Understanding the market, trends and external environment is key in order to assess the potential of a new product and service and to position it in an efficient way.
Apart from analysing COGNIPLANT’s target industries, CORE studied COGNIPLANT’s external environment through an extensive PESTLE analysis. A PESTLE includes the elements of Political, Economic, Social, Technological, Legal and Environmental factors that could have a direct or long-lasting impact on a business or an organization in general. For the COGNIPLANT purposes, the PESTLE analysis was applied in the project’s target industries, namely the aluminium, steel, chemical and lime industry.
Moreover, CORE identified the main growth drivers as well as key barriers that would foster or hinder COGNIPLANT’s market uptake. In short, key growth drivers for COGNIPLANT include the growing adoption of IoT and Big-Data technologies from the process industries as well as a growing need for reduced consumption of energy and materials and lower CO2 emissions. As far as the barriers are concerned, the main issues arise from data safety and data privacy. End users are reluctant to give access to data collected from their production lines and to deploy integrated cognitive solutions for fear of cyber-attacks.
Overall, the external environment and the market conditions are favorable for digital solutions that will improve the production performance and increase the competitiveness of process industries.