There are many technologies used to make the industry smarter. Many of these technologies are developed for other lines of business, but there are also technologies originating from industry needs. The term IndTech is the collective name for technologies that are implemented to make the industry smart.
For more than a century, technology exports have been a cornerstone of the Swedish economy. Now that the industry is being digitized, large technology suppliers will be the basis of a Swedish market system with hundreds of small and medium-sized specialist companies. IndTech in Sweden has sales of more than SEK 100 billion (read the report Swedish IndTech 2020). If machine builders and technology consulting companies are included, the figure is several times larger.
The Swedish industry for digitization of the industry, Swedish IndTech, compares in size with the basic industry but has a significantly higher growth rate. Swedish IndTech is an industry that, through development collaboration, gives Swedish industry advantages and time advantages while technology suppliers can develop offers for the world market. The global market for IndTech is estimated to be worth approximately USD 405 billion by 2020 and grow by 7 percent per year.