Today, almost all (94%) UK manufacturers surveyed currently use at least one Industry 4.0 technology. Cloud-based technologies (50%) and sensors (54%) are most prevalent, while technologies like robotics (32%) and artificial intelligence (32%) are not yet as commonplace. Over half (54%) of those surveyed said increased equipment productivity is the major benefit they expect from these technologies. Despite this, the industry in general remains cautious with 56% feeling that technology is changing too rapidly, and 66% unwilling to invest in new equipment while current equipment is still operational.
There are also concerns about the implications on Total Cost of Ownership (TCO). Around half of companies expect TCO to increase as a result of introducing new technologies, primarily because of the higher up-front investment and because they expect maintenance costs to rise.