Industry 4.0 Market: Segmented Learning Technology Type (IoT, AI and ML, Blockchain, 3D Printing and Others): By End User Industry (Manufacturing, Automotive, Industrial robotics, Electronics and Foundry, Food and Beverage, Aerospace, Defense and Others): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
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 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 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.
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.
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.
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.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
|Market size value in 2021
|USD 97.8 billion
|Revenue forecast in 2031
|USD 533.9 billion
|CAGR of 18.49% from 2021 to 2031
|Base year for estimation
|Revenue in USD billion and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Type, End-user, and Region
|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
The Industry 4.0 Market size was estimated at USD 97.8 billion in 2021 and is expected to reach USD 533.9 billion by 2031.
Key players: 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
IoT segment and Industrial Robotics Segment are anticipated to hold the largest Industry 4.0 Market.
Drivers: Increase in Digitalization and Rapid implementation of AI and IoT
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.
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