Driving Technological Advancements in the Manufacturing Industry

April, 2024

The manufacturing industry is increasingly adopting smart factory practices for efficiency and driving sustainability by facilitating the transition to circular operations and emissions reduction through partnerships. Manufacturers are prioritizing resilient supply chains with investments in data-driven inventory management and reshoring initiatives. They are using advanced technologies such as generative AI for product design acceleration and are transitioning to experience-based offerings using IoT, AI, and 3D printing to meet evolving customer needs. Additionally, investments in connected solutions and facility modernization highlight their commitment to a safer, more productive work environment. Manufacturing enterprises collaborate with service providers for digital transformation, which requires strong technological expertise and delivery capabilities.

Both demand-side and supply-side trends are covered in our Manufacturing Digital Services 2024 Market Insights™ and Manufacturing Digital Services 2024 RadarView™, respectively. These reports present a comprehensive study of digital service providers in the manufacturing industry, including top trends, analysis, and recommendations. It takes a close look at the leaders, innovators, disruptors, and challengers in this market.

We evaluated 42 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 42 providers, we recognized 27 that brought the most value to the market over the past 12 months.

The reports recognize service providers across four categories:

    • Leaders: Accenture, Capgemini, Cognizant, HCLTech, Infosys, TCS, and Wipro
    • Innovators: Atos, DXC, Fujitsu, IBM, Kyndryl, LTIMindtree, and Tech Mahindra
    • Disruptors: Birlasoft, Genpact, L&T Technology Services, SAP, UST, and Zensar
    • Challengers: CGI, Hexaware, Hitachi Digital Services, ITC Infotech, Innova Solutions, Persistent Systems, and Unisys

Figure 1 below from the full report illustrates these categories:

MoneyShot View Manufacturing Digital Services 2024 1030x544 - Driving Technological Advancements in the Manufacturing Industry

“Manufacturers are embracing generative AI for enhanced design, efficiency, and quality,” said Joe Frampus, managing partner and manufacturing practice lead at Avasant. “They are pivoting to a product-as-a-service model for experiential delivery and prioritizing worker safety through connected solutions and modernization.”

Michael Wheeler, partner and supply chain practice lead at Avasant, added, “Manufacturers are accelerating smart factory adoption with Industry 4.0 technology integration and prioritizing sustainable supply chains through circular operations and data-driven resilience.”

The reports provide several findings, including the following:

    • To remain competitive, manufacturers are shifting from traditional assembly lines to smart factories.
    • Manufacturing firms are prioritizing sustainability to address government and customer requirements.
    • As supply chain disruptions strain the sector, manufacturers are building resilient supply chains through data-driven inventory management and reshoring.
    • Manufacturing enterprises are adopting generative AI for product design and process optimization and upskilling employees.
    • Manufacturers are moving towards servitization and increasingly implementing e-commerce platforms by integrating technologies such as AI and IoT.
    • To train employees and enhance worker safety, manufacturing companies are implementing connected factory solutions and modernizing their facilities using automation.

“Service providers are adopting digital technologies to help manufacturing companies enhance innovation, bolster supply chain resilience, deploy smart factory solutions, provide real-time insights and process visibility, optimize aftermarket services, and achieve sustainability objectives,” said Jyotika Jain, senior research analyst at Avasant.

The RadarView also features detailed profiles of 27 service providers, along with their solutions, offerings, and experience in assisting manufacturing enterprises in their digital transformation journeys.

This Research Byte provides a brief overview of the Manufacturing Digital Services 2024 Market Insights™ and Manufacturing Digital Services 2024 RadarView™ (click for pricing).