Pune, India, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global industry 4.0 market is valued USD 64.32 Billion in 2021 and it is projected value USD 317.61 Billion in 2030 exhibiting a CAGR of 19.4% during the forecast period. Industry 4.0 is known to be the fourth industrial revolution that mainly concentrates on automation, interconnectivity, real-time data, and machine learning. It is also known as the smart production, which includes Internet of Things (IoT) coupled with the smart digital technology. Industry 4.0 solutions give businesses the ability to predict and forecast the potential problems that could arise with the current operations.
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Several businesses from different industries can face a mutual challenge to access real-time insights across partners, processes, products, and people. Hence, industry 4.0 solutions use machine learning and big data to build a more holistic and better-connected ecosystem for businesses that center manufacturing.
The surging demand for industrial robots in the medical and pharmaceutical device manufacturing segment is likely to boost the market during the forecast period. Additionally, the surging demand of IoT, Artificial Intelligence (AI) in the manufacturing segment and surging government investments in additive manufacturing and 3D printing are expected to drive the demand for the industry 4.0 market.
On the other hand, high prices associated with industrial robots, and lack of skilled workforce is anticipated to restrict the market growth during the forecast period.
Global Industry 4.0 Market, by Technology
Based on the technology, the industry 4.0 market is segmented into IoT platforms, cloud computing, location detection technology, augmented reality, advanced human-machine interfaces, smart sensors, big data analytics, and others. The cloud computing segment holds the largest market in 2021 and is anticipated to remain the largest in the forecast period. The factors attributed to the growth of the segment include cloud computing’s ability to work remotely through configured devices and enabling stakeholders to make contributions in real-time. This leads to increased effectiveness in the development and management of cloud computing for various factors such as delivering, receiving, and incorporating feedback, which is anticipated to boost the segment’s growth.
Global Industry 4.0 Market, by Application
Based on application, the industry 4.0 market is segmented into industrial automation, smart factory, and industrial internet of things (IIoT). The industrial internet of things (IIoT) segment holds the largest market in 2021 and it is anticipated to remain the largest market during the forecast period. The factors attributed to the growth of the market include possible advantages offered by IIoT technology such as several industrial equipment manufacturers opting to adopt IoT. Additionally, the IIoT industry allows the implementation of various engineering methods, and it also enables dynamic business to end process, and make changes to convey and manufacture, and to respond flexibly.
Global Industry 4.0 Market, by End User
Based on end user, the industry 4.0 market is segmented into industrial manufacturing, oil & gas, construction, aerospace & defense, electronics, automotive, transportation, chemical, and others. The automotive segment holds the largest segment in 2021 and it is anticipated to remain the largest segment during the forecast period. The growth is attributed to the deployment of machines and smart robots in the automotive sector. In addition, capitalization in automotive research and development is taking place to enhance the automotive sector, which will propel market growth during the forecast period.
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Global Industry 4.0 Market, by Region
Based on region, the industry 4.0 market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific holds the largest market in 2021 and is anticipated to remain the largest during the forecast period. The factors attributed to the growth of the market include an upsurge in the acceptance of robotics in countries such as Japan, China, and South Korea is among the key factors leading to the development of the Industry 4.0 market. In addition, low manufacturing cost in the Asia Pacific allows manufacturers to set up manufacturing services in this region.
Some Recent Developments in the Global Industry 4.0 Market:
- Oct 2020 - Intel Federal LLC declared a contract, which will last for three years with Sandia National Laboratories (Sandia). With this deal, Sandia aims to discover the value of neuromorphic computing for scaled-up computational difficulties.
- February 2020: Tech Mahindra and Honeywell work in partnership to develop ‘Industries of the Future.’ Together, the companies are keen to capitalize on software, 5G, Industry 4.0, and digital transformation abilities.
- March 2019: Ericsson announced a novel connectivity solution termed Ericsson Industry Connect. The new solution is aimed at securing Industry 4.0 needs, and offering reliable wireless connectivity.
COVID-19 Impact on Global Industry 4.0 Market
The COVID-19 pandemic has boosted digitalization in an extensive range of industries. However, most of the companies stopped their manufacturing unit on account of supply chain disturbances. In these times, Industry 4.0 has offered several opportunities for key companies to create and adopt solutions for boosting digital transformation. Industry 4.0 is anticipated to assist organizations to run their businesses efficiently with IoT and other similar technologies.
Some Major Findings of the Global Industry 4.0 Market Include:
- Profiles of major market players operating in the global industry 4.0 market, which include BOSCH REXROTH AG, MASCHINENFABRIK REINHAUSEN GMBH, SAS, SIEMENS AG, WITTENSTEIN AG, GENERAL ELECTRIC COMPANY, DAIMLER AG, KLÖCKNER & CO. SE, TRUMPF GMBH, and FESTO AG & CO. KG.
- Impact of COVID-19 on the global industry 4.0 market.
For more information on this topic please visit our website report titled, “Industry 4.0 Market, by Technology (IoT Platforms, Cloud Computing, Augmented Reality, Advanced Human Machine Interfaces, Location Detection Technology, Smart Sensors, Big Data Analytics, and Others), By Application (Smart Factory, Industrial Automation, and Industrial Internet of Things (IIoT)), By End User (Oil & Gas, Industrial Manufacturing, Construction, Electronics, Aerospace & Defense, Automotive, Chemical, Transportation, and Others), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)” in-depth analysis along with the table of contents (ToC).
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