Industry 4.0 - Transfiguring the Manufacturing Ecosystem
Living in a world of increased market volatility, and shorter product life cycles as well as higher product complexity, companies strive for innovative technologies to become more flexible, productive and responsive. Interestingly, the emergence of new digital industrial technology, Industry 4.0 or Industrial Internet of Things (IIoT), is reinforcing enterprises to accomplish more faster, flexible and efficient processes, and produce higher-quality goods at reduced costs. According to the market research report of MarketsandMarkets Research Private Ltd., the Industry 4.0 market is expected to hit USD 152.31 Billion by 2022.
Today, Industry 4.0, the fourth industrial revolution, is undeniably transfiguring manufacturing ecosystem, economies and even society itself. Along with the the term Industry 4.0, technologies like analytics, robotics, artificial intelligence, cognitive technologies, and Internet of Things create digital, smart enterprises that are not only interconnected, but also capable of attaining improved efficiency, increased productivity, real-time data for real-time supply chains, lowered costs, higher revenues and more informed decision-making. In addition, the information generated by connected devices and machines delivers a colossal number of opportunities to manufacturers. While bolstering to increase automation of processes, improve machine-to-machine communication, and attain a truly productive, smart and connected manufacturing, this industrial revolution is set to swiftly change the competitiveness of industrial sectors on a global scale. Grand View Research, Inc. opines that the global smart manufacturing market size is estimated to reach USD 395.2 billion by 2025.
As Industry 4.0 is powered by digitization, data, and interconnection of IoT sensors and devices, it poses new security challenges. Inadequately protected networks, processes, and operations can bring out huge threats to industrial plants as well as businesses. Besides, though Industry 4.0 brings tremendous opportunities, there is a natural fear of job loss resulting from automation and robotics associated with it.
The global industry 4.0 market is expected to witness substantial growth in the near future owing to factors like high demand for industrial automation, the upsurge in the utilization of robot technology, and increased government expenditure on digitization etc. Globally, the idea of connected manufacturing or smart factory is becoming increasingly prevalent and companies are expected to increase spending on Industry 4.0 solutions for efficiency gains and new revenue streams.