Synopsis
Indian companies are investing heavily in smart manufacturing, outspending global counterparts. Digital transformation is key for competitiveness. Many Indian manufacturers use AI and machine learning, with AI-augmented operations set to increase significantly. Technology is also being used to create jobs and address labor shortages, with AI skills becoming crucial for hiring.Listen to this article in summarized format
According to the State of Smart Manufacturing Report by Rockwell Automation, Indian manufacturers find it imperative to stay competitive through digital transformation, which shows that the focus has shifted from adopting digital tools to scaling them effectively.
The survey for the study found that Indians are spending more in smart manufacturing technology compared to their global peers.
"In the high spending category 51-99 per cent Indian companies are spending 1.6 times more compared to global," Rockwell Automation India MD Dilip Sawhney told PTI.
The survey sought the response of the company based on their budget allocation in terms of percentage for investment in industrial technology. The survey covered 1,560 decision-makers from 17 of the top manufacturing countries, with more than half (52 per cent) representing companies with over USD 1 billion in revenue.
The study found 88 per cent of Indian manufacturers are already using artificial intelligence and machine learning technologies in operations, and 41 per cent of operations are AI-augmented, which is expected to grow to 47 per cent by 2027 and 61 per cent by 2030.
More than half of Indian firms covered in the survey are using technology to create more engaging jobs, 48 per cent are using AI/ML learning technologies to address labour gaps, and 81 per cent say applying AI is a very/extremely important hiring skill.
