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July 2022 - Chemicals

Chemical manufacturers' investment in digital transformation expected to grow at a CAGR of 6% over next decade: Analysis by ABI Research, a global technology intelligence firm which focusses on 'the transformative technologies that are dramatically reshaping industries', has asserted that chemical manufacturers' investment in digital transformation will grow at a CAGR of 6% over the next decade. This will see it reach $7.4billion.

The analysis also found that investment into data analytics for manufacturers will allow them to better understand plant conditions and optimise production, which will grow to be worth up to an estimated £1billion by 2031.

The research also asserted that over the next decade, further investment into industrial device and application services, will also grow at a compound annual growth rate (CAGR) of 5.9%, with security growing by 8.4%.

The global pandemic has resulted in the chemical industry accepting that digital transformation is essential for its future success and has accelerated the process of rolling it out.

James Prestwood, Industrial and Manufacturing Research Analyst at ABI Research, said:

"Following the COVID-19 pandemic, the digital transformation agenda within the chemical industry has been pushed more into the spotlight. Plans that were slowly being implemented, or even relegated to pilot purgatory, have been given a new injection of life."

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