The Global Industry 4.0 Market was valued 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.
Industry 4.0 also known as the Fourth Industrial Revolution (4IR), IIoT (Industrial IoT), or smart manufacturing, refers to a new phase in the industrial revolution that focuses majorly on automation, interconnectivity, real-time data, and machine learning. There are several advantages provided by adopting industry 4.0 such as enhanced productivity, efficiency, flexibility, agility, improved customer experience, lucrative opportunities for innovation among others.
The Global Industry 4.0 Market Dynamics:
The global industry 4.0 market is growing at a remarkable growth owing to the increasing usage of smartphones and rising connection to a digital world. According to the World Economic Forum, three billion people are using smartphones all over the world, with an annual growth rate of 10%. With the gradual increase in the number of connected devices, the huge increase in the amount of data in field equipment, and the changing technological environment, it is essential for companies to quickly adapt their products and services to the digital world.
For instance, according to Cisco, India will have approximately 2.1 billion internet connectivity devices by 2023. According to the recently released Cisco Annual Internet Report (2018-2023), India's Internet users are expected to exceed 900 million owing to the widespread use of affordable smartphones and cheap internet rates.
The Global Industry 4.0 Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the industry 4.0 market are:
Based on technology, the industrial IoT segment is expanding at a highest growth rate during the period owing to advancements in technological infrastructure coupled with easy availability of technological gadgets.
Based on the technology, the global industry 4.0 market is segment into AI and ML, extended reality, industrial robotics, 3D printing, industrial IoT, digital twin, blockchain, machine condition monitoring, and others. Amongst all, the industrial internet of Things (IIoT) segment is accounted to dominate the market owing to the aggressive adoption of IIoT in the industry processes with the advantages in technology and easy availability of sensors and processors in affordable expenses. Apart from this, the increasing investments in the industrial IoT startups are propelling the industry 4.0 market growth. For instance, in June 2019, SwitchOn, an industrial internet of things (IIoT) platform powered by artificial intelligence, has raised USD 1 million in seed funding carried out by pi Ventures, a venture capital firm which focuses on deep-technology investments.
Based on the end-user industry, the manufacturing sector accounted for the largest market share in the overall industry 4.0 market sizes owing to increasing threat to the industry by cyber attackers.
The manufacturing end user industry is accounted to hold the largest market share in the year 2020 and is expected to grow at fastest rate in comparison to other industries during the forecast period. According to the IBM-X Force Threat Intelligence Index 2018 report, the manufacturing industry is the second-largest targeted industry for cyber-attacks. Owing to lack of security, industry 4.0 technologies are allowing hackers to attack the manufacturer’s data and also infecting new systems to detention and trade confidential information. Therefore, the marketing industry is rapidly adopting AI in the industry 4.0 market.
Based on regions, the market for industry 4.0 in Asia pacific region accounted for the largest share in 2020 owing to growing development in the manufacturing industry coupled with technological advancements in the region, followed by North America and Europe.
Geographically, the Asia Pacific region held the largest of the market share in the year 2020 and is anticipated to continue the regional growth during the forecast period. The majority of this growth is attributed to the factors such as technological advancements going on in the region and rapid development in the manufacturing sector in the developing countries such as India, China, and Japan. Key players present in the market are extensively investing in the region For instance, in February 2020, Tata Elxsi, a design and technology services firm announced a partnership with Tata Motors group firm, India-based automotive manufacturers to develop a unified and connected vehicle platform. The partnership is expected to assist Tata Motors in developing a connected vehicle as a key differentiator to most of its BS-VI range of passenger and commercial vehicles.
The report also provides an in-depth analysis of industry 4.0 market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report. Get report Sample Copy
COVID-19 Impact on the Industry 4.0 Market Analysis
The impact of COVID-19 has greatly affected the market of industry 4.0 Market. The outbreak of the covid-19 pandemic has resulted in the testing time for the manufacturing industry. Forced lockdowns, moment restrictions, and unavailability of the workforce in the manufacturing sector has led to the enhancement of manufacturing processes with the extensive implementation of artificial intelligence and the internet of thing. Some of the processes such as equipment maintenance and equipment condition monitoring were carried out using AI and ML in the absence of a regular workforce. The advancements in these processes were observer to be less time-consuming, more efficient and resulted in cost-cutting for manufacturing plants. The industry 4.0 market is therefore witnessing significant growth with increased adoption in the manufacturing industry during the covid-19 outbreak.
The report also provides an in-depth analysis of key trends in the industry 4.0 market
|1||The trend of adoption of blockchain technology in the manufacturing industry is driving the industry 4.0 market growth||Positive|
|2||The increasing demand for industrial robots in the pharmaceutical and medical device manufacturing sector is boosting up the industry 4.0 market||Positive|
|3||The rising government investments in 3D printing and additive manufacturing is propelling market growth during the forecast period||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insight provided by this report also includes the following:
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