What is Industry 4.0?
Per Statista (2023), Industry 4.0 is the integration of new technologies in manufacturing processes to produce high-quality products at lower costs.
Industry 4.0 is the term commonly used to describe the Fourth Industrial Revolution, and across the manufacturing industry, we are seeing the integration of new technologies to produce higher-quality products at reduced costs. Internet of Things, artificial intelligence robotics, mobile warehousing, and cloud computing are just a few of the advancements we have seen over the past decade and will continue to see for another decade. The demand for systems to be interconnected has only grown stronger since the COVID-19 pandemic. Business leaders can now visualize a truly digital world, with real-time data accessible at any moment in time and at any stage of the supply chain
As reported in the Industry 4.0 report furnished by Statista (2023), the industries that are leading the way in digital adoption are Automotive (36%), Computer and Consumer Electronics (29%), Metals & Mining (29), Process industries (29%), and Machinery & Equipment (26%).
In terms of annual investments in digital factory transformation in 2022, the top industries were Industrial Manufacturing ($318 Billion), Chemical/Process Industries ($289 Billion), Retail & Consumer Goods ($214 Billion), High Tech & Electronics ($172 Billion), and Automotive ($112 Billion).
