Intelligent Data Analytics in Business by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9789819953585
Publisher: Springer Nature Singapore

5 Automation Using Industry 4.0 and IoT for the Manufacturing Division

Since the beginning of the twenty-first century, numerous industrial enterprises have shown an interest in implementing Industry 4.0. However, in the aftermath of the Covid-19 epidemic, industrial businesses realized the critical need to use automated technology to control their production rates (Fig. 2).

Fig. 2 Growth of smart factories

The statistic indicates that the market for intelligent factories has been growing fast since 2019, after the Covid-19 epidemic. The market focusing on efficient and smart factories in 2019 was worth around 153.7 billion and is predicted to reach 244.8 billion by 2024. Small and medium enterprises (SMEs) in many nations are also interested in using IoT-based technology and intelligent devices to help them meet their production objectives [24]. However, SMEs confront a variety of problems while implementing the 4.0 technology. The most typical barrier to SMEs are the adoption of modern technology, which is a shortage due to less technical skills and a lack of resources and funding to apply such automated systems. As a result, SMEs are missing out on the full advantages of Industry 4.0 deployment. On the other hand, many small businesses are unfamiliar with Industry 4.0. [20]. As a result of these factors, Industry 4.0 adoption has accelerated among global manufacturing industry leaders. Nonetheless, its popularity is lower in the world's SME sectors.

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