Industry 4.0 Market Synopsis
Industry 4.0 needs to extend far wider than horizontal and vertical integration within the organization. Go getters (Active movers) achieve breakthrough performance by going a step further to understand consumer needs and use digital technologies to create and deliver value to the customer in an integrated, innovative solution. Fundamentally this is about developing complete product and services solutions for Businesses. As the value of an ecosystem is driven by the number of involved partners and the intensity of their relationships, the biggest challenge is to set the right incentives and find suitable benefit sharing models that compensate everyone fairly for his contribution. The most basic business model in an ecosystem is a marketplace, which brings together multiple sellers and buyers capturing value from commissions on the transaction value. One can profit from being part of digital ecosystems, even if you don’t fully control the entire value chain.
Industry 4.0 Market Players:
The global Industry 4.0 market appears to be highly fragmented and competitive. Giant players having a strong presence in the international and regional market adorn the global Industry 4.0 Market. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players operating in the Market. Matured players are making high investments in technology and employee training; MRFR Analysis interprets this as their foreseen view of their digital transformation primarily in terms of gains in operational efficiency, cost reduction and quality assurance.
Industry 4.0 Market Players:
- Bosch Rexroth AG (Germany)
- Maschinenfabrik Reinhausen GmbH (Germany)
- SAS (U.S.)
- Siemens AG (Germany)
- Wittenstein AG (Germany)
- General Electric Company (U.S.)
- Daimler AG (Germany)
- Klöckner & Co. SE (Germany)
- TRUMPF GmbH (Germany)
- Festo AG & Co. KG (Germany)
- Wittenstein AG (Germany)
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Industry 4.0 Market Segments:
The Industry 4.0 market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprising Cloud computing, IoT platforms, Augmented reality, Location detection technology, Advanced human machine interfaces, Big data Analytics, Smart sensors, 3D printing, Mobile devices, among others
Segmentation by Application: Comprising Industrial Automation, Smart Factory, Industrial internet of things (IIoT), among others
Segmentation by End-Users: Comprising Industrial manufacturing, Oil & gas, Construction, Aerospace & defense, Electronics, Automotive, Transportation, Chemical, Pharmaceuticals, Mining & metals, Food & beverages, among others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Industry 4.0 Markets – Overview
‘Industry 4.0’ stands for the fourth industrial revolution. The rise of new digital industrial technology is referred to Industry 4.0. Industry 4.0 is the grouping of numerous major innovations in digital technology. These technologies include advanced robotics and artificial intelligence; sensors; cloud computing; the Internet of Things; data capture and analytics; digital fabrication (3D printing); software-as-a-service and other new marketing models; smartphones and other mobile devices. Industry 4.0 refers to development of machines which would be using self-optimization, self-configuration and artificial intelligence to complete difficult tasks so as to deliver cost efficiencies and better-quality goods or services.
Industry 4.0 includes data, computational power, connectivity, analytics and intelligence, human machine interaction and digital to physical conversion. The market gets digitized and integrates processes vertically across the entire organization, from product development and purchasing, through manufacturing, logistics and service. The factors contributing to the growth of the market are evolution of cloud computing technologies, technological advancements in electronics industry, implementation of smart factory concept & factory automation technologies and government initiatives by different countries.
According to a recent study report published by the Market Research Future, the global market of Industry 4.0 is forecasted to witness a thriving growth in terms of value with a striking CAGR during the anticipated period (2016 – 2022). The Growth is likely to surpass its previous growth records by 2022.
The major drivers for industry 4.0 are digitization and integration of vertical and horizontal value chains, digitization of product and service offerings, digital business models and customer access, Faster, Flexible and Efficient Production and Increasing popularity of smart factories. MRFR Analysis indicates that Cyber security risks are the major threat involved in Industry 4.0 market. This may hinder with the market growth of Industry 4.0 up to some extent.
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Industry 4.0 Market Regional Analysis:
The regional analysis of Industry 4.0 market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America and Europe regions would dominate the industry 4.0 market by the forecast period. However, countries like in Japan and Germany are the farthest along in digitizing internal operations and partnering across the horizontal value chain owing to the high investments in technology and employee training. They view their digital transformation, primarily in terms of gains in operational efficiency, cost reduction and quality assurance. China is one of the countries that stand to gain the most from automating and digitizing labor-intensive manufacturing processes. In addition, Chinese companies are highly flexible and are open to digital change, and the Chinese workforce is embracing digital technologies. The study reveals that at present Asia Pacific companies report the highest digitization and digital integration levels.
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