world is staring at an economic mess propelled by the catastrophic outbreak of COVID-19. In 2020, the demand for digitalization plummeted. Several technological advancements (e.g., 3D printing) are helping manufacturers create complex products like never before. These products are so complex and intricate that it is no longer possible to inspect and test these objects using traditional inspection and test mechanisms such as Coordinate-measuring Machines (CMMs) or optical measurement systems. Predictive and proactive maintenance of machines is the need of the hour. All these development have led to emerging applications of Industry 4.0 in the field of mechanical testing. Industry 4.0 is still in a nascent stage of adoption in the mechanical test market, yet its potential has been tremendous.
The high initial costs and a lack of supportive infrastructure are expected to impede market growth during the forecast period. However, access to inexpensive wireless sensors, cloud-based data storage, and Artificial Intelligence (AI)-based analytics are all expected to drive the case for Industry 4.0 in the mechanical test market.
The objective of this research service is to give a detailed account of the mechanical test market comprising subsegments such as Non-destructive Testing (NDT), Condition Monitoring (CM), dimensional metrology, and material testing and how the 4 key Industry 4.0 technology themes- sensorization, cloud, analytics, and visualization-will have a profound impact on these subsegments. This research service would also look into how the 4 tech themes would be the next step in the evolution of smart mechanical testing, and how this would benefit companies from making smarter decisions on the factory floor. The study also aims at throwing light on what the market participants are currently doing in this space and how the market is likely to transform the manufacturing arena in the coming years.