UK manufacturers priorities cyber risks & digital post COVID
During its latest , PwC identifies how shifts in the world marketplace due to technology, rising cyber risks, evolving customer needs, and employee behaviours are transforming the ways in which manufacturers are operating.
“As the pandemic took hold, manufacturers faced unprecedented disruption revealing some weaknesses in end-to-end activities and an increasing prevalence in cyber attacks. When combined with the impact of Brexit, it’s clearly shown just how vital it is for UK manufacturers to embed agility and resilience into their business models - and that they need to act swiftly,” commented Cara Haffey, UK industrial manufacturing and automotive leader at PwC.
Key cybersecurity findings from the report
- Cybersecurity is an urgent priority for 63% of UK manufacturers, with one in five having experienced a cyber attack
- 43% of respondents are investing in application security, firewalls and antivirus precautions
- 38% of respondents will be focusing on their cyber response and recovery plans in the next 12 to 24 months
- 35% of UK manufacturers plan to upskill staff in cybersecurity
Other key findings
- Productivity and efficiency is a priority for the UK compared to other countries (Germany 65%, China 58%, Japan 57%, US 52%)
- UK manufacturers are prioritising the internet of things (78%), public and private cloud (65%), and robotic process automation (47%)
- Supply chain transparency and risk analysis is an immediate action point for UK manufacturers (45%), while vertical integration of the supply chain is a long term focus (33%)
- Demand forecasting is a top supply chain priority short and long term (48%), with track and trace solutions being another focus point (42%) alongside ESG strategies (13%)
“UK manufacturers have shown their capacity to react swiftly to new market environments and challenges and forge new inter-sector partnerships during this pandemic and it’s critical they continue to do this as they look to the future. It’s rare for manufacturers to have the capacity, downtime, or headroom to make such significant changes and it’s vital they don’t waste this opportunity,” added Haffey.
Four Factory of the Future Market Trends to Keep an Eye on
Global Smart Manufacturing Market
Attributed to the rapid growth in the adoption of automated systems in industrial processes, the is predicted to grow from US$$175bn (2020) to US$303bn by 2026 with a compound annual growth rate (CAGR) of 6.4% between 2019 and 2026.
While COVID-19 has somewhat slowed down the market’s growth, it is expected that by the second to third quarter of 2023 there will be a ‘considerable’ rise in growth for the market.
Key players in the industry: Schneider Electric, General Electric, Siemens, Honeywell International Inc., Rockwell Automation Inc., FANUC Corporation, and Emerson Electric Co.
Industrial Automation Market
Making people’s lives easier, and their work more accurate and effective, the global demand for automated technologies such as robotics - especially in science and technology - is driving its increase in global market value.
Key players in the industry: ABB, Siemens, General Electric, Schneider, Endress+Hauser, Yokogawa, Honeywell, WIKA, Azbil, Fuji Electric, 3D Systems, and HP.
Smart Factory Market
Expected to grow from US$80.1bn (2021) to US$134.9bn by 2026, the - with a CAGR of 11% between 2021 and 2026 - is experiencing growth driven by fiscal policies adopted to keep manufacturing facilities afloat during COVID-19.
Other driving factors include resource optimisation, cost reduction in production operations, increased demand for industrial robotics, rising demand for technologies, and the growing significance of energy efficiency.
Key players in the industry: Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, ABB Ltd., Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., Endress+Hauser AG, and Yokogawa Electric Corp.
Artificial Intelligence (AI) in Manufacturing Market
“It is undeniable that the manufacturing industry is at the forefront of artificial intelligence implementation,” says . “Manufacturers are using AI-powered analytics to increase performance, product quality, and employee protection, from substantial reductions in unplanned downtime to better crafted goods.”