Industry 4.0 and AI Best Practices - Connected World

Here's an attention-grabbing idea: Deploying cellular-enabled Industry 4.0 solutions can generate a 10-20x operational cost-savings ROI (return on investment) over the course of five years. This is according to a joint research study from ABI Research and Ericsson. The research also suggests Industry 4.0 solutions can generate up to 8.5% in operational cost savings, which, for a factory or industrial site, can equate to an operational cost savings of up to $600 per square meter per year. Industry 4.0, also known as the fourth industrial revolution, is the idea that connectivity, automation technologies, and digitization are creating the fourth major revolution in the business of manufacturing. Thanks to trends like leveraging the IoT (Internet of Things), including wireless networking and sensors to collect machine data and enable predictive maintenance, as well as 3D printing, robots and cobots on the factory floor, machine learning and AI (artificial intelligence), 5G, and digital twins, among other trends, the Industry 4.0 market is projected by MarketsandMarkets to reach almost $157 billion by 2024. A big part of Industry 4.0 is the use of AI technologies to enable smarter machines that can take on tasks like self-monitoring and diagnosis autonomously.