Industry 4.0 is projected to add $2.2 trillion to domestic GDP by 2025. The estimated maximum value of the operational transformation brought by Industry 4.0 to the global manufacturing industry is $3.7 trillion dollars per year. To remain competitive, manufacturers need to be able to rapidly adapt to changing markets, which requires having a well-prepared workforce. It has been reported that 27% of manufacturers are not able to expand their production due to lack of a properly skilled workforce. This challenge is exacerbated by a declining, experienced baby-boomer workforce, with an estimated 10,000 boomers retiring each day through 2029.
This paper reports findings from an industry survey and from a series of workshop discussions with industry professionals, academic researchers, and OEM manufacturers. The goals of the workshop were to discuss success stories, challenges, and opportunities related to workforce development and the implementation of Industry 4.0 within manufacturing enterprise settings.
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