So, which industries is it adopting? Primarily, oil and gas, chemicals, and utilities. Cisco’s president (ASEAN) said that the manufacturing is a major driver of economic growth for the same region, which contributes US$60 billion or around 21% to the region’s gross domestic product. Also, he expected it to multiply to $1.4 trillion by 2028.
Further he added, Thailand is one of the top 3 countries behind Singapore and Malaysia at a certain stage of development for the 4th industrial revolution (4IR) in technology and innovation, global trade investment, sustainable resources and environment, human capital, and institutional framework.
There are actually 5 key technologies, helping the manufacturing sector to adopt and transform into 4IR, including Internet of Things, 3D printing, wearable augmented reality and virtual reality, and artificial intelligence.
ASEAN has approximately $250 billion to $275 billion at stake by 2028 (incremental value) and a 35-40% increase in manufacturing value addition from the profits in productivity while unlocking additional revenue stream like new products and improvements in quality by accepting 4IR technologies.
The managing director at Cisco added that manufacturing sector in Thailand has seen a major growth of over $50 by adopting 4th industrial revolution technologies.
