Digitization is undoubtedly the biggest trend in industrial organizations today. Companies from manufacturing to oil and gas, water management, and beyond are scrambling to adopt automation, the Industrial Internet of Things, machine learning, digital twins, and more so that they reap the efficiency, productivity, and cost savings benefits of these technologies.
Looking ahead, there’s every reason to expect that these trends will continue to grow and that the companies that lead the charge in implementing them will have the biggest competitive advantage.
As we head into 2018, here are 13 statistics you should know about digitization in industry:
- 91% of industrial companies are investing in digital factories. (Source: PwC)
- Companies expect investment in digitization to reduce costs by 3.6% and increase revenues by 2.9% per year through 2020. (Source: PwC)
- The expected ROI of digital factory investments is two to five years. (Source: PwC)
- The engineering and construction industry expects digitization to result in cost reductions of $78 billion through 2020. (Source: Statista)
- 49% of leading companies invest more in digital than their counterparts, while 90% of lagging companies invest less in digital than their counterparts. (Source: McKinsey)
- Improving efficiency is the main reason for investing in digital factories. Companies expect their investments to pay off in efficiency gains of 12% over five years. (Source: PwC)
- 80% of industry executives believe the IIoT has the potential to be transformational, and 86% believe digital industrial transformation is critical for growth and competitiveness. (Source: GE)
- Global spending on IoT solutions is expected to reach $70 billion 2020. (Source: Control Engineering)
- Almost 100% of manufacturing, transportation, and oil and gas companies plan to invest in IIoT implementations next year. (Source: Bsquare)
- The number one objective in using the IIoT is to gain better visibility into and control over business-critical equipment. (Source: Bsquare)
- 72% of companies plan to use Industry 4.0 applications to optimize customer relationships. (Source: PwC)
- Digital twins in the manufacturing industry will have an economic potential of more than $92 billion by 2025. (Source: BITKOM)
- About 20% of plant teams use internet-enabled technologies as part of their predictive maintenance programs. The most commonly used tools are automation and control assets, electrical systems, and rotational/mechanical assets. (Source: Plant Services)
How do your digitization efforts stack up? Learn more about how your peers are using the IIoT.