The growing use of the internet of things (IoT) and artificial intelligence (AI) in the industrial sector is anticipated to bode well for the global industry 4.0 market in the years to come. In addition, increased spending by government on 3D printing and additive manufacturing, as well as expanding demand for industrial robots in the medical device production and pharmaceutical sectors, are projected to drive demand. The manufacturing industry is increasingly adopting blockchain technology, which is also expected to drive growth of the market in the near future.
The adoption of IoT and AI technologies in the manufacturing has accelerated since the advent of Industry 4.0. Integrated AI and IoT system enables the optimization of industrial processes, quality control, the prediction of equipment failure in machines, and the sending of early alarms. Manufacturers may differentiate themselves from their competitors by acquiring accurate data and developing new AI applications. In addition to that, the burgeoning use of IoT and AI in medical wearables is projected to propel the industry 4.0 market forward.
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Demand for Lowering of Operational Cost and Reducing Human Errors to Spell Growth for the Market
The outbreak of Covid-19 epidemic is likely to accelerate the uptake of Industry 4.0 and enhance pandemic preparedness in the future. This is because, in the event of a pandemic, technology such as robotics and automation can help reduce human dependency whilst also allowing the human workforce to protect itself from these hazards. It also boosts productivity, thereby preventing plant shutdowns during a crisis.
With the introduction of Industry 4.0 in the manufacturing industry, many industrial facilities are adopting digital technology to modernize, automate, and improve the whole process, therefore increasing the plants’ performance indicators. Businesses must swiftly adapt their goods and services to the virtual environment due to the gradual rise in the number of linked devices. Besides, with the massive expansion in the volume of information from field devices and the dynamic technological landscape, the global industry 4.0 market is likely to gain rapid prominence. Industrial robots lower error margins to near-zero levels, automate repetitive operations, and free up human employees to concentrate on more productive aspects of the process. These factors are likely to work in favor of the global Industry 4.0 Market in the near future.