New York, May 30, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the Industry 4.0 Market size is projected to surpass around USD 482 Billion by 2032 from USD 77 Billion in 2022. it is poised to reach a CAGR of 20.7% from 2023 to 2032.
Industry 4.0 is also called the fourth industrial revolution. It denotes the constant digital transformation and automation of the manufacturing industry. It includes the implementation of advanced technologies such as machine learning, cloud computing, the Internet of Things, and AI into the production process to create a more flexible, efficient, and connected manufacturing environment.
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Key Takeaway:
- By Technology, the Industrial IoT segment generated a revenue share of 39% in 2022.
- By Industrial Verticals, the manufacturing segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Europe was estimated to have a significant share of 25% during the forecast period.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
The chief driving factors of the global industry 4.0 market was the growing adoption of automated tools as well as equipment on the warehouse, factory floors, & manufacturing, as the development of digital technologies such as ML, cloud services, IoT, AI & others, and the rising investment towards additive manufacturing. All these factors were expected to increase the market demand. Also, the growing use of the industrial internet was projected to be the major key factor that will likely drive the market growth during the forecast period.
Factors affecting the growth of the Industry 4.0 market
There are several factors that can affect the growth of the global Industry 4.0 market. Some of these factors include:
- Advancements in technology: The advancements in technology, such as cloud computing, the Internet of Things, and big data analytics, have provided the foundation for Industry 4.0.
- Increasing Demand for Data Transparency and Insights: Industry 4.0 technologies allow companies to interpret, collect, and analyze real-time data and provide insights to help them make informed decisions.
- Increased Focus on Sustainability: The need for more sustainable manufacturing processes was increasing with the increasing concerns about the impact of manufacturing on the environment.
- Increasing Need for Customization: Businesses are adopting Industry 4.0 technologies that help them produce customized products at scale because consumers expect highly personalized products and services.
- Need for Operational Efficiency: Industry 4.0 allows companies to improve productivity and efficiency and reduce cost by optimizing resource utilization, streamlining processes, and reducing waste.
Top Trends in Global Industry 4.0 Market
Digital twins have gained much attention as the Internet of Things has become popular in recent years. The digital twin is a virtual model and follows a physical entity lifecycle. This technology has allowed the automakers & OEM manufacturers to remotely track and manage the services & equipment by giving near real-time insights into the digital as well as physical worlds. In addition, the digital twin technology provides an unparalleled insight into production & assets.
Market Growth
It was estimated that the market growth would increase due to the rise in the use of automation for high-quality production during the forecast period. Moreover, cutting the cost of production, increasing the use of digital technology around the industry, rising acceptance of automation for quality manufacturing, and increasing focus on efficiency are the other factors that enhance the growth of the market.
Regional Analysis
North America held the majority of the revenue share of 42% of the overall market, and during the forecast period, the region's dominance was likely to continue. Numerous factories operating in the market were equipped with smart factory technologies and new machinery. This will result in the transition of other businesses from conventional manufacturing methods to smart manufacturing. Government initiatives, increasing funding for R&D activities, and prominent players in the market are a few factors responsible for the growth of the market during the forecast period.
During the forecast period, Europe was projected to have the fastest CAGR. The European industry was investing considerably in skills and technologies to maintain its position in the global market. Additionally, the Asia-Pacific region was anticipated to have significant growth during the forecast period.
Competitive Landscape
A few of the prominent players in the market that enhance the market growth are Cisco Systems Inc., Oracle Corporations, and others. Similarly, they are presently deploying advanced solutions integrated with 3D printing and digital twins. Furthermore, the high competition among the market players forces them to focus on the acquisition strategy to strengthen their positions in the market.
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Market Key Players
- Robert Bosch GmbH
- ABB Ltd
- Honeywell International Inc.
- Schneider Electric SE
- General Electric Company
- Cisco Systems Inc.
- Emerson Electric Co
- Siemens AG
- Rockwell Automation, Inc
- Cognex Corporation
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 77 Billion |
| Market Size in 2032 | USD 482 Billion |
| CAGR (2023 to 2032) | 20.7% |
| North America Revenue Share | 42% |
| Europe Revenue Share | 25% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
Market Drivers
The robots have been developed from being excessively costly machines with minimal capabilities to being low-cost machines over the few years. Thus, it was capable of performing a wide range of tasks. However, industrial robots are extensively used by people globally. Industrial robots are gradually being used in manufacturing hubs, as per the newest robotics trends in the industry, and thus this results in rapid development, evolution, and advancements.
Market Restraints
Although the adoption and integration of industry solutions have many benefits, they also have several risks that may hinder business developments during the forecast period. The data and security challenges linked to the integration of advanced technologies were projected to hinder market growth during the forecast period.
Market Opportunities
The rising deployment of robots in manufacturing units worldwide increases demand for cloud robotics. Cloud robotics aims to place the system intelligence in the cloud and, after that, integrate it with the robots deployed in the factory. The numerous uses of cloud robotics around the manufacturing sector have resulted in the requirement for a high-performance network like 5G.
Thus this provides lower latency and high bandwidth than Wi-Fi. Moreover, the 5G supports tasks that can trust on massive datasets and video in real-time. Moreover, it provides smooth incorporation of robots with the cloud network installed in the factory; hence, this was increasingly preferred in robotics.
Report Segmentation of the Industry 4.0 Market
Technology Insight
The industrial IoT segment accounted for the largest share of 39% of the market. IoT technology's several benefits have inspired several industrial equipment manufacturers to adopt IoT. Thus, manufacturers are able to know the current state of machines and surge their performance while understanding the potential failure during the maintenance programs planning by connecting industrial equipment using wireless connectivity and collecting sensor data from the same.
Also, industrial automation delivers an extensive range of technologies that will help in reducing human intervention. Moreover, it helps with quality as well as the flexibility of manufacturing processes.
Industrial Verticals Insight
The manufacturing segment is estimated to hold the largest market share of the market. The transportation, chemical, and automotive segment is projected to develop quickly as most of the verticals are implementing Industry 4.0. During the forecast period, the adoption of smart robots as well as machines in the manufacturing sector results in an increasing trend.
Furthermore, investments in R&D are underway to design an integrated system in which humans and robots work together on a complex task with the help of sensor-connected human-machine interfaces.
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Market Segmentation
By Technology
- Industrial IoT
- 3D Printing
- Blockchain
- Industrial Robotics
- Other Technologies
By Industrial Verticals
- Manufacturing
- Automotive
- Energy & Utilities
- Oil and Gas
- Aerospace and Defense
- Other Industrial Verticals
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
To Get Additional Highlights On Major Revenue-Generating Segments, Request an Industry 4.0 Market Sample Report At: https://market.us/report/industry-4-0-market/request-sample/
Recent Development of the Industry 4.0 Market
- In June 2022- HCL Technologies launched Industry NeXT. It is a transformative architecture that will support the clients in digitally reinventing their enterprises. The NeXt platform is assembled on the framework of industry 4.0, which assists organizations across the globe to organize, plan, and readily transition into a cooperative environment, and this was possible by allowing resilient processes, linked interactions, and the delivery of digital and physical commodities & services enhanced by the advanced digital solutions.
- In February 2021- ABB Ltd. introduced GoFa to support the workers. Additionally, this launch will further support the increasing demand for the robots because they are capable of handling heavier payloads to increase productivity and flexibility.
Explore More Related Studies Published by Market.us Research:
- Enterprise IoT Market size is expected to be worth around USD 1819.2 Mn by 2032 at a CAGR of 13.5% For forecast from 2022 to 2032.
- Cloud Security Market size was USD 20.5 Bn in 2022 and is expected to reach USD 148.3 Bn by 2032 at a CAGR of 22.5%
- Warehouse Robotics Market was valued at USD 5.5 billion and expected to grow around USD 19.2 billion by 2032, at a CAGR of 13.3% during the forecast period of 2023 to 2032.
- 3D Printing in Education Market is expected to grow at a CAGR 10% and will reach at USD 657 Mn in 2033, from USD 278.6 Mn in 2022
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