Manufacturing is one of the most important industries in the world’s economy. It accounts for ~16% of global GDP in 2019 and has generated an output of 13.9 trillion globally. US and China are the leading manufacturers globally, accounting for 4 trillion and 2.5 trillion manufacturing output respectively in 2019. India stands at 5th position with 0.42 trillion output, approximately 3% of the global output value.
This blog throws light on the impact of COVID-19 on the Manufacturing Industry, the analytics opportunities, and how analytics and automation can assist businesses during unforeseen situations.
The Effect of the Pandemic on the Manufacturing Industry: COVID-19 has impacted the manufacturing industry severely, and in the second and third quarter of 2020, global manufacturing output has declined by 11.1% and 1.1% in a year-on-year comparison. Industries worldwide have been affected by COVID-19, but the Aviation and Automobile industries were affected the most.