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Industry 4.0: New Technologies to Transform Manufacturing

By Dick Weisinger

New technologies, like robotics, analytics, big data, IIoT, and artificial intelligence are driving big change in the manufacturing industry, something many are calling Industry 4.0. New technologies are transforming industrial procedures and workflows, material utilization, and asset performance.

A study by BCG found that Industry 4.0 has the potential to increase manufacturing productivity by 30 percent.

The worldwide Industry 4.0 market is expected to grow from $70 billion in 2019 to $210 billion by 2026, according to an estimate by Facts and Factors.

Source: BCG: Industry 4.0: The Future of Productivity and Growth in Manufacturing Industries

Two factors slowing adoption of Industry 4.0 are the huge investment required to upgrade and replace existing processes and staff that are not sufficiently trained in the new technologies.

Luis Martín, CEO of Digital Consulting Firm Barrabés, said that “the pace at which the industry is digitizing is brutal: not machining or automating, but digitizing. This means empowering the final user to control processes end-to-end, with information, power and decision making capabilities at all times. The possibilities in terms of scalability are augmented, and also complexity.”

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