Global Industry 4.0 Market Will Reach USD 155.30 Billion By 2024: Zion Market Research

According to the report, global industry 4.0 market was valued at around USD 66.10 billion in 2017 and is expected to reach approximately USD 155.30 billion by 2024, growing at a CAGR of slightly above 14.9% between 2018 and 2024.

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New York, NY, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industry 4.0 Market by Technology (Industrial Robotics, Cybersecurity, Internet of Things (IoT), 3D Printing, Advanced Human-Machine Interface (HMI), Big Data, Augmented Reality & Virtual Reality, and Artificial Intelligence) and by Vertical (Automotive, Electrical & Electronics Equipment, Industrial Equipment, Aerospace, Chemical & Materials, Food & Agriculture, Oil & Gas, Energy & Power, Healthcare, and Other Verticals): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global industry 4.0 market was valued at around USD 66.10 billion in 2017 and is expected to reach approximately USD 155.30 billion by 2024, growing at a CAGR of slightly above 14.9% between 2018 and 2024.

Industry 4.0 is an integrated system which consists of an automation tool, robotic control, and big data analytics. Industry 4.0 holds a lot of potentials and is expected to register a substantial growth in the near future. The industry 4.0 is not only about technology but also about companies that gather appropriate data and integrate it with digital services for utilizing it for their own benefit. The industry 4.0 also consists of a physical cyber system, cloud computing, and the internet of things. 

Browse through 29 Tables & 33 Figures spread over 110 Pages and in-depth TOC on “Global Industry 4.0 Market Size, Growth, and Trends 2017 Report: Industry Research, Analysis, and Forecast, 2024”.

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Increasing adoption of the internet in different industrial applications is one of the major factors that are driving the growth of the market. For every enterprise, industry 4.0 is the heart of digital transformation. The goal is to create value for the insight that is generated through connected assets. Various key players are advocating IoT and industry 4.0 concepts in order to create smarter factories. For instance, sensors are at the forefront of the supply chain market as they improve the tasks and mode of tracking which is the part of industry 4.0 developments. Various companies are now adopting the industry 4.0 in order to improve the production efficiency and quality of the product. For instance, Nokia has applied a concept of supply network chain in its factories; this was done in order to leverage digitalization across its supply chain. This adoption has resulted in the higher growth of the company over the past five years and is expected to boost the growth of the company. Such an initiative taken by the key players is boosting the growth of the market. A major restraining factor for the global industry 4.0 market is lack of cost-benefit analysis. However, increased focus on efficiency and cost of production leading to digitalization is likely to provide various opportunities for the key players operating in the global industry 4.0 market.

The global industry 4.0 market is fragmented based on technology, vertical, and region. In terms of technology, the market is segmented into big data, robotics, cybersecurity, internet of things (IoT), advanced human-machine interface (HMI), 3D printing, augmented reality & virtual reality, and artificial intelligence. Based on vertical, the market is segmented into industrial equipment, oil & gas, healthcare, automotive, electrical & electronics equipment, aerospace, chemical & materials, food & agriculture, energy & power, and others. 

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Industrial equipment segment led the market of the global industry 4.0 market in 2017 and is anticipated to maintain this trend over the next few years. Increase in demand for value-based products around the globe is predicted to drive the industry 4.0 market during the years to come.

Some of the major players operating in the global industry 4.0 market are International Business Machines Corporation, ABB Inc., Intel Corporation, Stratasys Ltd., Alphabet, Inc., General Electric Company, Mitsubishi Electric Corp., Microsoft Corporation, Hewlett Packard Enterprise Company, Cisco Systems, and others.

The geographical segmentation of the industry 4.0 market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America industry 4.0 market is projected to witness major growth over the coming years. The reason behind this highest market growth in the region is the development and adoption of various technological advancements. The demand for IoT and cloud-based computing is likely to drive the market growth in this region. Moreover, various key players in the market are also making myriad developments and are expected to contribute significantly towards the market growth in the coming few years.  

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Asia Pacific industry 4.0 market is likely to witness a substantial growth over the forthcoming years due to massive industrialization witnessed across the region. The urbanization has also led to an increase in demand for various end-products in the region. The industry 4.0 has played a major role in providing materials according to varying need of customers. Regions such as China, India, and Japan are witnessing the industrial revolution and various new key players are emerging in the market that has augmented the growth of the market.

Europe is likely to witness a sluggish growth in the industry 4.0 market during the forecast period. In 2017, industrial equipment was the leading end-user segment in Europe. Moreover, as the region has been observing huge technological advancements in various sectors, it has helped in increasing the utilization rate of industry 4.0 in the region. Various new policies have also been introduced by the government of the region for promoting the growth of the market in the near future.  

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The Middle East and Africa industry 4.0 market is expected to witness a slow growth rate within the forecast period. Nevertheless, various key players are emerging in the market and are likely to increase the growth of the market by the end of the year 2024. These major players are expected to make various developments in the region supported by various policies introduced by the government for the growth of the market.

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The report segments the global industry 4.0 market as follows:

Industry 4.0 Market: Technology Analysis

  • Industrial Robotics 
  • Cybersecurity 
  • Internet of Things (IoT) 
  • 3D Printing 
  • Advanced Human–Machine Interface (HMI) 
  • Big Data 
  • Augmented Reality & Virtual Reality 
  • Artificial Intelligence 

Industry 4.0 Market:  Vertical Analysis

  • Automotive 
  • Electrical & Electronics Equipment 
  • Industrial Equipment 
  • Aerospace 
  • Chemical & Materials 
  • Food & Agriculture 
  • Oil & Gas 
  • Energy & Power 
  • Healthcare 
  • Others 

Industry 4.0 Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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