Industry 4.0 is characterised by the ability to deliver a more agile and connected manufacturing process, transforming operations through the use of process automation and digitization.
The digitization of manufacturing and supply chain is seen as a tectonic shift, requiring businesses to transform core operations and build a “digital backbone” that connects the entire value chain.
Connectivity will be the cornerstone of modern manufacturing and processing industries. The IoT will provide a platform for connectivity and digitization that will help eliminate silos of data and facilitate improved visibility and decision making across all aspects of production.
McKinsey2 research shows how the digital transformation of manufacturing processes will lead to a change in demand for workforce skills, with manual aptitude being replaced with greater technological and analytical skills.
The digital twin market was valued at $3.1 billion in 2020 and is predicted to reach $48.2 billion by 2026. The growth in the market demonstrates a surge in demand for intelligent monitoring and management systems. The largest sectors for growth are FMCG and discrete manufacturing, where cost sensitivity is a major driver behind automation and digitization.
