Information Technology and Operations Technology (IT-OT) Convergence Powers the Global Industry 4.0 Market for Mechanical Test Applications

Information Technology and Operations Technology (IT-OT) Convergence Powers the Global Industry 4.0 Market for Mechanical Test Applications

Customer Experience, Driven by Digitally Led Business Models, Creates New Growth Opportunities

RELEASE DATE
16-Apr-2021
REGION
North America
Research Code: K58F-01-00-00-00
SKU: TM00668-NA-MT_25378

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Description

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.

Key Features

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.


Key Issues Addressed

  • What is the potential for Industry 4.0 in the mechanical test market?
  • What has been the impact of COVID-19 on Industry 4.0 investments in the mechanical test market?
  • Which countries are expected to adopt Industry 4.0 on a large scale, and what are the regional factors driving growth?
  • How attractive is IT-OT convergence in the mechanical test market, and what are the key enabling technology developments?
  • What are some of the key opportunities arising out of Industry 4.0 in the mechanical test landscape? What are the strategies that these manufacturers can adopt to accelerate growth?
  • What are the key trends that will shape the future of Industry 4.0 in mechanical testing?

Table of Contents

Why is it Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Adoption of Industry 4.0 in the Mechanical Test Market

Growth Opportunities Fuel the Growth Pipeline Engine™

Industry 4.0 in Mechanical Test Market Overview

Impact of Industry 4.0 in Mechanical Test Market—Research Scope

Definitions

Key Growth Metrics

Key Players in the Mechanical Test Market

Growth Drivers for Industry 4.0 in Mechanical Test Market

Growth Restraints for Industry 4.0 in Mechanical Test Market

Industry 4.0 Tech Theme 1—Sensorization

Industry 4.0 Tech Theme 2—Cloud

Industry 4.0 Tech Theme 3—Artificial Intelligence-based Analytics

Industry 4.0 Tech Theme 4—Simulation and Immersive Visualization

Where Can Industry 4.0 Add Value in the Mechanical Testing Process?

Why will Industry 4.0 Be a Natural Progression for Mechanical Testing?

Industry 4.0 Tech Themes—Mechanical Test Segment Propensity

Winning Strategy for Digital—Six Principles of Digital Transformation Across Mechanical Test Markets

Forecast Assumptions

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast Analysis

Revenue Forecast by Region

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast Analysis

What Issues will Industry 4.0 Help Resolve in the NDT Market?

Industry 4.0 in the NDT Market—Value Addition

Future Vision for NDT

Industry 4.0 in NDT—Impact Meter

Competitive Landscape

Proof of Concept 1—Baker Hughes Uses Analytics for Predictive Corrosion Management (PCM)

Proof of Concept 2—Fujitsu Develops an AI Solution to Revolutionize NDT Inspection

Key Growth Metrics

Key Findings

Key Findings (continued)

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast Analysis

What Issues will Industry 4.0 Help Resolve in Dimensional Metrology?

Industry 4.0 in the Dimensional Metrology Market—Value Addition

Where will Dimensional Metrology Be in the Next 5 Years?

Industry 4.0 in Dimensional Metrology—Impact Meter

Competitive Landscape

Proof of Concept—Zeno Tech, Japan: When Industry 4.0 Meets Hi-Precision

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast Analysis

What Issues will Industry 4.0 Help Resolve in Condition Monitoring?

Industry 4.0 on Condition Monitoring Market—Value Addition

Where will Condition Monitoring Be in the Next 5 Years?

Industry 4.0 in Condition Monitoring—Impact Meter

Competitive Landscape

Proof of Concept—Wireless Condition Monitoring for Pumps and Motors in Petrochemicals

Key Growth Metrics

Key Findings

Revenue Forecast

Revenue Forecast by Region

Revenue Forecast Analysis

What Issues will Industry 4.0 Help Resolve in Material Testing?

Role of Industry 4.0 on Material Testing Market—Value Addition

Where will Material Testing Be in the Next 5 Years?

Industry 4.0 in Material Testing—Impact Meter

Competitive Landscape

Proof of Concept—Shimadzu Improves Productivity Through AIOT Technology for Analytical Laboratories

Growth Opportunity 1: Industry 4.0 for Process and Data Sharing

Growth Opportunity 1: Industry 4.0 for Process and Data Sharing (continued)

Growth Opportunity 2: Machine Learning Based Condition Monitoring

Growth Opportunity 2: Machine Learning Based Condition Monitoring (continued)

Growth Opportunity 3: Immersive Visualization

Growth Opportunity 3: Immersive Visualization (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

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Related Research
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.--BEGIN PROMO--

Key Features

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.

Key Issues Addressed

  • What is the potential for Industry 4.0 in the mechanical test market?
  • What has been the impact of COVID-19 on Industry 4.0 investments in the mechanical test market?
  • Which countries are expected to adopt Industry 4.0 on a large scale, and what are the regional factors driving growth?
  • How attractive is IT-OT convergence in the mechanical test market, and what are the key enabling technology developments?
  • What are some of the key opportunities arising out of Industry 4.0 in the mechanical test landscape? What are the strategies that these manufacturers can adopt to accelerate growth?
  • What are the key trends that will shape the future of Industry 4.0 in mechanical testing?
More Information
No Index No
Podcast No
Author Nandini Natarajan
Industries Test and Measurement Instrumentation
WIP Number K58F-01-00-00-00
Is Prebook No
GPS Codes 9404-A5,9594,9426,9593