Manufacturing is increasingly software driven, blurring the lines between the physical world of machines and the cyber world of data and disrupting traditional manufacturing paradigms.
“While previous industrial revolutions have been around a new source of energy, the Fourth Industrial Revolution is going to be about fundamental shifts in business models,” says Fred Rio, worldwide product manager at Caterpillar’s Construction, Digital, and Technology division.1
These paradigm shifts are due to the digital transformation of the industrial sector. After years of digital transformation associated with IT — focusing mostly on information flow in the digital ether — the focus has now turned to IoT. McKinsey’s Digital Manufacturing Global Expert survey reveals that most manufacturing companies (68%) consider Industry 4.0 manufacturing initiatives to be their top priority.2 The global industrial automation market is expected to reach US$326.14 billion by 2027 after a decade of CAGR at 8.9%, according to Fortune Business Insights.3
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August 18, 2021 at 07:13PM
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Unlocking the Business Value of Industry 4.0 | Wind River - WIND
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