Now that we have a mobile phone connected to doors, windows, ventilation systems, cars, lights, kitchen appliances, and every other gadget, we realize that the Internet of Things (IoT) is quickly invading every corner of life. This has been a result of the rapid advances of Industry 4.0 technologies being made in the field of smart manufacturing, smart factory, and supply chain.
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Year 2023 will witness the rise of companies that take concrete steps to develop their AI maturity and acknowledge the growing profitability from Industry 4.0, especially in the face of global challenges and demands that will otherwise produce a strain upon legacy data systems and repetitive manual processes. The rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT), escalating demand of automation in supply chain processes, extensive use of industrial automation in smart manufacturing, and expanding depth of blockchain technology will drive the industry 4.0 growth.
Here we discuss the rapid advances being made by Industry 4.0 and its potential in the year 2023.
Industrial Revolution 4.0
Industry 4.0 refers to a new phase in the Industrial Revolution that relies on interconnectivity, automation, machine learning, and real-time data. Industry 4.0 is a combination of smart manufacturing technologies and Information Technology, comprising of the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), and mixed reality, that automate processes and optimize businesses. You can adopt Industry 4.0 technologies to increase your business competitiveness, productivity, and profitability while streamlining the recordkeeping process.
With the advent of Industry 4.0, smart industries, smart manufacturing, and smart factory are replacing the legacy ones, while offering immense benefits to the manufacturers.
Benefits of the Industry 4.0 Model
From design, sales, inventory, scheduling, to quality control, development, customer and field service, Industry 4.0 covers the entire product life cycle and supply chain. Each field benefits from the real time and anywhere availability of data, making industrial automation and streamlining of processes efficient.
- Some of the benefits of adopting an Industry 4.0 model for your business include:
- Streamline operations and keep your business on the edge.
- Enhance efficiency, boost collaboration between departments, enable predictive and prescriptive analytics, and allow teams to leverage real-time data.
- Predictive analytics, real-time data, internet-connected machinery, and industrial automation help you be more proactive.
- Save on costs, boost profits, and fuel growth, with well managed and optimized manufacturing processes and supply chain.
- Seamless recordkeeping and traceability
Major drivers of Industry 4.0 in 2023
Industry 4.0 and advanced digital technologies are already becoming the norm for smart manufacturing worldwide and providing advantages that range from increased productivity to improved decision making. Companies that adopt Industry 4.0 technologies early on have a better chance to position themselves favorably in the future. Such organizations stand out from the competition and reap the rewards of optimization.
Check this list of the factors driving the growth of Industry 4.0:
- Partnering with Cloud technology to provide real time analytics.
- Hard core competition in the manufacturing sector, globally
- 5G offering favourable new horizons
- Unmatched opportunities to augment production processes
- Ability to make quick changes in production and respond flexibly to disruptions
- Forecast of consumer demand through Industry 4.0 tools
According to Polaris Market Research, “the global industry 4.0 market was valued at USD 65.53 billion in 2021 and is expected to grow at a CAGR of 20.8% by 2030”. The invasion of the internet and its usage across verticals propels the prospect for industry 4.0 growth. The market now has more opportunities, owing to recent developments in industrial automation and digital technologies.
To build a sustainable, scalable enterprise in today’s business environment, you need to use Industry 4.0 tools that help you streamline tasks, boost productivity and collaboration, and leverage data in real time. EnergyBots can put you on the right growth track with its wide range of Industry 4.0 tools and solutions. We help industries adopt and adapt to an IIoT ecosystem for process improvements, better management, cost effectiveness and sustainability. Connect to know more.