IoT involves a network of sensors which collect important production data from devices, workers, and environments. There are ample benefits associated with Industry 4.0 for manufacturers. These technologies to be widely adopted in many industries aside from manufacturing, including Construction, Automotive, Electronics, Aerospace and Defence, Transportation, Chemical and Oil and Gas.

Multilevel customer interaction and customer profiling.

Fog, Edge and Cloud Computing Technologies.

Artificial Intelligence and Cognitive Technologies.

Within those components are numerous technologies, including: The four main components of industry 4.0 are Cyber-physical systems, Industrial Internet of Things, Cloud Computing and Cognitive Computing.

Kg, Bosch Rexroth Ag, Maschinenfabrik Reinhausen Gmbh, Sas, Siemens Ag, and Wittenstein Ag, will be dominant players. T he report also states that companies including General Electric Company, Daimler Ag, Klockner & Co. Will lead to development of sophisticated “dark factories” using smart manufacturingĪ recent report from Market Research Engine predicts the Industry 4.0 Market to exceed more than US$ 26.7 Billion by 2024 at a CAGR of 23.1% in the given forecast period.Will reduce risk for manufacturers by synchronising production capacity with demand.Incorporates several key technologies which improve productivity and reduce costs.Allows for manufacturers to engage with consumers in new ways.The first industrial revolution to closely connect industry with consumer demand using integrated technology.Industry 4.0 incorporates several new technologies in the manufacturing process, creating a more integrated and sophisticated value chain.

It is a radical change that will completely transform the manufacturing industry. There will be an amalgamation of traditional manufacturing techniques with cutting-edge technology, and real-time data analytics to deliver greater efficiency and productivity. Manufacturers will be able to use the Internet of Things to gather data from their customers, allowing them to manage resources and assets much more effectively. Industry 4.0 will be the first industrial revolution to include close interconnection between manufacturers and other parts of the economy via Smart Cities technologies. It will create interconnected, sophisticated, and highly automated factories using the Internet of Things (IoT), artificial intelligence, robotics, cognitive computing, smart sensors, data analytics, and other technological innovations. Industry 4.0 describes a wave of new technologies which will create a 4th industrial revolution in the coming decades.

Industry 4.0 elements