“From the advent of the steam engine to the history-altering discovery of electricity, mass production, and computer and automation, the manufacturing sector has been gathering the foundational blocks for a seismic shift. Whether you call it “Industry 4.0”, “IIoT”, or the “digital factory”, the fourth industrial revolution is here, alive and well. So well, that industrial companies globally plan to invest over US$900 billion to double their level of digitization.
What does “digitization” entail? McKinsey credits big data and connectivity, advanced analytics and AI, human-machine interactions, and digital-to-physical transfer with being the strongest forces driving the revolution — all together, paving the way for the ultimate ideal: fully automated “smart” factories. Factories that, globally, are expected to deliver an additional $500 billion to $1.5 trillion to the economy by 2022.”
An excerpt from an article by Tannya Cai. Continue reading here.