Industrial communication technology is expected to continue to hold the largest share of the market during the forecast period. Industrial communication is a combination of components, software, and standard protocols that allows man-to-machine and machine-to-machine communication across various industries. Efficient, reliable, and secure industrial communications help in improving operational efficiency and reducing the overall operational costs of organizations. Industrial communication plays a significant role in industries such as oil & gas, electronics, automotive, and energy & power.

India, along with the other developing nations has emerged as one of the high growth sectors in the manufacturing domain. Taking the manufacturing and technological sector to a new height is the ‘Make in India’ project helmed by the Government of India under the leadership of Prime Minister Narendra Modi which is all set to maximize the country’s demographic and geographic advantages. GST (Goods and Services Tax) acts as a boost to maximize competitiveness and performance in India’s manufacturing sector. Declining exports and high infrastructure spending are just some of the concerns of this sector. Multiple indirect taxes had also increased the administrative costs for manufacturers and distributors and with GST in place, the compliance burden has eased and this sector will grow more strongly.

Fourth Industrial Revolution or Industry 4.0, as it is popularly called, revolutionised the manufacturing world by providing manufacturers with opportunities to utilize advanced tools and technologies throughout the product lifecycle. It enabled manufacturers to increase operational visibility, reduce costs, expedite production times, and deliver exceptional customer support. However, now is the time to shift our paradigm from Industry 4.0 to Industry 5.0 . Where the focus of the fourth industrial revolution focused on using technology to optimize the means of production, the 5th industrial revolution is all about connecting man and machine — that is, collaboration between humans and smart systems.

Industrial manufacturing is a major growth sector for the Indian economy with diverse companies, including those engaged in manufacturing of machinery and equipment, electrical and metal products, cement, building and construction material, rubber and plastic products and automation technology products.