IDTechEx defines Industry 4.0 as digitization of the manufacturing sector, with embedded sensors in virtually all product components and manufacturing equipment, ubiquitous cyber-physical systems, and analysis of all relevant data. The value creation potential of manufacturers and suppliers implementing industry 4.0 in their operations is at USD 3.7 trillion in 2025 according to the World Economic Forum.
This article describes Industry 4.0 as a journey industrial companies are taking towards a complete value chain transformation. It covers the design principles, key enabling technologies, framework and a roadmap for successful transition. It also provides case studies from first movers who are reaping the benefits by automating high impact processes.
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