Hyderabad, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Industry 4.0 Market Report (2023-2028)," the market is estimated at USD 94.42 billion in 2023. It is expected to register a CAGR of 20.67% during the forecast period.
The advent of Industry 4.0 is a result of digital transformation in the manufacturing industry. It addresses multiple global issues within the industry. It helps in modernizing and automating the supply chains of manufacturing companies all around the world.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 94.42 billion |
| Market Size (2028) | USD 241.58 billion |
| CAGR (2023-2028) | 20.67% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing collaborations among global companies. |
| Incorporation and adoption of Industrial technologies. |
Who are the Top Companies in the Industry 4.0 Market?
The Industry 4.0 market is highly fragmented in nature. The market consists of players who are adopting strategies like investments, partnerships, and acquisitions to develop their product offerings and gain a competitive advantage.
Significant players in the Industry 4.0 market are,
- ABB Ltd
- Siemens AG
- Schneider Electric
- Swisslog Holding AG (Kuka AG)
- Rockwell Automation Inc.
- Cognex Corporation
- Honeywell International Inc.
- Robert Bosch GmbH
- Johnson Controls International PLC
- Emerson Electric Company
- General Electric Company
- Cisco Systems Inc.
- Intel Corporation
- Fanuc Corporation
- Denso Corporation
Other Reports That Might Be of Your Interest:
- Asia-Pacific Robotic Process Automation Market Report - The Asia-Pacific robotic process automation market is expected to register a CAGR of 34.80% during the forecast period (2023-2028).
- Robotic Process Automation Market Report - The robotic process automation market size is estimated at USD 3.10 billion in 2023. It is expected to reach USD 11.37 billion by 2028, registering a CAGR of 29.70% during the forecast period (2023-2028).
Key Highlights from the Industry 4.0 Market Report:
IIoT Technology Segment to Drive the Market
- IoT is driving the industrial revolution of intelligent connectivity since traditional manufacturing is undergoing digital transformation. This is changing how companies handle sophisticated systems they use to increase productivity and reduce downtime.
- The rapid usage of IoT devices in companies is expected to enhance digital transformation in various industries.
Asia-Pacific to Hold Significant Market Growth
- Asia-Pacific is developing plans and laws to upgrade the local industries for Industry 4.0. The region is automating quicker than any other nation in the world to upgrade its processes and maintain its cost advantage in international trade.
- Manufacturers in the region are looking for alternative production sites close to the region to develop consumer markets.
What are the Latest Developments in the Industry 4.0 Market?
- In June 2023, GE Healthcare introduced Sonic DL, an FDA-approved, advanced AI deep learning technology, for faster MRI procedures.
- In January 2023, Creatz3D launched a lightweight satellite launch container to cut the satellite holder’s costs and lead time.
Mordor Intelligence has Segmented the Industry 4.0 Market Based on Technology Type, End-User Industry, and Geography:
- By Technology Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Industrial Robotics
- IIoT
- AI and ML
- Blockchain
- Extended Reality
- Digital Twin
- 3D Printing
- Other Technology Types
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Manufacturing
- Automotive
- Oil and Gas
- Energy and Utilities
- Electronics and Foundry
- Food and Beverage
- Aerospace and Defense
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Industry 4.0 Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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