Digitalisation offers huge new opportunities and improved growth, margins and valuations for some industrial firms, but will also create losers as traditional machinery sales decline.Amid a growing challenge from the emerging world, US and European industrial companies must be at the forefront of technological innovation to stay competitive. With the fourth industrial revolution, a new industrial era is opening up: digitisation. The fields of application of digitisation are vast, covering all aspects of industrial production, from the conception of a product to its production, marketing, after-sales services and recycling.Leading industrial firms are embracing digitisation and are increasingly looking to buy up new technologies through acquisition. Among other far-reaching changes,

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