Industry 4.0 Market expected to reach US$ 416 billion by 2030 growing at 17.5% annually by 2030
Market Overview:
Industry 4.0 Market will reach US$ 416 billion by 2030, growing by 17.5% annually over 2020-2030 considering the impact of COVID-19 pandemic. The market is driven by the improved operational efficiency and productivity, rising R&D investment, and significant technological advancements in Internet of Things (IoT), 3D printing industry, Artificial Intelligence (AI), big data, 5G network, extended reality including AR & VR, and machine learning.
Industry 4.0 is based on principles such as interoperability, decentralization and real-time analytics. Industry 4.0 connects physical systems with digital, and enables better collaboration as well as access throughout products, partners, people, departments and vendors. Sensors attached with the machines in the manufacturing facility, have a unique IP address, which enables the machines in connecting with some other internet-based devices. As part of Industry 4.0, manufacturers integrate new technologies such as Data Analytics, 3-D printing, Internet of Things, Artificial Intelligence, Machine Learning, Cloud Computing, Augmented Reality, and Virtual Reality in their manufacturing facilities, and across their value chain. There is provision of robotics, advanced sensors and embedded software, which collect data and analyze it, for helping in making better decisions in the smart factories. Various digital technologies guide in the introduction of more automation, process improvements in self-optimization and predictive maintenance. It enables better operational efficiencies and better responsiveness towards the customers. Replacement of manual inspection with Artificial Intelligence based visual insights decreases errors related to manufacturing, and it saves time and money. Industry 4.0 equips manufacturers to have greater control and acknowledge all aspects related to their operation.
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Market Drivers:
The increasing need for digitalization of production, manufacturing and associated industries is forcing the adoption of new technologies related to Industry 4.0. The Industry 4.0 is driven by the cyber-physical systems and Industrial Internet of Things, which make use of algorithms for monitoring and controlling machines, vehicles, and robots. Industry 4.0 provide benefits such as improved efficiency, reduced costs, productivity, agility, flexibility and profitability. It Is transforming current technologies and capacities prevalent in the manufacturing industry. The increasing productivity and operational efficiency, along with the increasing research and development related to industry 4.0 is boosting the growth of the market.
Market Restraints:
The latest systems and equipment related to technologies furnished with IoT , AI and Robotics needs to be handled by the existing workforces. The non-availability of enough skilled engineers and workforce with knowledge and experience related to these technologies is a major restraint in the market.
Market Opportunities:
The adoption of the Internet of Things connected machinery is increasing significantly. Artificial intelligence based automated inspection of the processes leads to better preventive maintenance and it drastically reduces the disruptions in the manufacturing. Technological advancements related to 5G networks, big data, additive manufacturing, 3D printing, machine learning and extended reality further drives the growth of the industry 4.0 market. The increasing demand for robots in various industries is anticipated to provide growth opportunities in the market.
Regional Insights:
European companies are the early adopters of Industry 4.0. The increasing deployment of connected machinery, automation and predictive maintenance, and increasing investments in new technologies by major companies in the region drives the growth of European Industry 4.0 market. The lower production cost and growth in the deployment of robotics in various industries in China, Japan, South Korea, and India, drives the growth of Industry 4.0 market in Asia-Pacific. Increasing adoption of additive manufacturing, increasing investments in technologies related to advanced robotics, and the presence of major companies in the region drives the growth of Industry 4.0 market in North America.
Market Segmentation:
• Component: Hardware, Software, Services and Solutions
• Technology: Blockchain, Artificial Intelligence & Machine Learning, Digital Twin, Extended Reality, Industrial Robotics, Industrial Internet of Things, 3D Printing and Others
• Applications: Mapping & Modelling, Reverse Engineering, and Quality Control & Inspection, Others
• Industrial Verticals: Aerospace & Defense, Automotive, Electronics & Foundry, Energy & Utilities, and Food & Beverage, Others
• Enterprise Size: Small & Medium Enterprises, and Large Enterprises
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Key Industry Players:
• ABB Ltd
• Cisco Systems Inc.
• Emerson Electric Company
• General Electric Company
• Hewlett Packard Enterprise Company
• Honeywell International Inc.
• Intel Corporation
• International Business Machines Corporation
• Johnson Controls International PLC
• Microsoft Corporation
• Qualcomm Technologies, Inc.
• Robert Bosch GmbH
• Rockwell Automation Inc.
• Schneider Electric
• Siemens AG
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