Business Wire India
- According to Mordor Intelligence, digital transformation for the manufacturing market was valued at USD 263.93 billion in 2020 and is expected to scale up to USD 767.82 billion by 2026 at a CAGR of 19.48%.
- The Industrial IoT market is expected to grow at a CAGR of 16.7% from 2021 to 2027 to reach $263.4 billion by 2027 across smart robotics, predictive maintenance, plant maintenance, remote monitoring, logistics & supply chain, inventory management, and production flow management.
Hakuna Matata plans on utilizing the funds to build the digital solutions & frameworks to meet the increasing market needs & shorten implementation time and scale further. Funds will also be utilized to improve their IIOT product offerings to tap the Industry 4.0 global market.
Despite the huge benefits offered by Industry 4.0, IIoT & Digital Transformation adoption by manufacturing companies is still in its nascent stage. Manufacturing companies are finding it difficult to implement Industry 4.0 due to its complexity, multi-systems & technologies landscape and scarcity of digital talent. However, COVID is pushing the manufacturing sector to increase its focus on digital transformation.
“With the ever-increasing need for digitization & automation for Manufacturing enterprises, we are confident that our partnership with Hardcastle Petrofer will allow us to scale faster, owing to the synergistic skill sets of two firms that are passionate about the application of technology in manufacturing,” said Mr Gengarajan PV, CEO, Hakuna Matata Solutions.
Hardcastle Petrofer is an unparalleled combine of an Indian Company and a German Company both having served their respective Industries for over half a century. They have made pioneering efforts during their long market presence in the Indian Metal Processing Oils and Chemicals supplying to key Automotive and Engineering Industries. The excellence of its product range is the result of the Company’s philosophy of Customer Focus, continuous improvement, and the dedication of its personnel.
“Investing in Industry 4.0 & IIoT is a no-brainer for manufacturing companies as it allows for significant benefits and efficiencies. From our own experience of implementing Industry 4.0 solutions, we know that companies will find great value in adopting this technology sooner than later. Hakuna Matata have demonstrated their deep knowledge in the sector through technology solutions delivered to their customers. I believe, pooling the passion, experience and talents of our Digital Ecosystem Partners together, we will make a powerful combine,” said Mr Achal Jatia, Chairman, Hardcastle Petrofer Private Limited.
We are creating a unique Digital Ecosystem for IIoT technologies by investing in a number of potential non-competing Digital Technologies startups. Our investment in Hakuna Matata is an integral part of our Digital Transformation offerings said Mr Rajiv Vermani Director & CEO Digital / Automation, Hardcastle Petrofer Private Limited.