The fourth industrial revolution (Industry 4.0) refers to a combination of several important innovations in digital technology that are expected to transform the manufacturing sector. The Industry 4.0 concept encompasses the digitalization of the horizontal and vertical value chain, innovations in products and services, and the creation of new business models. The key business drivers for this transformation include the need to improve customer experience, increase manufacturing speed to market, and reduce operational costs. Industry 4.0 focuses on the end-to-end digitalization of all physical assets and their integration with digital ecosystems of value chain partners. The industry 4.0 market is projected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by 2026.

https://www.marketsandmarkets.com/ResearchInsight/industry-4-market.asp

Major Industry 4.0 companies include:

General Electric (US),
Siemens (Germany),
Honeywell International (US),
ABB (Switzerland),
Emerson Electric (US) are the key players in the industry 4.0 market.

General Electric (US)

General Electric (GE) is a technology and financial services company involved in the development and manufacture of products used in the generation, transmission, distribution, control, and utilization of electricity. The company is a pioneer in the development of digital twin, 3D printing, IoT and AI solutions. In June 2020, GE Digital launched the latest version of its Asset Performance Management (APM) software suite to allow companies in the asset and process-intensive industries, such as oil & gas, chemical, and power, to bring together data from all equipment across the plant and quantify risk reduction.

Siemens (Germany)

Siemens is a global technology provider with core activities in the fields of electrification, automation, and digitalization. A global pioneer in the field of digital technology, the company offers state-of-the-art digital twin software and solutions. In July 2020, Siemens launched the Simatic Real-time Locating Systems (RTLS) plus SieTrace software that offers real-time location information, which customers can use to control their manufacturing processes during the COVID-19 crisis and design their operating procedures accordingly. In the event of an employee contracting COVID-19, the solution will enable companies to quickly and efficiently control how employees interact with one another, with the production line, and with the plant setup.