How Industry 4.0 and Digitization Improves Manufacturing Responsiveness, Quality and Efficiency?

ow Industry 4.0 and Digitization Improves Manufacturing Responsiveness, Quality and Efficiency ?

Industry 4.0 in the automotive sector has several advantages such as self-monitoring capabilities, network flexibility, capacity for customizations, and an agile supply chain. Industry 4.0-enabled plants will have robust monitoring systems to identify potential maintenance issues. Industry 4.0 gives auto manufacturers the option to customize individual vehicles, and shorten the delivery time for these vehicles. The implementation of technologies such as IoT, industrial robotics, and cyber security has made this sector to have the largest market share.

The overall Industry 4.0 market was valued at USD 66.67 billion in 2016 and is expected to reach USD 152.31 billion by 2022, at a CAGR of 14.72% between 2017 and 2022. Increasing adoption of industrial Internet and increased focus on efficiency and cost of production plays a significant role in the growth of the Industry 4.0 market. However, lack of cost–benefit analysis and a shortage of skilled workforce are key factors limiting the growth of this market.