Steel manufacturer’s investment into digital transformation will reach $5.9 billion, growing at a CAGR of 10.9 percent between 2022 and 2031, according to ABI Research.
Top steel manufacturers in the world are ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), Hebei Iron and Steel Group, Baosteel, Wuhan Iron and Steel Group, Posco, Jiangsu Shagang and Tata Steel Group.
Investment into data analytics to optimize the steel production process will to worth up to $2.9 billion in 2031. Bolstering the data flows will be investment into industrial device and applications, fortified by security expenditures, both seeing fair growth by CAGR 5.9 percent and 8.4 percent respectively.
Technology suppliers providing software to the steel industry include those that specialize in helping producers optimize their processes (Falkonry, RealSteel, Smart Steel Technologies, and Samotics), keep track of information (KnowIT ERP and SteelTrace), and keep workers safe (Everguard.ai).