Manufacturers are counting on technologies and systems known collectively as Industry 4.0 to drive efficiencies and unleash new revenue streams in their sectors. Industry 4.0 leverages sensor technologies, advanced analytics, artificial intelligence, and machine learning capabilities to collect and analyze data.
Benefits include reducing production downtime, improving product quality, and enabling proactive maintenance. But important factors, including legacy operations and failure to effectively engage frontline workers in operational redesign, often stand in the way of such large-scale transformation.
Momentum for Industry 4.0 is growing — one report by Statista projects the market will swell from $263 billion in 2021 to $1.1 trillion by 2028.