A growing economy and a flourishing manufacturing industry are directly linked to each other. The increase in investments in the manufacturing industry has a compounding effect across the global economy. As a result, increase in productivity, employment, and growth opportunities can be witnessed in the manufacturing sector as well as across several industries including oil and gas, telecommunications, and retail. Technological advancements, innovations, and the increase in competition drives the manufacturing companies to scale new heights. Industry 4.0, the manufacturing industry buzzword, is a process of revolutionizing manufacturing activities by integrating technology such as cloud computing and artificial intelligence; thereby, offering the best of the physical as well as the virtual world. Not only are the developed nations reaping benefits of Industry 4.0 but the developing economies have also recognized the many benefits of sophisticated manufacturing techniques.
Factor Driving Growth in the Manufacturing Industry
For any industry to grow, it requires an educated and skilled workforce. Without one, the manufacturing companies lack the talent as well as the innovative capabilities to develop new processes and products. Any company in the manufacturing industry requires a skilled workforce at every stage, right from engineering to production. The manufacturing companies can opt for a public-private sector partnership that will help them bridge the talent gap through industry-based and on-the-job training. Apart from this, the government and regulatory authorities across the globe are developing policies aimed at building capabilities and improving competitiveness. Policy makers are increasing engagements with the private sector players in the manufacturing sector to drive skill development, innovation, and improve trade policies.
Industrial Sector – Future Possibilities
The manufacturing and industrial sector uplift the standard of living across the world by driving GDP growth and facilitating lower unemployment rates. There are numerous possibilities and growth opportunities that the manufacturing industry can bring to both the developed and developing economies in the world. The policymakers must identify the best practices adopted across the globe and integrate those drivers to transform their manufacturing capabilities and improve the industrial sector.