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

• On the basis of Technology, the market is segmented into 3D Printing, Advanced Robotics, AR/VR Systems, the Internet of Things (IoT), Artificial Intelligence, and Others (Cyber Security, Big Data, and Predictive Maintenance). Industrial IoT (Internet of Things in Industry) combines two revolutionary developments. Several industrial equipment manufacturers have been enticed to use IoT technology due to the potential benefits. Manufacturers can evaluate the current state of machines, improve their performance, and anticipate possible faults while planning maintenance programs by connecting industrial equipment utilizing wireless connectivity and receiving sensor data from the same.

• 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. Manufacturing is expected to dominate the global market during the forecast period. The automotive, transportation and chemical industries are expected to be the most promising for i4.0 implementation. The use of intelligent robots and machines in the manufacturing industry has grown in recent years. Research and development funds are being invested in order to create an integrated system in which humans and robots can collaborate to complete complex tasks via sensor-connected human-machine interfaces.

• Asia Pacific is the fastest regional segment in terms of growth. Expanding robotics adoption in nations like China, Japan, and South Korea is a crucial component in the Industry 4.0 Market's growth. The low cost of production is a major driver for the robotics industry in APAC, as it allows various businesses to set up manufacturing facilities. The market in APAC is also expected to grow at the quickest rate, owing to ongoing technical improvements and government financial assistance. The primary drivers that make APAC a dynamic region for Industry 4.0, with Japan and China being the major contributors, include government activities, financing in R&D, and a vast industrial base.

Some of the key players in the Industry 4.0 Market include ABB Ltd., Alphabet Inc., Ansys, Inc., Cisco Systems, Inc., Cognex Corporation, FANUC Corporation, General Electric Company, HMS Networks AB, Intel Corporation, International Business Machines Corporation, KUKA AG, Microsoft Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc., SAP SE, Schneider Electric SE, Siemens AG, Stratasys Ltd., The Hewlett Packard Enterprise Company, The Yaskawa Electric Corporation. 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. 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.