Industry 4.0 Market

Market Synopsis:

The Global Industry 4.0 Market is valued at USD 86.1 Billion in the year 2021 and is projected to reach a value of USD 254.5 Billion by the year 2028. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 19.8% over the forecast period.

Industry 4.0 is the fourth industrial revolution, and it is powered by data and machine learning. Industry 4.0 provides the most up-to-date production technologies, as well as automation and data sharing platforms. It also allows manufacturers to improve their operations in a cost-effective and timely manner. Sensors, robotics control, product design, and logistics are just a few of the uses of Industry 4.0. The Global Industry 4.0 Market is predicted to grow rapidly in the coming years, because to increased demand for industrial automation, increased usage of robot technology, and more government spending on digitalization. However, constraints such as the large initial investment required and a scarcity of skilled labor are projected to limit the market's expansion.

Rapid adoption of Artificial Intelligence (AI) and the Internet of Things (IoT) in the manufacturing sector, rising demand for industrial robots in the pharmaceutical and medical device manufacturing sectors, rising government investments in 3D printing and additive manufacturing, and growing adoption of block chain technology in the manufacturing sector are all driving the Industry 4.0 Market forward. Furthermore, the increasing use of AI and IoT in medical wearables is likely to propel the Industry 4.0 Market forward.

Market Segmentation:

The Industry 4.0 Market is segmented on the basis of Component, Technology, Enterprise Size and Industry. On the basis of Component, the market is segmented into Solutions and Services. On the basis of Technology, the market is segmented into 3D Printing, Advanced Robotics, AR/VR Systems, Internet of Things (IoT), Artificial Intelligence and Others (Cyber Security, Big Data, and Predictive Maintenance). On the basis of Enterprise Size, the market is segmented into Small & Medium Enterprises and Large Enterprises. On the basis of Industry, the market is segmented into Manufacturing, Energy & Utilities, Automotive, Oil & Gas, Aerospace & Defense, Electronics & Consumer Goods, Food & Beverage and Others.

Based on Technology:

On the basis of Technology, the market is segmented into 3D Printing, Advanced Robotics, AR/VR Systems, Internet of Things (IoT), Artificial Intelligence and Others (Cyber Security, Big Data, and Predictive Maintenance). Industrial automation encompasses a wide range of technologies that aid in the reduction of human intervention. It also improves the flexibility and quality of manufacturing processes. The Internet of Things (IoT) in the industrial sector (Industrial IoT) combines advancements from two transformative revolutions. The potential benefits of IoT technology have prompted several manufacturers of industrial equipment to adopt it. Manufacturers can estimate the current state of machines, improve their performance, and recognize potential failures while planning maintenance programmes by connecting industrial equipment via wireless connectivity and collecting sensor data from the same.

Based on Industry:

On the basis of Industry, the market is segmented into Manufacturing, Energy & Utilities, Automotive, Oil & Gas, Aerospace & Defense, Electronics & Consumer Goods, Food & Beverage and Others. During the projected period, the manufacturing segment is expected to dominate the global market. Automotive, transportation, and chemical industries are expected to be the most potential verticals for i4.0 implementation. Over the last few years, the use of intelligent robots and machines in the manufacturing industry has increased. Investments are being made in research and development to create an integrated system in which humans and robots may collaborate to complete complicated tasks via sensor-connected human-machine interfaces. During the projection period, advanced solutions will be widely adopted in the automobile industry. Technology-enabled plants can track production equipment and processes to spot potential issues before they create production disruption.

Asia Pacific Held the Largest Share in 2021

Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 38.10%. Due to their extensive steps to adopt industrial automation and use disruptive technologies in their manufacturing system value chain, Japan, China, and South Korea are leading the market growth in Asia Pacific. China's government started a ten year programme named "Made in China" in 2015, which would run until 2025. Semiconductors, sophisticated robotics, electric autos, and artificial intelligence are among the top 10 industries covered by the strategy. This state-led industrial policy, which was inspired by Germany's fourth industrial revolution growth plan, aspires to make China the global leader in high-tech manufacturing. Japan's Society 5.0 initiative was developed to solve the country's economic, social, and industrial concerns.