Industry 4.0: From vision to action

The Industry 4.0 market has grown 10 times in the past decade (from US$10.5 billion in 2011 to US$103 billion in 2021). The percentage of IT spend by manufacturing companies on Industry 4.0 has also witnessed a steady growth from 5 percent in 2011 to 20 percent in 2021.

The key drivers of this growth include benefits such as real-time monitoring, critical insights leading to efficiency improvement, development of new
products, and predictive analytics to improve asset reliability.

Despite its advantages, implementing Industry 4.0 poses several challenges amidst a highly competitive manufacturing environment. It redraws the lines between industries, forges new ones, and presents seasoned manufacturing firms with unforeseen challenges.

In this paper, we have tried to examine the benefits of utilising Big Data Analytics (BDA), Digital Twins, and connected products, along with their key application areas. Further, we have also highlighted the challenges of implementing Industry 4.0 and delved deeper into how the digital ecosystem can unlock value for its partners as we transcend to the next wave of Industry 4.0.