The ongoing ‘fifth industrial revolution’ augurs well for the Indian manufacturing sector as it will help increase revenues of Indian manufacturers by 6.42% over the next two years, according to a PwC study.

Less maturity in adopting relevant measures would mean that manufacturers would forgo a turnover of 4.37% of their revenue in FY24, the study noted.

Industry 5.0 is the next level of industrialization that focuses on collaboration between humans and machines to create sustainable products and services.

“Even though the Fifth Industrial Revolution will be highly technological, humans will be an integral part of the solution. Plus, it won’t be about humans versus machines. Sustainability is just around the corner: 93% of CXOs would like to be known for promoting sustainability in their organization, and they would like to grow their business 2-3 times over the next 3-4 years,” says the PwC study. .

Considering all the unpredictable events across different stakeholders, organizations are now trying to create solutions that will help them stay in business longer,” Sudipta Ghosh, Partner and Head of Industrial Products at PwC. India told FE.

“Executives in the chemicals, cement, textiles and apparel sectors believe their industries would see the most significant gains from the adoption of Industry 5.0, with potential revenue growth exceeding 7%. . »

With cybersecurity threats on the rise, the study says 46% of executives across all industries are prioritizing investments over the current and next year to build capabilities to protect against cyber threats. “Today’s smart cars are a good example of this. They contain 100 million lines of code and by 2030 this figure is expected to reach 300 million. With cars evolving into sophisticated vehicles

Software containers offering mobility, entertainment and shopping, they have become prime targets for cyberattacks. The Indian government has made it mandatory for automobile manufacturers to install a cybersecurity management system in passenger and cargo carriers to secure vehicles against possible cyber attacks,” the study said.

The PwC India study, conducted between May and July 2024, presents insights from 180 senior executives and senior executives from manufacturing sectors including automobiles, cement, chemicals, industrial goods, metals and textiles.