Industry 4.0 depends on digital innovation – declared Colliers India

Indian manufacturing, IT-BPM, real-estate, and many other sectors are adopting Industry 4.0, the digitization process being significantly accelerated by the COVID-19 pandemic.

A recent report, published by professional services and investment management company Colliers, titled Revolutionized Sector – Emerging Economies & Markets, highlighted that having digital technology at the core of all processes provides more resilience and allows companies to adapt more easily to changes. The report encourages all parties of the market to plan smartly for the future based on present overviews, keeping the digitization of physical assets and the utilization of digital ecosystems in view.

Industry 4.0 is anticipated to change our current attitude towards work and interaction by bringing a new era of connected technologies and data-driven insights. Artificial intelligence, automation, Big Data, robotics, and 3D printing are just some of the technologies revolutionizing the manufacturing landscape on a global level.

Ramesh Nair, Chief Executive Officer, India & MD, Market Development, Asia commented – “India is at the cusp of a digital edge where young talent plays leading roles through their start-ups, and organizations are adopting technologies for a paradigm shift. This is the era where Artificial Intelligence, Big Data, and Cloud Computing act, analyze and alert for the next steps of decision making,”

Subhankar Mitra, MD, Advisory Services (India) added – “We recommend developers to diversify and expand their industrial portfolio in segments like Cold Storage, Warehouse, Logistics, Robotics, Edge Data centres, etc. The focus should be to provide state-of-the-art infrastructure & technology usage,”

Although advanced economies such as the USA, Germany and Japan have embraced Industry 4.0, and – to some extent – it is being applied in some engineering industries, automobile and auto components industries in other economies as well, digital transformation is far from its end, with more significant changes and wider application expected in the future.

India lags behind its competitors with overall migration to Industry 4.0 still in the early stages of preparation, but with the government’s ‘Make in India’ initiative and ‘National Policy for Advanced Manufacturing’, the sector’s share in India’s GDP might be increased by 25% by 2022.