Westford USA, June 13, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, many businesses are investing in cutting-edge technologies to increase production efficiency and lower costs by reducing manufacturing downtime. These technologies include human-machine interaction, analytics and intelligence, advanced engineering, connectivity, data and processing capacity. With the use of these technologies, businesses are now able to anticipate and identify potential issues before they arise. According to routine or availability, preventive maintenance is traditionally performed manually. Systems can foresee potential problems or determine whether equipment needs to be repaired, enabling businesses to address potential issues before they grow into significant problems. The market for Industry 4.0 will grow due to all of these factors in the years to come.
Browse in-depth TOC on "Industry 4.0 Market"
- Pages - 242
- Tables - 67
- Figures – 79
Industry 4.0 helps businesses run and optimize their supply networks and manufacturing operations. Machine monitoring programmes, preventive maintenance strategies and other advancements in operational technology can help businesses cut costs associated with supplying high-quality parts while minimizing downtime and boosting throughput. Manufacturing companies have seen isolated data from many levels of the organization, including machine level, plant level and corporate. When properly executed, a combined operation makes numerous data sources more convenient and offers a simple approach to using that data for sound decision-making. Any manufacturer must also be able to react quickly to shifting consumer demands, the newest product trends, skill gaps and other erratic challenges.
Prominent Players in Industry 4.0 Market
- General Electric
- Siemens
- Honeywell International
- ABB
- Emerson Electric
- 3D Systems
- Advantech
- Basler
- Cisco Systems
- Cognex Corporation
- Daifuku
- IBM
- Intel
- John Bean Technologies Corporation
- Nvidia
- Stratasys
- Techman Robot
- Universal Robots
- Addverb Technologies
- AlBrain
- Algolux
- Beckhoff Automation
- BigchainDB GmbH
- LogiLube
- Pratiti Technologies
- Sculpteo
- Sigfox
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IoT Segment is Anticipated to Grow Due to Increasing Productivity and Standard of Industrial Procedures
IoT segment in the Industrial IoT (also known as Industrial IoT) blends advancements from two disruptive revolutions. Several manufacturers of industrial equipment have embraced loT technology because of its potential advantages. Manufacturers can assess the current condition of their products, enhance their performance and foresee any issues while planning maintenance programmes by utilizing wireless connectivity to link industrial equipment and gathering sensor data from the same. A wide range of technologies are available in industrial automation that help to minimize the need for human interaction. Additionally, it enhances the productivity and standard of industrial procedures. Each customer's wants may be profitably satisfied in smart factories. The flexible responses to interruptions and failures that can be sent in place of suppliers are made possible by the dynamic business and engineering processes in 14.0.
North America is dominating the market. Nowadays, most factories are equipped with cutting-edge equipment and smart manufacturing technology, enabling other businesses to switch from conventional production processes to smart manufacturing. Major market players, government initiatives and increased funding for R&D activities are all significant factors that make North America a dynamic region for market growth.
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Manufacturing Segment is Dominating the Market Due to Rising Growth and Innovation
The global market is anticipated to be dominated by manufacturing segment during the forecast period. The industries with the best prospects for adopting 14.0 are predicted to be the automotive, transportation and chemical ones. The use of intelligent robots and machines in manufacturing has grown over the past several years. As a result, funds are being invested in research and development to build an integrated system that will allow humans and robots to work together on challenging tasks using sensor-connected human-machine interfaces.
Asia Pacific is expected to grow the market growth due to their substantial efforts to implement industrial automation and incorporate disruptive technologies into their manufacturing system value chain. The top 10 industries, such as semiconductors, advanced robotics, electric vehicles and artificial intelligence are included in the strategy. This government-led industrial programme aims to position China as the world leader in high-tech manufacturing. It was inspired by the German government's 14.0 development strategy. Japan developed the Society 5.0 initiatives to address its industrial, social, and economic problems.
A comprehensive analysis of the major players in the Industry 4.0 market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Industry 4.0 Market
- IBM acquired Sentaca, a renowned telco consulting services and solutions supplier in 2022. By offering crucial knowledge to support Communication Service Providers (CSPs) and media conglomerates in modernizing numerous cloud platforms, innovating and transforming their operations, this acquisition aids IBM in growing its hybrid cloud consulting business.
- Siemens and IBM agreed to form a joint venture in 2021 to offer cloud services based on RedHat's Openshift and broaden the deployment options for Siemens' MindSphere industrial IoT as a service. As a result, customers have the option of deploying MindSphere on-premises to speed up and improve the efficiency of factory and plant operations and through the cloud for seamless product support, upgrades and corporate connection.
Key Questions Answered in Industry 4.0 Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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