From mechanization, it is astonishing to realize how far we have come as a society. The modern-day factories and manufacturing units are nothing less than revolutionary as some of the most advanced systems and equipment operate here – autonomously.
Yes, they did so earlier as well but this, they call it Industry 4.0 – where physical and metaphysical realms come together. Humans have taught machines how to think, act and respond to significant levels and moved on to take up niche responsibilities across hierarchies. The results are staff-less retail stores, smart factories, RPAs (Robotic Process Automation), Artificial Intelligence (AI) systems, data analytics modules, blockchain-powered smart contracts and more.
From being a long-term goal, implementing Industry 4.0 elements has become a priority for most enterprises and organizations currently. The onset of a global pandemic rewrote conventional strategies and shuffled Industry 4.0 to top of the list. That’s why the market size of Industry 4.0 has been anticipated to increase from a mere $101.69bn in the year 2020 to $337.10bn by the year 2028.
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