Press Release - | Industry 4.0 Market to Reach Valuation of USD 254.5 Billion by 2028 - Increasing adoption of advanced technologies in the manufacturing industry to Drive the Market Growth |
Vantage Market Research | 28 Apr 2022
Industry 4.0 Market to Reach Valuation of USD 254.5 Billion by 2028 - Increasing adoption of advanced technologies in the manufacturing industry to Drive the Market Growth
From the period 2022 to 2028, the Global Industry 4.0 Market is expected to reach USD 254.5 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 19.8%.
The market's growth potential is being boosted by rising internet penetration and digitalization trends as a result of various sectors' increased focus on efficiency and cost-effective productivity. Recent advancements in digital technologies and industrial automation have begun to broaden the scope of potential disruption in the industrial value chain. Companies are seeing enhanced efficiencies, lower-cost benefits, increased output, tailored offerings, and, most importantly, generating new revenue and business models as a result of the fourth industrial revolution (i4.0). Artificial intelligence (AI), the internet of things (IoT), augmented and virtual reality, 3D printing, and blockchain are all changing the value chain, including product design, supply chain, manufacturing, and consumer experience. Global industrial behemoths are also being aided by strategic government initiatives to digitize their production processes in a variety of industries.
Key Highlights from the Report
Some of the key players in the Industry 4.0 Market include [object Object] and others.
Market Dynamics:
Growth is expected to be fueled by increased adoption of industrial robots
Robots have developed from prohibitively expensive machines with limited capabilities to inexpensive machines capable of doing a wide range of tasks during the last few decades. People utilize industrial robots in particular extensively all around the world. Industrial robots are increasingly being deployed in production centers, according to the newest robotics industry trends, resulting in quick improvements, development, and evolution. Due to significant technological advancements in robotics, the industrial industry has seen an increasing embrace of robotics engineering and technology in its production operations. Industrial robots are programmable and automatically operated multipurpose manipulator machines. Welding, heavy lifting, ironing, assembling, pick and place, palletizing, product inspection, and testing are just a few examples of common industrial robot applications.
The manufacturing industry is quickly adopting artificial intelligence (AI) and the Internet of Things (IoT)
The adoption of AI and IoT technologies in the manufacturing sector has accelerated since the start of Industry 4.0 Market. Integrated AI and IoT systems allow for the optimization of production processes, the sending of early alarms, quality control, and the prediction of equipment failure in machines. Manufacturers may differentiate themselves from their competitors by acquiring precise data and developing unique AI applications.
Smart manufacturing is becoming more popular among North American businesses, and the area is projected to dominate the market. The majority of factories on the market today have modern machinery and smart factory technology, allowing other businesses to transition from traditional to smart manufacturing. Major market rivals, government initiatives, and increased funding for R&D activities are all major factors that contribute to North America's dynamic market growth.
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Industry 4.0 Market to Reach Valuation of USD 254.5 Billion by 2028 - Increasing adoption of advanced technologies in the manufacturing industry to Drive the Market Growth
28 Apr 2022
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Industry 4.0 Market to Reach Valuation of USD 254.5 Billion by 2028 - Increasing adoption of advanced technologies in the manufacturing industry to Drive the Market Growth
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