The industry 4.0 market is forecasted to grow at a high rate owing to the accelerating demand for AI and ML from the manufacturing industry
The Global Industry 4.0 Market was valued at USD 81.7 Bn in 2020 and is expected to reach USD 298.1 Bn by 2027, with a growing CAGR of 20.3% during the forecast period.
The global industry 4.0 market is expected to grow at a remarkable growth rate primarily owing to the rising adoption of technology by enterprises worldwide. In addition, the increasing trend of Internet penetration and digitalization driven by the increasing demand for efficiency and cost-effective productivity in various industries is driving the Industry 4.0 market.
As per the global Industry 4.0 survey by PwC, digitalization in the production process can help in increasing annual revenue by 2.9% and reduce the overall cost by 3.6% per annum for end-use industries. Digitalization in industry can benefit with increased productivity, enhanced flexibility, and better consumer experience among others.
Digitalization and automation in the industry is creating a huge data and knowledge, which is in need to be stored efficiently. Researchers at Cornell University are focused on building the Robobrain, a cloud-based, large-scale knowledge repository. Robobrain can be utilized over the Internet to facilitate collaborative learning for robots such as Baxter. It can be used to teach a robot to sense their environments and quickly manage and handle new tasks. Hence, increasing focus on enhanced efficiency and reduced production costs is expected to drive the growth of the Industry 4.0 market during the forecast period.
Global Industry 4.0 Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the Asia Pacific region held the largest market share in the year 2020 and is expected to grow significantly during the forecast period owing to accelerating adoption of advancements in technology such as, robotics, artificial intelligence and IoT in Asia pacific countries like India, China, and Japan. For instance, in December 2019, Plus Automation, a logistics and supply chain technology startup won its first robotics-as-a-service contract with Jun Co, a Japanese-owned company with diversified businesses, including food, fitness products, and fashion. According to International Federation of Robotics (IFR) report 2019, India is expected to witness a rapid increase of 6000 industrial robotics till 2020. The development of automation in India is comparatively low from that of rest of the world but the development of Indian region is observed to be growing with a significant pace in the forecast period.
The Global Industry 4.0 Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the industry 4.0 market are: