Industry 4.0 Market to surpass USD 533.9 billion by 2031 from USD 97.8 billion in 2021 at a CAGR of 18.49% within the coming years, i.e., 2021-31.
Industry 4.0 comprises of automotive tools, robotic control, and large data analytics that support effective manufacture and operation in any manufacturing segment. It not only expands the technology used but also improves asset presentation, material application, and other industrial events implicated in the industries. Industry 4.0 provides the modern and best manufacturing technologies that offer tools for mechanization and data transfer. It also delivers the chance to improve the processes efficiently and rapidly for the manufacturers.
The industry 4.0 Market is predicted to project a notable CAGR of 18.49% in 2031.
The growing application of Industry 4.0 technologies in big data analytics, horizontal and vertical system integration and logistics business are the features boosting the growth of the market. In big data analytics, industry 4.0 enables the gathering of inclusive evolution of data from production equipment systems, and customer management organizations to support real-time decision making.
Industry 4.0 Market: Segments
IoT segment to grow with the highest CAGR during 2021-2031
Industry 4.0 Market is segmented by Technology Type into IoT, AI and ML, Blockchain, 3D Printing, and Others. The IoT segment reported for the major share. The probable benefits of IoT have supported several industrial equipment producers to implement IoT. By merging industrial equipment using radio connections and collecting sensor information from the equipment, producers or manufacturers can exactly control the current state of machines, enhance their performance, classify potential challenges, and plan maintenance calendars accordingly. Its ability to remotely spot enterprise properties and achieve analytical maintenance is the main cause for its growing adoption.
Industrial Robotics Segment to grow with the highest CSGR during 2021-2031
Depending on the End-use Industry, the market is segmented into Manufacturing, Automotive, Industrial robotics, Electronics and Foundry, Food and Beverage, Aerospace, Defense, and Others. Industrial robotics is estimated to have a major share in Industry 4.0 market. The price of industrial robots has declined in past few years and has become much easy to program. Consequently, the mixture of peripheral devices, such as end effectors and insight schemes, has also become easier. Producers are jumping into automation in response to the increasing shortfall of skilled laborers in the manufacturing division.
Industry 4.0 Market: Market Dynamics
Increase in Digitalization
The growing digitalized world is the chief factor contributing to the growth of the global Industry 4.0 Market. According to the reports, three billion individuals are using smartphones all over the world, with the yearly growth rate of 10%. Innovations of Industry 4.0 such as IoT and voice supporters in smartphones are offering the clients with a good shopping practice and to choose on a buying of a product.
Rapid implementation of AI and IoT
Since the commencement of Industry 4.0, the penetration of artificial intelligence (AI) and internet of things (IoT) technologies in the industrial sector has been growing swiftly. AI and IoT combined systems enable optimization of industrial procedures, send quick signals, contribute to the quality regulator, and estimate equipment challenges in machinery. By extracting precise information, manufacturers can grow innovative AI applications, distinguishing themselves from their opposition.
Lack of Lack of skilled labor force
Prevailing employees need to be trained to handle the modern equipment and software systems armed with IoT and AI related mechanisms. However, businesses are dynamic toward implementing new technologies, they face a lack highly-skilled engineers and laborers familiar with new expansions in AI and IoT technologies. Developing economies also struggle to proficiently implement industrial mechanization and transfer out next-level industrialization owing to the need for trained workers. Therefore, the absence of a skilled workforce turns as a restraint for the growth of the Industry 4.0.
Effects of COVID19 in the Industry 4.0 Market
Shutdown of several industries and plants due to COVID-19 has influenced the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of goods in global market. The falling demand has caused many automotive companies to rationalize their industrial activities across the area, rendering impractical automation technologies like IoT, AI, and Blockchain employed in these manufacturing sectors.
Industry 4.0 Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Cisco Systems, Inc.
General Electric Company
HMS Networks AB
International Business Machines Corporation
Mitsubishi Electric Corporation
Rockwell Automation, Inc.
Schneider Electric SE
Other prominent players
Industry 4.0 Market: Regions
Industry 4.0 Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Asia Pacific dominates the Industry 4.0 Market. The growing implementation of automation in the manufacturing units in China, India, and Japan is among the major features leading to the growth of the Industry 4.0 market in APAC. Low manufacturing cost in APAC countries allows market players to set up manufacturing services in this section. Europe is witnessed to be the second-largest market in the global Industry 4.0 market.
Industry 4.0 Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Industry 4.0 Market report also contains analysis on:
Industry 4.0 Market Segments:
AI and ML
By End-User Industry
Electronics and Foundry
Food and Beverage
Industry 4.0 Market Dynamics
Industry 4.0 Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Industry 4.0 Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 97.8 billion
Revenue forecast in 2031 USD 533.9 billion
Growth Rate CAGR of 18.49% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD billion and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, End-user, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled 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