The World Economic Forum predicts the value of digital transformation is expected to be more than $100 trillion by 2025 for industry and society. But why are companies so eager to achieve digital transformation, and how can IoT be instrumental in realizing this? Read on to learn the answers.
Industry 4.0, or the Fourth Industrial Revolution, is a term used to describe the trillions of dollars worth of investments made by manufacturers worldwide in digital technologies such as Artificial Intelligence (AI), 3D printing, Virtual Reality (VR), and robotics. Industry 4.0 transforms manufacturing from a linear process to a more collaborative and networked approach. With the help of data analytics and sensors, manufacturers can collect real-time data on the production processes and make adjustments on the fly. This allows for greater flexibility and responsiveness to customer demands. As a result, Industry 4.0 is helping manufacturers become more agile, efficient, and profitable.
High expectations are set on Industry 4.0 to usher in the next industrial revolution in discrete manufacturing, with an estimated USD 3.7 trillion in value creation potential for manufacturers and suppliers in 2025. However, only approximately 30% of businesses are now utilizing Industry 4.0 technologies at scale to their advantage.
Let us take a closer look at each of these artificial intelligence trends set to transform our lives and workplace in 2022.