Description

In 2024, a new multipolar world will emerge, reshaped by digital industries that have become mainstream following the 2020 COVID-19 pandemic. This shift signals an accelerated push toward digitalization, unveiling eight novel growth opportunities in digital industries, each marking a significant step in industry progress and offering vast potential for proactive industry participants.

Ongoing wars in Europe and the Middle East, a volatile economic landscape with high interest rates, and sovereign debt crises across major Western nations present major challenges to current manufacturing value chains. The advent of industrial AI, the industrial metaverse, and robotics is gaining pace, reaching an inflection point in customer acceptance and adoption of these concepts and technologies. Generative AI and spatial computing are emerging trends currently gaining steam and led by massive investments by key industrial automation and industrial software vendors.

In 2024, digital transformation projects will enter an era of hyper-scaling across all tiers of industries, including small and medium-sized enterprises. Western economies will embark on major initiatives to reshore and friendshore operations to reduce reliance on China.

Furthermore, the pressing issue of climate change, coupled with the rise of eco-conscious consumers, is fueling the concept of green manufacturing. This approach seeks to balance the triad of people, planet, and production, aligning ecological responsibility with industrial advancement. This confluence of technological innovation and environmental stewardship underscores a transformative era in digital industries, where sustainable practices and digital efficiency coalesce to shape the future of global industry.

Author: Karthik Sundaram