Over the past few years, the manufacturing industry continued to remain a critical force in both advanced and developing economies. The sector has gone through significant transformations bringing out new opportunities and challenges to business leaders and policy makers.
In advanced economies, the manufacturing sector has largely concentrated on promoting innovation, productivity and trade more than growth and employment. In many advanced economies manufacturing sector has to consume more services and rely heavily on them to operate. The focus on innovation has led companies to explore new opportunities.
In recent years, manufacturers have adopted emerging technologies such as machine learning, internet of things (IoT), augmented reality, virtual reality and others which have provided them with numerous opportunities and transformed their operations and increased efficiencies. Manufacturers have been aggressively pursuing this digital transformation to compete and gain a foothold in the marketplace.